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HomeMy WebLinkAboutRes 22-05 Vertical Bridge Communication TowerTOWN OF WESTLAKE RESOLUTION NO. 22-05 WJ'JERE4 AS, the Town Council find that there is a need for improvement of cellular coverage in or around the FM 1938 and Dove Road intersection; and WHEREAS, Vertical Bridge Development, LLC, desires to lease Town property to Vertical Bridge Development, LLC, to utilize Town owned property for the purpose of erecting; installing, operating and maintaining, repairing and replacing a radio or communication tower.; and WHERF1,AS, the proposed lease with Vertical Bridge Development will provide for the construction of a coirmiunication tower that will allow cellular carriers to install equipment to improve cellular reception; and WHERE AS, the Town Council find that the leasing of Town property provides sound infrastructure planning consistent with goals and objectives within the adopted strategic plan,,, and WHEREAS, the Town Council authorize the Town Manager to execute a lease on behalf of the Town of Westlake; and WHEREAS, the Town Council finds that the passage of this Resolution is in the best interest of the public. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF 'WESTLAKE, TEXAS: SECTION 1: All matters stated in the Recitals above are found to be true and correct and are incorporated herein by reference as if copied in their entirety. SECTION 2: The Tovai Council of the Town of Westlake hereby approves, the Lease with Vertical Bridge Development, LLC, to utilize Town owned property for the purpose of erecting, installing, operating and maintaining, repairing and replacing a radio or communication tower, attached as Exhibit "A", and further authorizes the Town Manager to execute the lease on behalf of the Town of Westlake, Texas, Resolution 22-05 Page I of:2 SECTION 3: if any portion of this Resolution shall., for any reason, be declared invalid by any court of competent jurisdiction, such invalidity shall not affect the remaining provisions hereof and the Council hereby determines that it would :have adopted this Resolution without the invalid provision. SECTION 4: That this resolution shall become effective from and after its date of passage. 'Foci AWoM,�I-- APPROVED AS TO FORM: /- F6 r L. Stanton Lowry, Town Attorney Lau'& Wheat, Mayor A U6064 a44�tl Amanda DeGan, Town Manager Resolufion 22-05 Page 2 of 2 Landlord® Tenant: Town of Westlake Vertical Bridge Development, LLC 1500 Solana Blvd, Suite 7200 750 Park of Commerce Drive, Suite 200 Westlake, TX 76262 Boca Raton, FL 33487 Site 4- US-TX-7008 Site Name: Dove Road LEASE AGREEMENT N"Vwnber- 11 THIS LEASE AGREEMENT (this "Agreement") is made this e,-� day o 2022 (the "Effective Date"), by and between Town of Westlake, a mui, ipal corporation ("Landlord"), whose address is 1500 Solana Blvd, Suite 7200, Westlake, TX 76262, and Vertical Bridge Development, LLC, a Delaware limited liability company ("Tenant"), whose address is 750 Park of Commerce Drive, Suite 200, Boca Raton, FL 33487. WHEREAS, Landlord owns certain real property located in the County of Tarrant, in the State of Texas, that is more particularly described and/or depicted in Exhibit 1 attached hereto (the "Property"); and, WHEREAS, Tenant desires to lease from Landlord two (2) separate portions of the Property with an area measuring approximately 50' x 50' and a separate area measuring approximately 25' x 25' jj'ji Jj kii ii �� ii 1111110 1 full logo Willi WINNIN, NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree: DUE DILIGENCE PERIOD; COMMENCEMENT ATE® applications for zoning variances, zoning ordinances, amendments, special use permits, and construction permits (collectively, the "Government Approvals"), initiate the ordering and/or scheduling of necessary utilities, obtain a title report with respect to the Property, and otherwise to do those things on or off the WNW pre-existing defect or condition on or with respect to the Property, whether or not such defect or condition is disclosed by Tenant's inspection, Tenant will restore the Property to its condition as it existed at the commencement of Tenant's Tests, reasonable wear and tear and casualty not caused by Tenant excepted. VB Site ID US-TX-7008 VB Site Name Dove Road Resolution 22-05 Exhibit "All In addition, Tenant shall indemnify, defend and hold Landlord harmless from and against any and all injury, loss, damage or claims arising directly out of Tenant's Tests. (b) Tenant may commence the Initial Term (defined below) at any time following the Effective Date by delivery of written notice to Landlord (the "Notice of Lease Commencement"). The Notice of Tenn. Tenant shall not begin construction of the Communication Facilities (defined below) prior to the Commencement Date. (c) During the Due Diligence Period and the Term, Landlord shall not take any action to change the zoning status or land use of the Property which would diminish, impair, or adversely affect the use of the Premises by Tenant for its permitted uses hereunder, (a) Effective as of the Commencement Date, Landlord leases the Premises to Tenant subject to the terms and conditions of this Agreement for an initial term of five (5) years (the "Initial Term"). w6wiiaiw "-A zoning denial becomes final and un I ealable., then this A reement shall as of the date that such zoning denial becomes final and unappealable. (b) Tenant shall have the option to extend the term of this Agreement for nine (9) successive terms of five (5) years each (each a "Renewal Term"). Each Renewal Tenn shall commence automatically, unless Tenant delivers notice to Landlord, not less than thirty (30) days prior to the end of the then -current Term, of Tenant's intent not to renew, For purposes of this Agreement, "Term" shall mean the Initial Term and any applicable Renewal Term(s). anniversary (b) In the event that there are three (3) or more telecommunications carriers subleasing any portion of the Premises from Tenant, Tenant agrees to pay to Landlord Three Hundred Dollars ($300,00) per calendar month, as additional Rent (individually, or together if applicable, a "Revenue Share Fee"), for each of the third and any subsequent telecommunications carriers from whom Tenant is actually receiving a monthly sublease or license fee (each a "Sublease Fee"), subject to the following terms and conditions. The applicable Revenue Share Fee shall commence on the first day of the month following the date that such additional telecommunications carrier(s) cornmences payments to Tenant of such carrier's Sublease Fee, The Revenue Share Fee shall only be due and payable in the event there are three (3) or more telecommunications carriers. If at any time subsequent to the addition of a third (3rd) telecommunications VB Site ID: US-TX-7008 vB Site Name Dove Road Resolution22-05 Exhibit "A" no Revenue Share Fee shall be due and payable, Notwithstanding anything to the contrary contained herein, the Revenue Share Fee shall only be due and payable by Tenant to Landlord hereunder during the term of SMIrt6em-M kMam actually paying to Tenant the requisite Sublease Fee set forth therein. For purposes of this Agreement, Sublease Fees shall be all rent actually collected from any sublease that Tenant enters into with any pass-throughs from such subleases or licenses to Tenant for charges including but not limited to utility charges, taxes, or other pass -through expenses, or (ii) any fees from sublessees or licensees to Tenant for services performed on behalf of such sublessees or licensees including, but not limited to, site acquisition, due dili i ence de t n and en ineering work. constructiov. site ins-tections. radio freauencv monitoring and MAMJJM1M.*rJJt=, mime 4. TAXES, Tenant shall pay any taxes assessed on or in connection with, or any portion of taxes attributable to, the Communication Facilitie ftLc�w ingA_VAir@s9my mereme in reaLpr*jmrty, taxes levied against the Premises, which are directly attributable to Tenant's use of the Premises (but not, however, taxes attributable to periods prior to the Commencement Date such as roll -back or greenbelt assessments) if Landlord furnishes proof of such increase to Tenant (such increase, the "Landlord Tax Reimbursement"), To the extent Landlord is not exempt from taxes, Landlord shall pay when due all real property taxes and assessments attributable to the Property and Premises (excluding taxes assessed on, in connection with or attributable to the Communication Facilities located on the Premises for which Tenant to pay any tax, assessment, or charge that Tenant is disoutinR in d faith in aDoroDriate roceedin gs nor ago, 11 LLIZHIJIALMAi 11LIS HUL P1-U'-T1Ut;& PLUM W WUl URIUMIL Unt UCHIMU LIMICIUL WIL111111M year of the date such amount is due and payable by Landlord. 5. USE. The Premises are being leased for the purpose of erecting, installing, operating and maintaining, repairing and replacing radio or communications towers, transmitting and receiving equipment, antennas, dishes, mounting structures, equipment shelters and other supporting structures, and related equipment, and to alter, supplement and/or modify same (collectively, the "Communication Facilities"). Tenant may, subject to the foregoing, make any improvement, alteration or modification to the Premises as are deemed appropriate by Tenant for the permitted use herein. Tenant shall have the right to clear the Premises of any trees, vegetation, or undergrowth which interferes with Tenant's use of the Premises for the intended purposes. Tenant shall have the exclusive right to install and operate upon the Premises communications towers, buildings, equipment, antennas, dishes, fencing, and other accessories related thereto, and to alter, supplement, and/or modify same as may be necessary. Any microwave dish that is visible from the outside of an mounting structure, and W exceeds two 121 feet in diameter. shall 6. ACCESS AND UTILITIES. During the Due Diligence Period and the Tenn, Tenant, and its guests, agents, customers, lessees, sublessees and assigns shall have the unrestricted, exclusive right to use, and shall have free and unfettered access to, the Premises seven A\ I_ WI�W21 day. Landlord for itself, its successors and assigns, hereby grants and conveys unto Tenant, its customers, employees, agents, invitees, sublessees, licensees, successors and assigns a nonexclusive easement to a public right of way (a) for ingress and egress, and (b) for the construction, installation, operation I VB Site ID: US-TX-7008 VB Site Name Dove Road Resolution 22-05 Exhibit "A" maintenance, repair and replacement of overhead and underground electric and other utility facilities (including fiber, backhaul, wires, poles, cables, conduits and appurtenant equipment), with the right to reconstruct, improve, add to, enlarge, change and remove such facilities, over, across and through any easement for the benefit of and access to the Premises i sub i ect to the t ,,, erms "I'll and conditi "I o "I ns he I rein iet forth, way up to and including negotiating and obtaining such access and utility rights from any applicable neighbor parcel and/or coordinating with Tenant's efforts to obtain same. If there are utilities already existing on the Premises which serve the Premises, Tenant may utilize such utilities and service5--ThciiqhU. g,ranted to Tenant herein shall also include th i ht to Is ri�hts hereunderAo-au*,vublic or private utility company or authority to facilitate the uses contemplated herein, and all other rights and privileges reasonably necessary for Tenant's safe and efficient use and enjoyment of the easements for the purposes described above. Upon Tenant's request, Landlord shall execute and deliver to Tenant requisite recordable documents evidencing the easements contemplated hereunder within fifteen (15) days of Tenant's request, and Landlord shall obtain the consent and joinder of Landlord's mortgagee to any such grant, if applicable, 7. EQUIPMENT, FIXTURES AND REMOVAL. The Communication Facilities shall at all times be the personal property of Tenant and/or its subtenants and licensees, as applicable, Tenant or its customers shall have t 10V—Pri= ises-iu@& equipment, structures, fixtures, signs, and personal property as Tenant may deem necessary or appropriate, and such property, including the equipment, structures, fixtures, signs, and personal property currently on the Premises, shall not be deemed to be yart of the Premises, but shall remain the xo�certmi of Tenant-&rj& 4 customers. Within ninety (90) days after the expiration or earlier termination of this Agreement (the 1IJRJ 11MM11 IWAIN 1115 11 'Willi NOUN 'OrMSM, #"Ilrlimmplotl-#,RULvmutr",Allqjlxoatqttitittvtgta*lizmmgI ASSIGNMENT AND SUBLEASE. Tenant may assign this Agreement to any Lender (defined low QTTff­f5-PCgI-CCIIICIIL Oy I CtIdIlL LU dIIJ PUILJ Uldt lb I IUL d ICU �jllLll I I Cq Ulf e ne prior ri en consent of Landlord, not to be unreasonably withheld, conditioned or delayed. Tenant shall have the CUfof1-T-d(,-Mt1US-,-oUL no sucn suo ul 117777-snun feilevu of, release I enant from its obligations under this Agreement. Landlord may assign this Agreement only in its entirety and only to any person or entity who or which acquires fee title to the Property, subject to Section 15, Landlord may not subdivide the Property in any way that adversely impacts Tenant's rights hereunder without Tenant's prior written consent. As used herein, the term "Affiliate" means any corporation, partnership, limited liabiligsDm , -1 - Lmp or other entity that, directip or indirecNIA-corfirs I-Lymm control with Tenant or with tfie parent company or any subsidiaries of Tenant. For purposes of the aforementioned definition, the terms "controls," "controlled by," and "under common control with" mean interests of and in the applicable entity or entities. 9. COVENANTS, WARRANTIES AND REPRESENTATIONS, Page 4 of 25 VB Site ID US-TX-7008 VB Site Name Dove Road 127853421.2 Resolution 22-05 Exhibit "A" (a) Landlord warrants and represents that it is the owner in fee simple of the Property, free and (b) Except for any amounts or sums that arise solely by virtue of Tenant's operation of the Communication Facilities on the Premises, which shall be the responsibility of Tenant, Landlord shall pay gorrigQ,iii, when due. any, other amounts or sums due and owing with re i I . I - of the Property, including, without limitation, judgments, taxes, liens, mortgage payments and other similar encumbrances, If Landlord fails to make any payments required under this Agreement, or breaches any other obligation or covenant under this Agreement, Tenant may (without obligation), after providing ten fJDJ,Aayys written notice to Landl,*,rd and offset such payment (including any reasonable attorneys' fees incurred in connection with Tenant performing such obligation) against payments of Rent, (c) Landlord shall not do or knowingly permit anything that will interfere with or negate any special use permit or approval pertaining to the Premises or cause Tenant's use of the Premises to be in nonconformance with applicable local, state, or federal laws, Landlord shall cooperate with Tenant in any effort by Tenant to obtain certificates, permits, licenses and other approvals that may be required by any governmental authorities. Landlord agrees to execute any necessary applications, consents or other documents as may be reasonably necessary for Tenant to apply for and obtain the proper zoning approvals required to use and maintain the Premises and the Communication Facilities. (d) To the best of Landlord's knowledge, Landlord has complied and shall comply with all laws with respect to the Property, No asbestos -containing thermal insulation or products containing PCB, Milkii W W Wo i MUK11-41-m 1 110 HIM (e) Tenant shall have access to all utilities required for the operation of Tenant's improvements on the Premises that are existing on the Property. (f) There currently exist no licenses, sublicenses, or other agreements, written or oral, granting to any yadA _Qr *,arties the ri ht of use or occuAancg of a options or rights of first refusal to purchase the Property or any portion thereof or interest therein, or any equity or interest in Landlord if Landlord is an entity; and there are no parties (other than Landlord) in possession of the Property except as to those that may have been disclosed to Tenant in writing prior to the execution hereof. 10. HOLD OVER TENANCY. Should Tenant or any assignee, sublessee or licensee of Tenant hold and be construed as a tenancy from month -to -month only, but otherwise upon the same terms and conditions, 11® MUTUAL INDEMNIFICATION. MEMEMEMW =uy=agamWHw.wnJ7W1Mg �#Iwl The negligence or willful misconduct of Tenant, or its agents, employees, or mm� VB Site ID US-TX-7008 VB Site Name Dove Road Resolution 22-05 Exhibit "A" 1 Any material breach by Tenant of any provision of this Agreement. This indemnity and hold harmless agreement will include indemnity against all reasonable costs, expenses, and liabilities incurred in or in connection with any such claim, and the defense thereof. Notwithstanding the foregoing, Tenant will have no liability to Landlord to the extent any claims, losses, costs, expenses, or damages arise out of or result from any intentional misconduct or negligence of Landlord, or of Landlord's agents, employees or contractors, (b) To the extent pennitted by law, Landlord agrees to defend, indemnify and save harmless Tenant from and against all claims, losses, costs, expenses, or damages from a third party, arising from: I The negligence or willful misconduct of Landlord or its agents, employees, or contractors; or 2. Any material breach by Landlord of any provision of this Agreement. This indemnity and hold harmless a2reement will include indemniti gainit Q iia-sij.,jil'i iii i e ns es - a ti,4 Uldiffl, dfl(l UIC trie foregoing, Landlord will have no liability to Tenant to the extent any claims, losses, costs, expenses, or damages arise out of or result from any intentional misconduct or negligence of Tenant, or of Tenant's, agents, employees or contractors. (a) Landlord hereby waives any and all lien rights it may have, statutory or otherwise, in and to the Communication Facilities or any portion thereof, regardless of whether or not such is deemed real or personal property under applicable laws. Landlord will not assert any claim whatsoever against Tenant for loss of antic ato nrofits or an other indirect s ecial incidental or coniegieii 1611111 jJCUrred by (b) EACH PARTY HERETO WAIVES ANY AND ALL CLAIMS AGAINST THE OTHER FOR ANY LOSS, COST, DAMAGE, EXPENSE, INJURY OR OTHER LIABILITY WHICH IS IN THE NATURE OF INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES WHICH ARE SUFFERED OR INCURRED AS THE RESULT OF, ARISE OUT OF, OR ARE IN ANY WAY CONNECTED TO THE PERFORMANCE OF THE OBLIGATIONS UNDER THIS AGREEMENT, 13. INSURANCE. Tenant shall insure against property damage and bodily injury arising by reason of occurrences on or about the Premises in the amount of not less than $5,000,000 in the aggregate. The insurance coverage provided for herein may be maintained pursuant to master policies of insurance covering other communication facilities of Tenant and its corporate affiliates, All insurance policies required to be maintained by Tenant hereunder shall be with responsible insurance companies, authorized to do business in the State or Commonwealth where the Premises are located if required by law, and shall provide for cancellation only upon ten (10) days' prior written notice to Landlord. Tenant shall evidence such insurance coverage by delivering to Landlord, if re nested av of a certificzte of insurqnce nf quch 14. INTERFERENCE, (a) During the Due Diligence Period and the Term, Landlord, its successors and assigns, will not grant any ground lease, license, oreasement with respect to the Property (outside of the Premises) and any property adjacent or contiguous to the Property that is fee owned by Landlord: (a) for any of the uses contemplated in Section 5 herein; or (b) if such lease, license, or easement would detrimentally impact the Communication Facilities or Tenant's economic opportunities at the Premises, or the use thereof, Landlord VB Site ID: US-TX-7008 V13 Site Name: Dove Road Resolution 22-05 Exhibit "A" (b) If the Communication Facilities or portion thereof (the "Interfering Equipment") cause interference with any equipment placed on the Property prior to the Interfering Equipment, then Tenant shall take steps to correct and eliminate the interference, If such interference cannot be eliminated within thirty (30) days after receipt by Tenant from Landlord of notice of the existence of interference, Tenant shall cease operating and power -down the Interfering Equipment (except for intermittent testing for the purpose of correcting such interference) until the interference is corrected. Landlord agrees to exercise its i U11dill. UgFr=h - - 11 otherwise modify the Communication Facilities in a manner which will cause interference with the operations of any other equipment which is operating on the Property as of the Effective Date. (c) If the communications equipment belonging to Landlord or any other user of the Property causes harmful interference with the Communication Facilities or portion thereof, as applicable, which interference is measurable in accordance with then existing industry standards, and the interfering equipment was installed on the Property after the Communication Facilities being interfered with, then If such interference cannot be eliminated within forty-eight (48) hours after receipt by Landlord of notice from Tenant of the existence of interference, Landlord shall take such actions as are permitted by law and can be conducted without breach of the peace such as causing the cessation of operations and powering down of the interfering equipment (except for intermittent testing for the purpose of correcting such interference) until such interference is corrected, If the interference is not rectified to the reasonable satisfaction of Tenant within thirty (30) days after receipt by Landlord of such notice from Tenant, Landlord shall remove the equipment causing such interference from the Property. Tenant agrees to exercise its best and good faith efforts to cooperate with Landlord and the user causing interference to try to resolve any interference issues on the Property, (d) Prior to the construction of the Communication Facilities on the Property, Tenant shall I racilitics witi not intcrier"Ifirti Me Trequencies Men M-Tse oj Latillarst S jwuolm; safety radio system, which specific frequencies shall be provided by Landlord to Tenant by no later than ten (10) days following the Effective Date, 15. RIGHT OF FIRST REFUSAL, UH 1011M, M 111W1111 Page 7 of 25 VB Site ID US-TX-7008 VB Site Name Dove Road 127853421.2 Resolution 22-05 Exhibit "All irst re to purchase the Premises (or such larger portion of the Property that encompasses the Premises, if applicable) or such interest proposed to be conveyed. For purposes herein, a "Third Party Competitor" ;on or entit I .6 dire L i� � iialt r � mwowun operating, managing, investing in or leasing communications towers or communications antenna R7=77, 01 111 IUUI PLUPUFLJ MUZSCS OF Cd5CIIIUIJLh 1U00"11UHS tOVICIS U I I antenna installations. In such event, Landlord shall provide a copy of any offer to purchase or acquire, or any executed purchase agreement or letter of intent ("Offer"), to Tenant which copy shall include, at a minimum, the purchase or acquisition price, proposed closing date, and financing terms ("Minimum Terms"). Within thirty (30) days of receipt of such Offer, Tenant shall provide written notice to Landlord of Tenant's election to purchase the ROFR Property on the same Minimum Terms; provided, the closing date shall be no sooner than six 601 da-Lis after Tenant's xurchase election notice, In such event, Landlord agrees to sell the ROFR Property to Tenant subject to Tenant's payment of the purchase price and compliance with a purchase and sale agreement to be negotiated in good faith between Landlord and Tenant, If Tenant provides written notice that it does not elect to exercise its rights of first refusal to m-MV4&-Ae period, Tenant shall be deemed to have waived such right of first refusal only with respect to the specific Offer presented (and any subsequent Offers shall again be subject to Tenant's continuing right of first refusal hereunder), and Landlord shall be permitted to consummate the sale of the ROFR Property in accordance with the strict terms of the Offer ("Permitted Sale"). If Landlord does not consummate the Permitted Sale within nine 90) days of the date of Tenant's waiver of its ri-hts of first refusal, such Offer shall be deemed to have lapsed, (b) In the event that Landlord determines to sell, transfer, license or otherwise convey any interest in any ROFR Property, and Landlord is required by applicable law to make such ROFR Property available for public bidding, Landlord shall provide Tenant with written notice of Landlord's intent to so convey such interest in the ROFR Property no later than thirty (30) days prior to commencement of any public bidding, which notice shall contain the Minimum Terms that are known to Landlord at the time of the notice, and Tenant shall have the right to participate in such public bidding process. 16. SECURITY. The parties recognize and agree that Tenant shall have the right to safeguard and protect its improvements located upon or within the Premises. Consequently, Tenant may elect, at its expense, to construct such enclosures and/or fences as Tenant reasonably determines to be necessary to secure its improvements, including the tower(s), building(s), and related improvements situated upon the �k- *a i m4awWwwn towers, buildings, and related improvements, including, without limitation, posting signs for security purposes. 17. FORCE MAJEURE. The time for performance by Landlord or Tenant of any term, provision, or strikes, civil riots, floods, pandemics, material or labor restrictions by governmental authority, government shut downswuarantines., and/or other disease control measures and ang other cause not within the control of Landlord or Tenant, as the case may be-, provided, however, that nothing contained in this Section shall excuse Tenant from paying or performing any of its monetary obligations under this Agreement. 18. CONDEMNATION. Notwithstanding any provision of this Agreement to the contrary, in the event of condemnation of all or part of the Premises, Landlord and Tenant shall be entitled to separate award-q-with-re,s-,*P,r,-t-tnjJ)f t_P_wwimA__4Jb proceedings based upon Landlord's and Tenant's respective interests in the Premises. If a separate Page 8 of 25 VB Site ID US-TX-7008 VB Site Name Dove Road 12785342L2 Resolution 22-05 Exhibit "A" condemnation award is not determined by such court, Landlord shall permit Tenant to participate in th allocation and distribution of the award. In no event shall the condemnation award to Landlord exceed th unimproved value of the Premises, without taking into account the improvements located thereon, and i or condemnation without the prior written consent of Lender. 19. DEFAULT, The failure of Tenant or Landlord to perform any of the covenants of this Agreeme shall constitute a default, The non -defaulting party shall give the other written notice of such default, an the defaulting party shall cure such default within thirty (30) days after receipt of such notice. In the eve P1 OUCCU Pt U111PUY UtLel—Ine 1'eCCTVL_01_'UC11 1`10LICe to Ctre SICu (leldUlt, U11(t 511dit PA-1 �Mt; U&I 11% �SAWI SCIdULL with due diligence, the time for curing shall be extended for such period of time as may be necessary t complete such curing, however, in no event shall this extension of time be in excess of sixty (60) day unless agreed upon by the non -defaulting party. 20. REMEDIES. Should the defaulting party fail to cure a default under this Agreement, the othe party shall have all remedies available either at law or in equity, including the right to terminate thi Agreement. 21. ATTORNEYS' FEES. If there is any legal proceeding between Landlord and Tenant arising fror or based on this Apreement, the unsuccessful xartp to such action or j[rocee i ' to the v ilin party all costs and expenses, including reasonable attorneys' fees and disbursements, incurred by sue prevailing party in such action or proceeding and in any appeal in connection therewith, If such prevailin party recovers a judgment in any such action, proceeding or appeal, such costs, expenses and attorney,, fees and disbursements shall be included in and as a part of such judgment. 22. ADDITIONAL TERMINATION RIGHT. If at any time during the Due Diligence Period or th Tenn, Tenant determines- in Tenant's sole and absolute discretion, with or without cause, that the Premis is no longer suitable or desirable for Tenant's intended use and/or purposes, Tenant shall have the right t terminate this Agreement upon sixty (60) days prior written notice to Landlord. 23. PRIOR AGREEMENTS, The parties hereby covenant, recognize and agree that the terms an provisions of this Agreement shall constitute the sole embodiment of the arrangement between the partic with re ard to the Premises and that all other written or unwritten agreements contracts or leases b� an hereof. 24. SUBORDINATION, NON -DISTURBANCE AND ATTORNMENT. In the event the Prope is encumbered by a mortgage or deed of trust or other security instrument of any kind (a "Landlor Mortgage"), Landlord, within fifteen (15) days following Tenant's request or immediately prior to t creation of an encumbrance created after the date this A reement is full execut p! shall have the right to continue its use ancl occupancy ot the Fremises in accorclance with the provisions this Agreement, provided Tenant is not in default of this Agreement beyond applicable notice and cu periods. 25. LENDER'S RIGHTS. (a) Landlord agrees to recognize the leases/licenses of all subtenants and licensees and wi permit each of them to remain in occupancy of its premises notwithstanding any default hereunder Page 9 of 25 VB Site ID US-TX-70 VB Site Name Dove Ro 127853421.2 Resolution 22-05 Exhibit "A" Tenant so long as each such respective subtenant or licensee is not in default under the lease/license covering its premises. Landlord agrees to execute such documents as any such subtenant Agreement (c) Landlord hereby agrees to give Lender written notice of any breach or default of the terms of this Agreement at the address set forth in Section 29, simultaneously with Landlord's provision of notice to Tenant and that Lender shall have the right, but not the obligation, to the same extent, for the same period and with the same effect, as Tenant to cure or correct any such default, r underthirty (30) days after the receipt of such request from Lender, promptly execute and deliver a new lease of the Premises and assipriment of all subleases and jtw4K#xmm­fiw remainder of the Term upon all the covenants, conditions, limitations and agreements contained herein (including, without limitation, options to extend the Term) except for such provisions which must be modified to reflect such re-ection or disaffirmance cure all defaults existing Agreement vB Site ID: its-TX-7008 vB Site Name Dove Goad Resolution 22-05 Exhibit "in" iiirmancc Or I uISAgreeme-77 Toineameoi e Nui I and delivery of such new lease, Lender may use and enjoy the leasehold estate created by this Agreement without hindrance by Landlord. The aforesaid agreement of Landlord to enter into a new lease with Lender shall be deemed a separate agreement between Landlord and such Lender, separate and apart from this Agreement as well as a part of this Agreement and shall be unaffected by the rejection of this Agreement in any bankruptcy proceeding by any party. (c) Except as expressly set forth herein with respect to the Revenue Share Fee, Landlord shall have no right and expressly waives any right arising under applicable lave, in and to the rentals or other fees payable to Tenant, if any, under any sublease or license of the Premises by Tenant, which rentals or fees may be assigned by Tenant to Lender, (d) The provisions of Sections 25 and 26 hereof are for the benefit of Lender and may be relied upon and shall be enforceable by Lender as if Lender were a party to this Agreement. (e) Landlord shall, within ten (10) days of the request of Tenant or any Lender or prospective Lender, provide an estoppel certificate as to any matters reasonably requested by Tenant or Lender. (f) Under no circumstances shall the fee estate of Landlord and the leasehold estate created hereby merge, even though owned by the same party, without the written consent of the holder of a Tenant Mortgage, 28. QUIET ENJOYMENT. So long as Tenant is not in default under this Agreement beyond the its rights hereunder during the Due Diligence Period, and shall peaceably and quietly hold and enjoy the Premises throughout the Term, without any hindrance, molestation or ejection by Landlord, its successors or assigns or by those claiming by, through or under them, 29. NOTICES, All notices, requests, claims, demands, and other communications hereunder shall be in writing and may be hand delivered (provided the deliverer provides proof of delivery) or sent by nationally -established overnight courier that provides proof of delivery, or certified or registered mail (postage prepaid, return receipt requested). Notice shall be deemed received on the date of delivery as demonstrated by the receipt of delivery, Notices shall be delivered to a party at the party's respective address below, or to such other address that a party below may provide from time to time: If to Landlord: Town of Westlake 1500 Solana Blvd., Suite 7200 Westlake, TX 76262 If to Tenant: Vertical Bridge Development, LLC 750 Park of Commerce Drive, Suite 200 Boca Raton, FL 33487 Ref. US-TX-7008 Attn: Sr. VP Asset Management With a copy to: General Counsel If to Lender: Toronto Dominion (Texas) LLC 31 West 52nd Street New York, NY 10019 Attn: Admin Agent Fax No, 416-982-5535 VB Site ID: US-TX-7008 VB Site Name: Dove Road Resolution 22-05 Exhibit "A" With a copy to; Fox Rothschild LLP 747 Constitution Drive Suite 100 Exton, PA 19341 Attn: Levin Czubaroff m MISCELLANEOUS, (a) Each party hereto warrants and represents that it has the necessary power and authority to enter into and perform its respective obligations under this Agreement. (b) If any term of this Agreement is found to be void or invalid, such invalidity shall not affect the remaining terms of this Agreement, which shall continue in full ford and effect. (c) All attached exhibits are hereby incorporated by this reference as if fully set forth herein. (e) This Agreement shall be governed by and construed in accordance with the laws of the State or Commonwealth in which the Premises are located, (f) This Agreement constitutes the entire agreement and understanding of the parties and supersedes all offers, negotiations, other leases and/or agreements with regard to the Premises. There are no representations or understandings of any kind not set forth herein. Any amendment to this Agreement must be in writing and executed by both parties, (g) This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns, (h) A short -form Memorandum of Lease may be recorded at Landlord or Tenant's option in the form as depicted in Exhibit 3, attached hereto, Tenant shall also have the option to record an amended Memorandum of Lease setting forth the Commencement Date, the final description of the Premises the location and configuration of the Communication Facilities, and such other information as Tenant shall deem appropriate. (i) Landlord shall keep the terms of this Agreement confidential and shall not disclose any terms contained within this Agreement to any third party other than such terms as are set forth in the Memorandum of Lease or any amended Memorandum of Lease. (a) At no rent due from Landlord to Tenant nor any reduction in the Rent, Landlord shall be allowed, at Landlord's sole expense, to attach its emergency service network equipment to Tenant's telecommunications tower provided Landlord first executes Tenant's standard Bann of Site License Agreement or its equivalent. Pursuant to the foregoing, Tenant hereby agrees to reserve on behalf of Landlord a ten foot (10') vertical enveloge at a height of forty-five feet (45') to fiL-five feet (55 MIS I gill ovum Page 12 of 25 V$ site ID US-TX-7008 VB Site Name Dove Road 127853421.2 Resolution 22-05 Exhibit "A" (b) Any reservation of right granted to Landlord pursuant to this Section is solely limited to Landlord's use only of the ten foot (10') vertical envelope described above and Landlord acknowledges and agrees that Landlord does not have the right to lease, license, sublease, sublicense, etc. such space on the tower on the Premises to any other party including, without limitation, any wireless communication entity. 32. RELOCATION. In the event that Landlord reasonably believes, in the legitimate interest of public safety, that (i) all or any portion of the Communication Facilities need to be relocated from the Premises to a different location on the Property or another alternate location, and (ii) there is no reasonable way to 111MV any portion of the Communication Facilities, and Landlord shall not have any right to remove or relocate all or any portion of the Premises or the Communication Facilities without Tenant's express written permission. SIGNATURES BEGIN ON NEXT PAGE Via Site ID US-TX-7008 VB Site Name Dove Road Resolution 22-05 Exhibit "A" IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date (date last signed by a party hereto). WITNESSES: STATE OF TEXAS xz�`­ This instrument w as acknowledged before me on 2022 by(ZWVWv�e�A­—­ . . ....... . . title (name of signatory),"of (" signatory) of the Town of,'Westlake, a municipal corporation, on behalf o the corporation. Em Print Name: 1,641e;,Y 01 My Commission Expires: V il. A 2� I _jJ-1— Page 14 of 25 VB Site ID IJS-'FX .7008 VB Site Name Dove Road 127853421,2 I:Ducu &gnn Dwellanp e 11 D: 889D99CF-03DE-4A-8p::::3F-46387041378 (Tenant signature page to Lease Agreement) Nar n da a .,, a STATE OF FLORIDA COUNTY OF PALM BEACH I Vertical Bridge De, a Delaware firanitcai 9 in Lle- LIEGAL ThisinstrUgent.was acknowledge i before eras anew 2�D22 &� �_....�,.m lac of signatory), �...._ signatory) aap`Vertical Bridge Development, UC, a Delaware limited liability company, on behalf of the corn paany. Page IS iff 2; V9 2' He IfDD U""w..°TX-7008 V D rime Nanune pDeve Road LeS_al Descrintion of the ProRertylParent Parcel Lot 2, Fidelity Investments Addition, Phase 1, an addition to the Town of Westlake, Tarrant County, Texas, according to the plat thereof recorded under Clerk's File No(s), D218200247, Plat Records, Tarrant County, Texas. Page 16 of 25 VB Site ID: US -TX 7008 VB Site Name: Dove Road MM, 41,11,10, M� Premises (may be replaced by Tenant with a final survey and legal description of the Premises) zM=I Page 17 of 25 VB Site ID: 49S-TX-7008 VB Site Name Dave Road 127853421.2 .................... . . ..................................................... ............. ..... ... . . . ....................... . . ....................... . ....................... . . . . ...... . ..... 0 U, .. .... ..... .............. . ..... .. ........ . ....................R u ..... ..... .. .... ..... ..... .... ... .... ..... ..... . ......... . ..... . ........... . . . . . . . . .. . .................. . ....... , 0 o ................. ....................... ............ . . ............ . . .......... ay rna IM11011111111111111 ..... . .... ......... . . 44-fr ...... .................................... . .................................. . .......... . . . z Memorandum of Lease Page n 9 of 25 VB Site ID US-"I"X-7008 VB SRe Name Dove Road (Above 31' Space for Recorder's Use Only) Vertical Bridge Development, LLC 750 Park of Commerce Drive, Suite 200 Boca Raton, FL 33487 Attn: Daniel Marinberg MEMORANDUM OF LEASE This Memorandum of Lease ("Memorandum") evidences a Lease Agreement (the "Lease") between Town of Westlake, a municipal corporation ("Landlord"), whose address is 1500 Solana Blvd. Suite 7200, Westlake, TX 76262, and Vertical Bridge Development, LLC, a Delaware limited liability company, whose mailing ad, ss is 750 Park of Commerce Drive, Suite 200, Boca Raton, FL 33487 ("Tenant"), dated the 1q.19 &VY2022 (the "Effective Date"), for a portion (the "Premises") of the real property (the "Property") described in Exhibit A attached hereto. Landlord hereby ratifies, restates and confirms the Lease and leases to Tenant the Premises, subject to the terms and conditions of the Lease. The Lease provides for an initial Due Diligence Period, during which Tenant may evaluate the suitability of the Property for Tenant's proposed use, and, if exercised by Tenant, for the lease by Landlord to Tenant of the Premises for an initial term of five (5) years with nine (9) renewal option(s) of an additional five (5) years each, and further provides: The initial term, if exercised by Tenant, shall commence in accordance with the terms of the Lease-, 2. Landlord will attom to any mortgagee of Tenant and will subordinate any Landlord's lien to the Lease and to liens of Tenant's mortgagees, and not disturb the tenancy of Tenant; 3. The Lease restricts Landlord's ability to utilize, or allow the utilization of the Property or real property owned by Landlord which is adjacent or contiguous to the Property for the construction, operation and/or maintenance of communications towers and related facilities; 4Tenant (and persons deriving rights by, through, or under Tenant) are the sole parties to market, use, or sublease any gortion of the Prol2erty for communications or broadcast facilities during the Nrl�� ffimnia"M term of the Lease (such restriction shall run with the land and be binding on the successors and assigns of Landlord); 5a The Premises may be used exclusively by Tenant for all legal purposes, including without limitation, erecting, installing, operating and maintaining radio and communications towers, buildings, and equipment; 6, Tenant is entitled to sublease and/or license the Premises, including any communications tower located thereon; 7. Under certain circumstances, Tenant has a right of first refusal to acquire the Premises from Landlord; & Landlord may assign the Lease only in its entirety and only to a purchaser of the fee interest of the Property; and I I Will I Ili, Will i Iiiiiii ii III 10. This Memorandum is not intended to amend or modify, and shall not be deemed or construed as amending or modifying, any of the terms, conditions or provisions of the Lease. In the event of a conflict between the provisions of this Memorandum and the provisions of the Lease, the provisions iiiij, Jjjjje ihall control. The Lease shall be bindinj uj2on and inure to the benefit of Landlord and Tenant U1111 WIWI MUM LU L11C UU11CLIFUI-11i LV LH. the Lease. THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK, SIGNATURES BEGIN ON NEXT PAGE Page 21 of 25 127853421.2 IN WITNESS WHEREOF, the parties hereto have executed this MEMORANDUM OF LEASE as of the date last signed by a party hereto, Town of Westlake a municipal corporation &A This)ins ument was acknowledged before me on 2022 by y (title of "!t . . ........... . . UZ!!" " (name of signatory), signatory) of the Town of Westlake, a municipa corporation, on behalf ofiie corporation. 11 LI/I All Notary Publi MARY J. KAYSER Print Name: Notary Public, State of Texas Cornrn, Expires 01-11-2025 1 F. 410111% Notary �D 3000-0rc My Commission Expires:.",_'t.,Z&� Page 22 of 25 127853421.2 E)ocuSign EnvOope IID: 889D99CF 03DE-4ACMEY 463870413783 crenant's Signature Page to Memorandum of Lease) wrrNESSES: urn _.m5A . ............... .. ... . .. QZ STATE OF FLORIDA COUNTY OF PALM EACH TENANT: Vertical Bridge Devel L q * a Delaware limhed Jiabili AIM n By: . . . . ................ Name� ............. "ritie� n q owl . . . .................... . DS LEGAL This 1 stru ept was acknowledged before me on IV— . OY.- I —IV. 2022 by . ............ . (name of signatory), .... . ... . . ........ . ..... . ..... (title of signatory) of Vertical Bridge Deveiopment, LLC, a Delaware pimfted liability company, on behalf of the company. il—j�i"Clry Public RACHEL WlLLWMN Notary Public - State of Florida I�Idnt Name: Rachal WR1jaj7jS,,)�jj Commission 0 HN 309112 . . . ... . .................. . ..... . ................. My Comm. Epires Oct 17, 2026 Banded through Hational Notary Assn. My Cornrnission Exp�res:. 12785342R 7 Page 23 of 25 EXHIBIT A (TO MEMORANDUM OF LEASE) The PMRerty (may be updated by Tenant upon receipt of final legal description from title) Lot 2, Fidelity Investments Addition, Phase 1, an addition to the Town of Westlake, Tarrant County, Texas, according to the plat thereof recorded under Clerk's File No(s), D218200247, Plat Records, Tarrant County, Texas, Access and utilities serving the Premises (as defined in the Lease) includes all easements of record as well as that portion of the Property designated by Landlord and Tenant for Tenant (and Tenant's guests, agents, customers, lessees, sublessees and assigns) ingress, egress, and utility purposes to and from a public right- of-way. Said interest being over land more particularly described by the following description - Lease Area Legal Description [Insert metes and bounds description of the Premises from Vertical Bridge's final survey] Access and Utility Area Legal Descriotion [Insert metes and bounds description► of the Premises from Vertical Bridge's final survey] 24 12785342 V 2