2006/04/05 Council Agenda Packet

8 5. OPTION TO EXTEND: Subject to Licensor's lease with Landowner, Licensee is hereby given the option to extend the term of this License in accordance with all of the provisions contained in this License except rental, for two five (5) year terms ("Option Term One" and "Option Term Two"), by giving written notice of exercise of the option ("Option Notice") to Licensor six (6) months or more prior to expiration of each Term. Failure to provide the required Option Notice for Option Term One shall result in the termination of this License upon the expiration date of this initial term or in the case of failure to provide the Option Notice for Option Term Two, then this License shall terminate at the end of Option Term One. The Rental fee during each Option Term shall be negotiated between the parties and evidenced in an addendum to this License. If the parties are unable to agree on the monthly rent for the extended term within thirty(30) days of the Notice date, then within thirty(30) days after giving of the Option Notice, Licensee shall retain an MAI appraiser who shall render a written appraisal of the fair market rental of the Licensed premises. A copy of Licensee's appraisal shall be given to Licensor within sixty (60) days after giving of the Option Notice. Licensor and Licensee shall then negotiate regarding the fair market rental of the Licensed Site. If Licensor and Licensee are unable to reach an agreement as to the fair market rental of the Licensed Site within thirty (30) days of the receipt of Licensee's appraisal by Licensor, Licensor shall retain an MAI appraiser who shall render a written appraisal of the fair market rental of the Licensed premises as of the date of such appraisal. A copy of the appraisal made by Licensor's MAI appraiser shall be given to Licensee within one hundred twenty (120) days of the receipt of Licensee's appraisal by Licensor. If Licensor and Licensee are unable to reach an agreement as to the fair market value of the Licensed Site within thirty (30) days of the receipt of Licensor's appraisal by Licensee, the MAI appraisers previously retained by Licensor and Licensee shall choose a third MAI appraiser with knowledge of properties in Snohomish County, Washington. If the appraisers chosen by Licensor and Licensee cannot agree upon the selection of the third MAI appraiser within twenty (20) days after being requested to do so, the third appraiser shall be designated by the Presiding Judge of the Snohomish County Superior Court on application of either party upon ten (10) days notice to the other. The three (3) MAI appraisers shall fix and determine by majority vote the fair market rental of the Licensed premises as of the date of their appraisal. The decision of the appraisers shall be final and binding on the parties. Under no circumstance, however, shall the base monthly rent for the first year of either Option Term be less than the monthly rental rate existing at the end of the preceding term. In the event either Licensor or Licensee does not agree with the decision of the appraisers regarding the fair market rental, either party may terminate this License upon thirty (30) days written notice. Option Term One and/or Option Term Two (collectively, the "Option Terms") may be exercised by Licensee only in the event that all rents have been fully paid and all provisions of this License on the part of Licensee to be observed by Licensee have been fully and faithfully observed. A new License agreement for the Option Terms shall be unnecessary, as this License constitutes a present demise for both the Initial Term and the Option Terms. 6. SITE ENGINEERING STANDARD AND PRACTICES: Licensor shall have sole engineering supervision over all equipment located on the property. Such supervision shall include: a) Frequency coordination and acceptability; b) Engineering specifications; c) Establishment of standards and practices consistent with and necessary for the avoidance or 53 5