3.01 3.1
WATER\Lease Agreement Amendment—Storage Tank Luzerne Road—Sprint—8-8-2022
RESOLUTION AUTHORIZING AMENDMENT TO WATER TANK LEASE
AGREEMENT BETWEEN TOWN OF QUEENSBURY AND SPRINT
SPECTRUM REALTY COMPANY, LLC
RESOLUTION NO.: ,2022
INTRODUCED BY:
WHO MOVED ITS ADOPTION
SECONDED BY:
WHEREAS, the Town of Queensbury, on behalf of the Queensbury Consolidated Water
District, owns a municipal water storage tank located on Luzerne Road (hereinafter referred to as
"Tank"), and
WHEREAS, The Town entered into a Lease Agreement with Independent Wireless One
Leased Realty Corporation (hereinafter "Independent Wireless") to lease space on the Tank's
exterior and on a portion of property surrounding the Tank in 2000, and
WHEREAS, Sprint Spectrum Realty Company, LLC (hereinafter "Sprint") is successor in
interest to Independent Wireless, and
WHEREAS, the initial term of the Lease Agreement has expired and the Parties wish to
amend some of the terms of the initial Lease Agreement and wish to renew such Lease Agreement,
and
WHEREAS, a copy of the proposed First Amendment to Water Tank Lease Agreement has
been presented at this meeting and is in a form approved by Town Counsel,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby approves and authorizes the First
Amendment to Water Tank Lease Agreement with Sprint substantially in the form presented at this
meeting, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Water
Superintendent to execute the First Amendment to Water Tank Lease Agreement and the Town
Supervisor, Town Water Superintendent and/or Town Budget Officer to take such other and further
actions as may be necessary to effectuate the terms of this Resolution.
Duly adopted this 8 h day of August, 2022, by the following vote:
AYES
NOES
ABSENT :
Site Name: Luzerne RD_West Glens Falls Site ID#: UP40516A/AL33XC380
FIRST AMENDMENT TO WATER TANK LEASE AGREEMENT
This First Amendment to Water Tank Lease Agreement(this "Amendment"), effective as of the date last signed
below ("Effective Date"), amends a certain Water Tank Lease Agreement dated June 21, 2000, between Sprint Spectrum
Realty Company,LLC(formerly a limited partnership),a Delaware limited liability company,successor in interest to Wireless
One Leased Realty Corporation ("Lessee"), and Town of Queensbury, a New York special district ('Lessor") (the
"Agreement").
BACKGROUND
WHEREAS, Lessee and Lessor desire to modify certain provisions of the Agreement as provided below.
AGREEMENT
For good and valuable consideration the receipt and sufficiency of which are acknowledged, Lessor and Lessee agree
as follows:
1. Term. Section 3 of the Agreement is amended by adding the following:
The current Term of the Agreement has expired on August 31,2021. Notwithstanding anything to the contrary in the Agreement,
effective as of the Effective Date,Lessee is granted four(4)additional renewal terms of five(5)years each(each an"Additional
Renewal Term").The Agreement will automatically renew for each Additional Renewal term without any further action unless
Lessee gives Ninety(90)Days written notice of its decision not to renew before expiration of the then current term.
2. Rent Escalation.Section 4 of the Agreement is amended by adding the following:Rent Escalation.Commencing on September
1, 2022,the annual rental payment shall escalate to a total of one hundred two percent(120%) of the rent for the immediately
preceding term, for a total amount of$24,883.20, for the remainder of the first Additional Renewal Term. The annual rental
payment will continue to escalate at the start of each Additional Renewal Term. The annual rent for each five year extension
term shall be as follows: $29,859.84 for the period between September 1, 2026 through August 31, 2031; $35,831.80 for the
period between September 1, 2031 through August 31,2036; $42,998.16 for the period between September 1, 2036 through
August 31, 2041. Annual Rental Payments for Additional Renewal Terms shall be in the same fashion as specified in
paragraph 4(a)of the Agreement dated June 21,2000.
3. Notice Address. The notice addresses in Section 23 of the Agreement or referenced therein for the party or parties listed
below are hereby deleted in their entirety and replaced with the following:
Site No.:UP405(6A/AL33XC380
2
"To Lessor" Town of Queensbury
742 Bay Road
Queensbury,NY 12804
Attn:Town Attorney
Queensbury Water Department
823 Corinth Road
Queensbury,NY 12804
Attn:Chris Harrington, Superintendent
"To Lessee:- Sprint Property Services
Sprint Site TD: AL33XC380
Mailstop KSOPHDO 10 1-Z2650
6220 Sprint Parkway
Overland Park,Kansas 66251-2650
With a mandatory copy to: Sprint Law Department
Sprint Site ID:AL33XC380
Attn.:Real Estate Attorney
Mailstop KSOPHDO 10 I-Z2020
6220 Sprint Parkway
Overland Park,Kansas 66251-2020
General Terms and Conditions.
a. All capitalized terms used in this Amendment,unless otherwise defined herein,will have the same meaning
as the terms contained in the Agreement.
b. In case of any inconsistencies between the terms and conditions contained in the Agreement and the terms
and conditions contained in this Amendment, the terms and conditions herein will control. Except as set forth herein, all
provisions of the Agreement are ratified and remain unchanged and in full force and effect.
C. This Amendment may be executed in duplicate counterparts, each of which will be deemed an original.
d. Each of the parties represents and warrants that it has the right,power,legal capacity and authority to enter
into and perform its respective obligations under this Amendment.
e. The parties shall execute concurrently with this Amendment a recordable Memorandum of Amendment
attached to this Amendment as Exhibit C-1,which Lessee may record at its own expense in the real property records where the
Site is located.
`SIGNATURES ON FOLLOWING PAGE***
Site No.:UP40516A/AL33XC380
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The parties have executed this Amendment as of the Effective Date.
Lessor: Lessee:
Queensbury Water Superintendent Sprint Spectrum Realty Company, LLC
By: By:
Printed Name: Printed Name:
Title: Title:
Date: , 20 Date: ———_.._.._ —— 20
(Date must be completed) (Date must be completed)
Site No.:UP40516AlAL33XC380
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