Cancelling Lease. Possible?

by Jason
(North Florida)

I am interested in purchasing an industrial property that happens to have a 250 ft cell tower. It is a ground lease with an 8% revenue sharing agreement. Owner currently receives 395/month. Original lease ends 2027, with 10 x 5 year extensions. This seems like a terrible deal for the land owner. If I buy this property how can I terminate this lease and renegotiate? One of the Tower operator's tenants is Sprint. The other two tenants are relatively obscure.

Thanks, Jason

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Aug 02, 2016
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Of course they don't WANT to cancel the lease!
by: Jason

My questions was more specifically, are there any technical/legal ways to cancel a lease such as this? I was thinking along the lines of a foreclosure cancelling all existing leases in Florida. In the lease the tower company subordinates their interest to any existing or future mortgages/loans. Has anyone done something similar?

Thanks,

Jason

Jul 15, 2016
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99% answer is no.
by: Stephen

Doubtful that you can terminate just because you are purchasing the land. Sprint is getting a great deal why would they want to change a good thing?

Sorry to be the bearer of bad news.

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