Newly acquired land with existing cell tower lease
(Tate County, MS)
I have recently purchased approximately 193 acres in western Tate County, Mississippi that has had an existing cell tower on it for the past 10 years or so. I purchased the property from my family and the cell tower lease was transferred in the sale, however as of yet, no paperwork has been updated on the lease itself.
The current lease agreements are $440.00 per month (unknown duration) through C Spire Wireless and now to my question(s); Would that be a fair price that I am receiving for the lease? Being that the property was recently acquired, how soon would/could the wireless provider renegotiate the terms of the lease agreement?
Thanks, any help would be greatly appreciated.