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HomeMy WebLinkAboutLamar Companies - Sign Location Lease - 9/11/2006 Q,�,�✓ko. foo(.• �Sy THE ` ' COMPANIES This Instrument Prepared by: New James R.Mcilwain X Renewal 5551 Corporate Boulevard 63-1 Lease# Baton Rouge,Louisiana 70808 James R Mellwain SIGN LOCATION LEASE THIS LEASE AGREEMENT,made this 28`r'day of August,2006,by and between: The City of Waterloo (hereinafter referred to as"Lessor")and THE LAMAR COMPANIES(hereinafter referred to as"Lessee"),provides WITNESSETH "LESSOR hereby leases to LESSEE, it successors or assigns, as much of the hereinafter described lease premises as may be necessary for the construction, repair and relocation of an outdoor advertising structure ("sign"), including necessary structures, advertising devices, utility service, power poles, communications devices and connections, with the right of access to and egress from the sign by LESSEE'S employees, contractors,agents and vehicles and the right to survey,post, illuminate and maintain advertisements on the sign,and to modify the sign to have as many advertising faces, including changeable copy faces or electronic faces,as are allowed by local and state law,and to maintain telecommunications devices or other activities necessary or useful in LESSEE'S use of the sign. Any discrepancies or errors in the location and orientation of the sign are deemed waived by LESSOR upon LESSOR'S acceptance of the first rental payment due after the construction of the sign. The premises are a portion of the property located in the County of Black Hawk, State of Iowa, more particularly described as: The corner of West Wh Street North of Black Hawk Street at 97 West l Ith L This Lease shall be for a term of ten(10)years commencing on the first day of the calendar month following the date of completion of construction of the sign, or, if this is a renewal Lease, the term and payments begin July 1, 2006 ("commencement date"). LESSEE may renew this Lease, for an additional tern, of equal length, on the same terms and conditions. Said renewal term shall automatically go into effect unless LESSEE shall give to LESSOR written notice of non-renewal at least sixty(60)days prior to the expiration of the original term. 2. LESSEE shall pay to LESSOR an annual rental of($900)Dollars,payable annually in advance in equal installments of nine hundred dollars($900)each,with the first installment due on the fust day of the month following commencement.Rent shall increase 3%yearly for the entire term of the lease. Rent shall be considered tendered upon due mailing or attempted hand delivery during reasonable business hours at the address designated by LESSOR, whether or not actually received by LESSOR Should LESSEE fail to pay rent or perform any other obligation under this lease within thirty(30)days after such performance is due, LESSEE will be in default under the lease. In the event of such default, LESSOR must give LESSEE written notice by certified mail and allow LESSEE thirty(30)days thereafter to cure any default. 3. LESSOR agrees not to erect or allow any other off-premise advertising structure(s),not inclusive of bus stop benches, other than LESSEE'S, on property owned or controlled by LESSOR within two thousand (2000) feet of LESSEE'S sign. LESSOR further agrees not to erect or allow any other obstruction of highway view or any vegetation that may obstruct the highway view of its sign. LESSEE is hereby authorized to remove any such other advertising structure, obstruction or vegetation at its option. 4. LESSEE may terminate this lease upon giving thirty (30) days written notice in the event that the sign becomes entirely or partially obstructed in any way or in LESSEE'S opinion the location becomes economically or otherwise undesirable. If LESSEE is prevented from constructing or maintaining a sign at the premises by reason of any final governmental law, regulation, subdivision or building restriction, order or other action, LESSEE may elect to terminate this lease. In the event of termination of this Lease prior to expiration,LESSOR will return to LESSEE any unearned rentals on a pro rata basis. 5. All structures, equipment and materials placed upon the premises by the LESSEE or its predecessor shall remain the property of LESSEE and may be removed by LESSEE at any time prior to or within a reasonable time after expiration of the term hereof or any renewal. At the termination of this lease, LESSEE agrees to restore the surface of the premises to its original condition. The LESSEE shall have the right to make any necessary applications with, and obtain permits from, governmental bodies for the construction and maintenance of LESSEE'S sign, at the sole discretion of LESSEE. All such permits and any nonconforming rights pertaining to the premises shall be the property of LESSEE. 6. LESSOR represents that he is the owner or lessee under written lease of the premises and has the right to make this agreement and to grant LESSEE free access to the premises to perform all acts necessary to carry on LESSEE'S business activities related to the sign. LESSOR is not aware of any unrecorded rights, servitudes, easements, subdivision or building restrictions, or agreements affecting the premises that vrohrbit the erection, posting, painting, illumination or maintenance of the sign. LESSOR acknowledges that the terms and conditions of this agreement are confidential and proprietary and shall not be disclosed to any third-party without the written consent of LESSEE. 7. In the event of any change of ownership of the property herein leased, LESSOR agrees to notify LESSEE promptly of the name, address, and phone number of the new owner,and LESSOR further agrees to give the new owner formal written notice of the existence of this lease and to deliver a copy thereof to such new owner at or before closing. In the event that LESSEE assigns this lease, assignee will be fully obligated under this Lease and LESSEE will no longer be bound by the lease. This lease is binding upon the personal representatives, heirs, executors, successors, and assigns of both LESSEE and LESSOR 8. In the event of condemnation of the subject premises or any part thereof by proper authorities, or relocation of the highway, the LESSOR grants to the LESSEE the right to relocate its sign on LESSOR'S remaining property adjoining the condemned property or the relocated highway. Any condemnation award for LESSEE'S property shall accrue to LESSEE. 9. LESSEE agrees to indemnify LESSOR from all claims of injury and damages to LESSOR or third parties caused by the installation, operation, maintenance, or dismantling of LESSEE'S sign during the term of this lease. LESSEE further agrees to repair any damage to the premises or property at the premises resulting from the installation,operation, maintenance, or dismantling of the sign,less ordinary wear and tear. 10. LESSOR agrees to indemnify LESSEE from any and all damages, liability, costs and expenses, including attorney's fees,resulting from any maccuracy in or nonfulfillment of any representation,warranty or obligation of LESSOR herein. 11. Prior to LESSEE removing its sign, and for five(5)years after such removal, LESSOR grants LESSEE a first right of refusal to match any bona fide agreement of LESSOR with a third party for the purpose of permitting off-premise outdoor advertising on any portion of the leased premises. LESSEE has seven(7)days after LESSOR provides to LESSEE a copy of such agreement executed by such third party to match the terms of such agreement. 12. If required by LESSEE,LESSOR will execute and acknowledge a memorandum of Lease suitable for recordation. 13. This Lease is NOT BINDING UNTIL ACCEPTED by the General Manager of a Lamar Advertising Company. THE LAMAR COMPANIES,LESSEE: LESSOR: City of Waterloo,Iowa BY: VICE-PRESIDENT/GENERAL MANAGER DATE: ! / BY: *T" UL I-ey, 'A_yO BY: DATE: 9 l l l l D �, LESSOR'S TELEPHONE NUMBER Tax ID Parcel#(for land on which sign is located) Address of LESSEE: Address of LESSOR: Witnesses(LESSEE) Witnesses(LESSOR)