Common use of Tower Lease Clause in Contracts

Tower Lease. ▇▇▇ agrees to cause Token Towers, L.C. to enter into a lease with the L.C. for WKHK-FM to transmit from the tower owned by Token Towers, L.C. as part of the Definitive Agreements. The lease will have an initial term of five years, with five subsequent five year renewal options. In addition, upon successful negotiation of a new land lease by Token Towers, L.C., the L.C. will receive two additional five year renewal options. Lease payments will be made monthly, or annually in advance, at a base rate of $30,000 per year for the first five years, with a rate adjustment upon subsequent renewals based on the annual compounded change in the Consumer Price Index since the date of the last rate adjustment.