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<br /> <br /> <br />October 10, 2025 <br />Elk River Municipal Utilities <br />13069 Orono Parkway <br />PO Box 430 <br />Elk River, WI 55330 <br />Attn: Mark Hanson <br />Site Name: Min Chewbacca Site ID: 123107 <br />Dear Mark, <br /> I am following up with you regarding our recent telephone conversation setting forth Verizon <br />Wireless’s Lease Optimization Program. As discussed during our conversation, Verizon Wireless is <br />interested in making certain modifications to the cell site lease regarding the Verizon Wireless <br />communications facility on your property. These lease modifications will allow the cell site on your property <br />to better meet Verizon Wireless’s current operational needs and enhance its long-term value to the overall <br />network.Criteria for Cell Site Retention <br /> As we discussed, Verizon Wireless would like to include this site in its long-term portfolio under the <br />following terms: <br />● New Rent Amount: $2,800.00 per month, commencing on (6/1/2026) <br />● New Rent Escalator: Fifteen Percent (15%) every 5 years (next increase on 6/1/2031) <br />● Additional Renewal Terms: Two (2) additional five (5) year renewal terms <br /> <br />● Lump Sum Payment Option: Provide a one-time lump sum payment of $900,000.00. In <br />return, you will grant a perpetual easement on your property. <br /> <br />The foregoing proposal does not constitute a binding offer to amend the lease. No legal obligation <br />is created by this letter or any other written or oral communications until a written amendment to the lease <br />has been signed by both Landlord and Verizon Wireless. Verizon Wireless will continue to abide by the <br />terms of the current lease until an amendment has been executed or the existing lease has been terminated <br />or expires. Verizon Wireless values its affiliation with you and hopes that you choose to secure your site(s) <br />to continue a long and mutually profitable relationship in the years to come. After having reviewed this <br />proposal, please contact me prior to October 20, 2025. <br />Sincerely, <br /> <br />Lynne Rush <br />Lease Consultant <br />Lease Optimization - CENREV <br />O +1 (469) 4219101 <br />114