2003-05-16_REVISION - M1977347 (2)

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JAN''-19-99 TUE 4:35 PM $'ATT AND MARTELL LLC FAX N0. 970 434 1170 P. i L & 7-0RH82tENT ~iIS LEASE AGREEMENT is made and entered into this /({~ day of 1~2CL/N~°t- , 1998, by and between AC1tERMAN .LAND & LIVESTOCK CO., a Colorado corporation, the address of which for purposes of this Agreement is 17125 North County Road 15, Wellington, Co 80549 {"the Landlord"j, and JACOR BROADCASTING OF COLORADO, INC., a Colorado corporation, the address of which for purposes of this Agreement is 1612 Laporte, Fort Collins, CO 80521 ("the Tenant"j. WITNESSETH: WHEREAS, the Landlord is the owner of the real property legally described as Section 30, Township li North, Range 69 West and sections 25, 26, and 35, Township li North, Range 7o West of the 6th P.M., County of Larimer, State of Colorado ("the Proper- ty"). WHEREAS, the Tenant desires to construct and operate a radio broadcast tower ("the Tower") and transmitter building with emergency generator ("the Building") on the Froperty. The Tower shall be located at the following coordinates: 40°5342.3" North and 105°1139.8^ West (^the Tower Location"). WHEREAS, the term ^the Leased Premises" as used in this Lease Agreement shall mean and refer to an area of the Property circular in shape having a radius of five hundred (5o0j feet from the Tower Location, together with an access easement thirty (30) feet in width Prom Larimer County Road 23 to the Tower Location ("the Access Easement^). The exact location of the Access Easement shall be reasonably determined by mutual agreement of the parties. NOW, THEREFORE, in consideration of the mutual covenants, promises, and agreements herein contained, and Two Thousand Five hundred Dollars (52,500) paid by the Tenant to the Landlord, the receipt and adequacy oY which are hereby confessed and acknowl- edged, the parties hereto do hereby covenant, promise, and agree to and with each other as follows: 1. Lease of the Leased Premises. Contingent upon final approval of the Tower by the Board of County Commissioners of Larimer County, Colorado, the Federal Aviation Administration, and the Federal Communications Commission (collectively "Final Approval"), the Landlord does hereby lease, demise, and let unto the Tenant, and the Tenant does hereby hire and talcs from the Landlord the Leased Premises. If Final Approval of the Tower is not obtained on or before December 31, 1999, then this Agreement shall terminate and all parties shall be released from all obligations hereunder. The Tenant shall act in good Faith and use reasonable efforts to obtain Final Approval of the Tower. The