Loosing All Tenants On A Cell Tower
(Brownsville, Cameron County, Texas)
We have a ground lease with SBA Communications. They have just informed me that they no longer have any tenants on this particular tower. They were paying us $1024.94 per month.
Due to not having any tenants at this time, they have offered to leave up the tower with no rental income to us for a period of three (3) years or until they get a tenant on this tower -- which ever comes first. If and when SBA finds a tenant, rent payments will resume. If we do not accept these terms of no rent, they claim they will remove the tower.
Is this the standard in the industry -- no payment at all until a tenant is found?
Please advise ..... Thanks.