Access Fee. Upon execution of this Agreement and as a condition precedent to the effectiveness of this Agreement, Lessee shall pay to Lessor as a fee in connection with the access and other rights provided in this Agreement for the benefit of Lessee the sum of $100,000. This fee shall be unconditionally and absolutely earned upon execution of this Agreement by Lessor and Lessee and shall be unconditionally payable to Lessor The fee shall be paid in the following installments: (i) $50,000 in immediately available funds to be paid on January 15, 1997; (ii) the balance of $50,000 shall be payable in immediately available funds within fourteen (14) days following written notice given by Lessor to Lessee that the occupancy rate in connection with the Project has achieved a minimum of 65%.
Appears in 2 contracts
Sources: Telephone and Television Lease and Access Agreement (Third Enterprise Service Group Inc), Telephone and Television Lease and Access Agreement (Competitive Companies Inc)