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and obtaining the access code for the access gate. TENANT shall not access or enter into, <br />upon or about the Tower except with the specific permission and approval of the OWNER and <br />at such times as the TENANT is accompanied by a representative of OWNER. <br />The foregoing shall not limit OWNER's right to access the Leased Site at reasonable times to <br />examine and inspect the Leased Site for safety reasons or to ensure that the TENANT's <br />covenants are being met, provided that OWNER shall not disrupt TENANT's operations and <br />shall be accompanied by a representative of TENANT at all times during such inspections. <br />Nothing contained herein shall impact or interfere with OWNER's right to use Owner's Property <br />for its intended and primary purpose as an elevated water storage tower. <br />3. TERM AND RENT <br />A. This Lease shall be effective as of the Effective Date, and the initial term of this Lease <br />(the "Initial Term") shall commence on the date that Tenant begins construction on the Leased <br />Site (the "Commencement Date"), and expire on the date immediately preceding the fifth <br />anniversary of the Commencement Date. During the Initial Term, TENANT shall pay to <br />OWNER as a lease payment the sum of One Thousand Eight Hundred and Fift� and No/100 <br />Dollars ($1,850.00) per month, such being due in advance on or before the fifth (5t) day of each <br />month. The first payment shall be due within 30 days of the Commencement Date. <br />B. Upon the expiration of the Initial Term, this Lease shall be automatically extended for up <br />to three (3) additional and successive terms of five (5) years each (each, a "Renewal Term") <br />unless TENANT notifies OWNER in writing of its intention not to renew at least ninety (90) days <br />before the expiration of the then current term. <br />C. Beginning upon the expiration of the first year of the Initial Term and thereafter at the <br />expiration of each year of the Initial Term and any Renewal Term, the monthly rent shall be <br />increased by an amount equal to three percent (3%) of the then current rent. <br />D. Should this Lease still be in effect at the conclusion of all of the Renewal Terms provided <br />for herein, this Lease shall continue in effect on the same terms and conditions [other than <br />monthly rent which shall be an amount equal to the monthly rent in effect for the preceding year, <br />increased by three percent (3%) for a further period of one (1) year, and for like annual periods <br />thereafter] until and unless terminated by either party by giving to the other at least ninety (90) <br />days prior written notice of its intention to so terminate. <br />E. In the event that Tenant fails to surrender the Leased Site and fails to remove its <br />equipment therefrom by the last day of the final Term or Renewal Term under this lease, Tenant <br />will pay holdover rent on a month to month basis at the monthly rate in effect for the preceding <br />year increased by one hundred fifty (150%) until such time as Tenant surrenders the Leased <br />Site to Owner. Should Tenant remain on the Leased Site for more than twelve (12) months, <br />beginning on the first of the thirteenth (13th) month, the rental rate shall increase by five percent <br />(5%), and shall increase by five percent (5%) for each year Tenant remains holding over on the <br />Leased Site. <br />F. TENANT shall pay OWNER a late payment charge after notice is given to TENANT <br />equal to five percent (5%) of the late payment for any payment (including rental payments) not <br />31 Page <br />