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process for a lease has begun during the term of this Agreement and such lease is <br />executed after the expiration or termination of this Agreement) for any portion of a City <br />Property between the City and a third party relating to the construction, lease or <br />maintenance of wireless transmission towers or the provision or transmission of any <br />Wireless Services (and shall include any and all amendments, modifications or extensions <br />of such leases). New Leases shall contain a provision requiring notice to Consultant of <br />any change or modification in the terms of such New Leases. Consultant shall not be <br />entitled to any revenues from any lease approved by the City Council prior to the <br />Effective Date (an "Existing Lease"), except as set forth in Section 2(b) below. <br />(b) If any Existing Lease is amended or modified after the Effective Date, <br />where such modification results in the co-location of additional equipment or the <br />inclusion of additional wireless providers at any existing site, Consultant shall receive <br />twenty percent (20%) of the incremental lease revenue over the life of the lease <br />attributable to such modification. <br />(c) All New Leases shall contain provisions stating that any and all payments <br />under such New Leases shall be paid into athird-party escrow or lockbox account (the <br />"Lockbox Account") provided such a process is consistent with governmental accounting <br />and finance practices and standards. In such case, Consultant shall be responsible for <br />selecting the third-party to provide the Lockbox Account, subject to the City's reasonable <br />approval of such third party, and Consultant shall pay all fees and expenses associated <br />with opening and maintaining the Lockbox Account. The City and the Consultant shall <br />execute instructions to the party providing the Lockbox Account (the "Holder"), <br />instructing the Holder to distribute the Consultant Lease Fees directly to Consultant and <br />the remaining funds directly to the City within 5 business days of receipt of such funds <br />into the Lockbox Account, or such other commercially reasonable terms the parties may <br />agree upon from time to time. <br />(d). Upon termination of this Agreement, or upon the exercise of any option <br />periods in a lease, the City, at its option, may "buy out" the remaining Consultant Lease <br />Fees by paying the net present value of such remaining obligation utilizing a discount rate <br />of 10%. <br />(e) For purposes of calculating the Consultant Lease Fee, in-kind <br />consideration such as public improvement, plus sales taxes, real estate or personal <br />property tax reimbursement and insurance reimbursement, if applicable, shall be <br />excluded from the New Lease revenues. The Holder shall provide Consultant a monthly <br />report including a statement of account detailing transactions, and showing all amounts <br />collected and uncollected from New Leases. <br />3. TERM <br />The initial term of this Agreement shall be two (2) years commencing on January <br />1, 2009, unless terminated earlier in accordance with Section 12, below. The term of this <br />Agreement maybe extended at the option of the City Council in its sole and absolute <br />25A-5 <br />