The growth of the telecommunication sector has been phenomenal, while the communication standards have become the norm for the world today, behind the success is the constant operational efforts of the telecommunication companies. There is a need for research, continuous monitoring of connections, and establishing better networking and services. One of the most common things with the ongoing telecommunication services is the need for Cell tower lease buyout.
What are Cell phone towers?
These are purpose-built structures that the wireless telecommunication companies require at different locations. The primary purpose is to use the towers to deploy technologies to monitor, regulate, and ensure accurate wireless and telecommunication services to the subscriber. The towers are a requirement that helps with the telephone, mobile, radio, and other digital transmission requirements.
Cell Tower Lease Buyouts – The Agreement
The need for towers is ongoing in the telecommunication sector. However, in most cases, the companies prefer to rent out the place instead of buying the premises to set up a tower. Firstly the cost of buying properties at different locations is a considerable expense. Also, the companies may require to move the towers after a few years, so it makes little sense to buy the property. Instead, the companies prefer to go into a lease with the property owner. The contract allows them to get the space for the tower for a specified period.
The Cell tower lease buyout is an official agreement that is binding on both the landowner and the company for the period they will have a lease relationship. The lease buyout is an essential agreement as it safeguards the interest of all parties. It ensures that the company will give the rentals as stipulated in the lease, and the company has access to the location for the applied tenor. Even if the landlord sells the property to some other person or entity, the contract will remain binding to the new owner, and the company will continue to occupy the land for the term of the contract.
Everything in the lease agreement is binding, and it is like any other real estate contract. Under the provision of this agreement, there is a guarantee that both parties will adhere to their obligations. Likewise, both the lessor and the lessee will have all their rights according to the stipulations of the lease. Usually, the contract is a draft proposal in the lawful presence of attorneys, and the duration of the contract is between one to five years.