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