Document:

<PAGE>

                                                                   Exhibit 10.30

                               PURCHASE AGREEMENT

     THIS PURCHASE AGREEMENT ("Agreement") is entered into this 15th day of
September, 2000 ("Effective Date"), by and among TeleCorp Realty, LLC, a
Delaware limited liability company ("TeleCorp Realty, LLC"), TeleCorp Puerto
Rico Realty, Inc., a Puerto Rico corporation ("TeleCorp PR"), and TeleCorp
Communications, Inc., a Delaware corporation ("TCI") (TeleCorp Realty, TeleCorp
PR and TCI, collectively "TeleCorp" and individually a "TeleCorp Party"), SBA
Towers, Inc., a Florida corporation ("SBA") and SBA Telecommunications , Inc.

     WHEREAS, TeleCorp is a wireless communications company which provides PCS
service;

     WHEREAS, TeleCorp leases the real property referred to in the Prime Leases
(as such term is hereinafter defined) ("Site" or collectively "Sites") upon
which TeleCorp has constructed certain improvements including, but not limited,
to towers and related facilities and for which TeleCorp has entered into
Collocation Agreements (as that term is hereinafter defined) which Prime Leases,
improvements and Collocation Agreements are more particularly described in
Schedule I attached hereto;

     WHEREAS, TeleCorp desires to assign, sell and convey certain leases, towers
and related facilities in connection with Two Hundred Thirteen (213) Sites to
SBA and then lease space on the Sites from SBA;

     WHEREAS, to facilitate such sale and lease-back transaction, TeleCorp
intends to assign, sell and convey such leases, towers and related facilities to
a Delaware corporation to be formed and wholly owned by TeleCorp ("NewCo") and
then sell and convey all of the issued and outstanding shares of capital stock
of NewCo ("Shares") to SBA;

     WHEREAS, to facilitate such sale and lease-back transaction, SBA desires to
purchase the Shares from TeleCorp; and

     WHEREAS, TeleCorp desires to lease space on the Sites from NewCo subsequent
to the sale of the Shares of NewCo to SBA;

     NOW THEREFORE, TeleCorp and SBA do hereby agree as follows:

     1. Assets Purchased by NewCo from TeleCorp. At Closing, TeleCorp agrees to
        ---------------------------------------
grant, bargain, sell, convey and assign to NewCo, TeleCorp's entire right, title
and interest in and to the following (collectively, the "Assets"):

        (a) those ground leases specified in Schedule I attached hereto and any
addenda thereto ("Prime Leases") together with any and all easements for
ingress, egress and utilities which are attendant to the Prime Leases;

        (b) those towers, tower foundations, utilities, fences, landscaping and
other improvements owned by TeleCorp which are constructed upon or appurtenant
to the real property described in the Prime Leases (collectively "Tower
Facilities") (excluding (i) TeleCorp's antennas, cabling, RBS units, equipment
grounding grids, and related appurtenances) and (ii) antennas and other
equipment owned by tenants under Collocation Agreements (as defined in paragraph
1(c) below)) specified in Schedule I attached hereto;
<PAGE>

        (c) those subleases, licenses and other agreements which grant others a
right to use or occupy a portion of the real property described in the Prime
Leases or grant a right to use or occupy space on the Tower Facilities owned by
TeleCorp which are located on the real property described in the Prime Leases
("Collocation Agreements"). Said Collocation Agreements are specified in
Schedule I attached hereto;

        (d) all right, title and interest of TeleCorp, if any, in and to all (i)
covenants, restrictions, agreements, development rights, air rights, density
rights, drainage rights, riparian and/or littoral rights benefiting the Sites,
(ii) utility mains, service laterals, hydrants, valves and appurtenances
servicing the Sites, (iii) utility deposits and reservation fees paid by or on
behalf of TeleCorp with respect to the Sites, and (iv) oil, gas, minerals, soil,
flowers, shrubs, crops, trees, timber, compacted soil, submerged lands and fill
appurtenant to the Sites.

        (e) the following items for each Site (to the extent available and
assignable):

            (i)   the Federal Aviation Administration application, responses,
approvals and registration numbers submitted or received by TeleCorp;

            (ii)  the zoning permits and approvals, variances, building permits
and such other federal, state or local governmental approvals which have been
gained or for which TeleCorp has made application;

            (iii) the construction, engineering, architectural or other plans or
drawings and related site plans, plats and surveys pertaining to the
construction of the Tower Facilities;

            (iv)  the geotechnical report which has been commissioned by
TeleCorp;

            (v)   the title reports, commitments for title insurance, ownership
and encumbrance reports, title opinion letters, copies of instruments in the
chain of title or any other information which may have been produced regarding
title to the Site;

            (vi)  the environmental assessments, including Phase I reports, and
any environmental reports involving contemporaneous or subsequent intrusive
testing, the "FCC Checklist" performed pursuant to NEPA requirements and any
other information which may have been produced regarding the environmental
condition of the Sites or neighboring real property; and

            (vii) any development rights and other information written or
otherwise regarding the due diligence investigation made by TeleCorp or its
agents, independent contractors or employees regarding the Site.

The items described in paragraph 1(e) may hereinafter be collectively referred
to as "Due Diligence Items" and shall be more particularly described in the
Assignment of Prime Lease for each Site, a copy of the prototype Assignment of
Prime Lease is attached hereto as Attachment A. The Prime Leases, Tower
Facilities, Collocation Agreements and Due Diligence Items may hereinafter be
collectively referred to in this Agreement as the "Assets."
<PAGE>

     2. Stock Purchase. At Closing, subject to the terms and conditions of this
        --------------
Purchase Agreement, TeleCorp will sell and transfer all of the Shares to SBA and
SBA will purchase all of the Shares from TeleCorp. SBA and SBA
Telecommunications, Inc. covenant that within twelve (12) months of the Closing,
SBA and SBA Telecommunications, Inc. shall merge NewCo with or transfer the
assets of NewCo to SBA Properties, Inc. provided that at the date which is
twelve (12) months after the Closing Date there is no pending litigation against
NewCo with damage allegations in excess of in the aggregate sum of Five Hundred
Thousand and No/100 Dollars ($500,000.00). SBA Properties, Inc. covenants that
it shall consent to the merger of NewCo or, if applicable in the instance of an
transfer of the assets of NewCo, shall assume and agree to perform all
liabilities and obligations of NewCo.

     3. Purchase Price.
        --------------

        (a) The purchase price for the Shares shall be Sixty-Nine Million Seven
Hundred Fifty-Seven Thousand Five Hundred and No/100 Dollars ($69,757,500.00),
subject to all adjustments, credits and prorations provided for in this
Agreement (the "Purchase Price"). SBA shall within ten (10) days after the date
of this Agreement place ten percent (10%) of the Purchase Price in escrow (the
"Deposit"). The Deposit shall thereafter be subject to and governed by the terms
of the Escrow Agreement which is attached hereto and incorporated by reference
herein as Attachment B. The Deposit shall be paid to TeleCorp by the escrow
agent at Closing. The failure of SBA to place the Deposit in escrow pursuant to
the Escrow Agreement with ten (10) days after the date of this Agreement shall
give TeleCorp the right, but not the obligation to declare SBA in breach of this
Agreement, in which case TeleCorp shall be entitled to such remedies against SBA
for breach of contract which may be available to TeleCorp at law or in equity,
including but not limited to, an action for damages and specific performance and
the right to terminate this Agreement. The remainder of the Purchase Price shall
be paid to TeleCorp by SBA at closing by wire transfer of immediately available
funds to an account or accounts identified by TeleCorp at or prior to Closing.
The parties acknowledge and agree that the number of Sites which may be
transferred pursuant to this Agreement cannot exceed Two Hundred Thirteen (213)
due to limitations placed upon TeleCorp under the terms of existing credit
agreement with Chase Manhattan Bank and certain other lenders and parties
thereto (the "Credit Agreement"). In the event that the Credit Agreement is
amended to permit more Sites to be transferred, the parties will amend this
Agreement to increase the number of Sites up to and including Two Hundred
Seventy-Five (275) completed Sites and the aggregate purchase price to Ninety
Million Sixty Two Thousand Five Hundred and No/100 Dollars ($90,062,500.00). The
additional Sites which will become subject to this Agreement in the event that
the Credit Agreement is amended to permit more Sites to be transferred are or
shall be set forth on Schedule IA attached hereto. In the event that Schedule IA
does not include sixty two (62) additional sites and the Credit Agreement is
amended to permit the sale of these additional sites, TeleCorp shall supplement
Schedule IA after the Effective Date to bring the total number of sites on
Schedule IA to sixty two (62) provided that SBA shall have ninety (90) days from
the date that any Site is added to Schedule IA to complete its due diligence
under Section 7(a) for that Site. The Purchase Price may also be subject to
reduction in accordance with Section 7(f) of this Agreement for any Excluded
Sites.

        (b) (i) All taxes, real estate assessments, utility charges, rents
payable under the Prime Leases and similar expenses will be prorated as of 12:01
A.M. on the Closing Date on the basis of a 365-day year; provided, however, that
                                                         --------  -------
TeleCorp shall pay through the month following the Closing Date, rent under the
Prime Leases and shall be entitled to reimbursement from SBA for the prorated
amount thereof as of the Closing Date. Rents and other fees accruing under
Collocation Agreements on the Sites that are not more than thirty (30) days
delinquent will be prorated as of 12:01 a.m. on the Closing Date on the basis of
a 30-day month. If TeleCorp receives any rents or other receipts subsequent to
the Closing Date
<PAGE>

which relate to any period of time subsequent to the Closing Date, TeleCorp will
immediately pay to SBA that portion of the rents attributable to the period of
time subsequent to the Closing Date. If SBA receives (whether from a tenant or
from TeleCorp) any rents or other receipts subsequent to the Closing Date which
relate to any period of time prior to thirty (30) days prior to the Closing
Date, SBA will immediately pay to TeleCorp the portion of the rents attributable
to the period of time prior to thirty (30) days prior to the Closing Date. Any
rents or other receipts received subsequent to the Closing Date shall be applied
first to current sums due and, thereafter, to delinquencies in inverse order of
maturity. All utility deposits and reservation fees paid by or on behalf of
TeleCorp in connection with the Sites will be assigned and transferred to NewCo.

            (ii)  If, on the Closing Date, the current real property tax bill
with respect to the Sites is not available, the amount of real property taxes
will be apportioned based on the prior year's tax. Any apportionment of taxes
based upon any figures other than a final current year tax bill will, at the
request of either TeleCorp or SBA, be subsequently reapportioned based upon
receipt of the final tax bill for the current year.

            (iii) If any of the prorations cannot be calculated accurately on
the Closing Date, then the same will be calculated within sixty (60) days after
the Closing Date and either party owing the other party a sum of money based on
such subsequent prorations will promptly pay the sum to the other party. The
terms of this Section 3 will survive the Closing.

            (iv)  The parties acknowledge and agree that the transfer
anticipated by this transaction will be taxable under section 1060 of the
Internal Revenue Code. The parties agree that they will each file the
appropriate forms with the IRS in reporting this transaction. SBA covenants that
it will prepare said filings and cause NewCo to prepare such filings
consistently with allocations made by TeleCorp.

     4. Closing.
        -------

        (a) Time and Place. Subject to those provisions of Section 12 permitting
            --------------
the termination of this Agreement prior to Closing, the closing ("Closing") of
the sale and purchase of the Shares shall take place on the 1st day of March,
2001 ("Closing Date") at TeleCorp's offices in Arlington, Virginia, or at such
other time or at such other place as the parties may agree in writing. If the
Closing has not occurred on or prior to the 1st day of May, 2001, then either
TeleCorp or SBA may elect to terminate this Agreement. In the event that SBA
rejects less than twelve (12) of the Sites on Schedule I or, in the event that
the Credit Agreement is amended to permit Two Hundred Seventy-Five (275) Sites
to be subject to this Agreement and in such event SBA rejects less than fifteen
(15) of the Sites set forth on Schedules I and IA, those Sites not rejected by
SBA shall be transferred to NewCo in accordance with the terms of this Agreement
and NewCo shall be acquired by SBA on the date which is ten (10) days following
the expiration of the Due Diligence Period or at such other date as the parties
may mutually agree but in no event later than the date which is thirty (30) days
after the expiration of the Due Diligence Period and the Purchase Price for the
Sites being transferred at the initial Closing shall be reduced by an amount
equal to the number of Sites which are not subject to the Closing multiplied by
Three Hundred Twenty Seven Thousand Five Hundred and No/100 Dollars
($327,500.00). Notwithstanding the First Closing, SBA shall remain obligated to
attempt to cure Defects associated with those Sites rejected by SBA in
accordance with the terms of this Agreement. Upon the completion of any Curative
Action on the remaining Sites which have been rejected by SBA, those Sites shall
be transferred to NewCo and NewCo shall be obligated to purchase each Site on
the Closing Date utilizing the same form of Documents for the transfer to NewCo.
SBA shall pay, as the purchase price for the Sites being transferred at such
subsequent closing, an amount equal to the number of
<PAGE>

Sites which are subject to the closing multiplied by Three Hundred Twenty Seven
Thousand Five Hundred and No/100 Dollars ($327,500.00).

     (b) Obligations of TeleCorp at the Closing. At the Closing, TeleCorp shall
         --------------------------------------
deliver to SBA the following:

         (i)   one or more assignments of leases conveying all of the Prime
Leases to NewCo in substantially the same form as set forth in Attachment A. To
the extent that an affiliate of TeleCorp has entered into a guaranty, surety or
other agreement in which the affiliate has committed to secure the payment of
rent or the performance of TeleCorp's obligations under the Prime Lease
("TeleCorp Guarantor") , SBA shall use commercially reasonable efforts to obtain
a release of the TeleCorp Guarantor which efforts shall include but necessarily
be limited to the offer of a guaranty, surety or other agreement by SBA and/or
an entity owned or controlled by SBA other than SBA Communications Corporation
("SBA Guaranty") to secure the performance of NewCo under the Prime Lease and
the disclosure to the lessor under the Prime Lease of the financials of SBA
and/or the other entities which SBA proposes to act in the capacity of a
guarantor, provided, however, that the inability of SBA or NewCo to obtain a
release of the TeleCorp Guarantor after the use of commercially reasonable
efforts shall not allow TeleCorp to terminate this Agreement as it relates to
the Site or Sites for which SBA has been unable to obtain releases of the
TeleCorp Guarantors. It is understood and agreed by SBA and TeleCorp that NewCo
is a special purpose entity whose obligations cannot be the subject of an SBA
Guaranty and, as a result, another company ("NewCo II") shall be established
into which those leases for which an SBA Guaranty has or shall be given shall be
transferred. In the event that NewCo II is established for this purpose, SBA
shall be obligated to acquire the stock of NewCo II and the parties shall be
subject to those obligations, duties and liabilities imposed by this Agreement
with regard to NewCo II and the Sites transferred to NewCo II as are imposed by
this Agreement for Sites transferred to NewCo;

         (ii)  one or more bills of sale from TeleCorp or its Vendors conveying
all of the Tower Facilities and Assets to NewCo, in substantially the same form
as set forth in Attachment C;

         (iii) one or more assignments of leases conveying all of the
Collocation Agreements to NewCo in substantially the same form as set forth in
Attachment D;

         (iv)  a certificate by an executive officer of TeleCorp, confirming the
matters set forth in Section 10;

         (v)   a certificate of the secretary of TeleCorp attesting to (A) the
organizational documents of TeleCorp and the organizational documents of NewCo,
(B) the resolutions adopted by the board of directors (or similar body) of
TeleCorp duly authorizing the execution, delivery and performance of this
Agreement by TeleCorp and the execution and delivery by TeleCorp and NewCo, as
applicable, of all instruments and documents contemplated hereby, and (C) the
signatures of the officers or authorized representatives of TeleCorp who have
been authorized on behalf of TeleCorp to execute and deliver this Agreement and
any other agreement executed or to be executed in connection herewith;

         (vi)  a good standing certificate of TeleCorp from the Secretary of
State of Delaware;

         (vii) a good standing certificate of NewCo in Delaware;
<PAGE>

         (viii) originals of all Due Diligence Items in TeleCorp's or NewCo's
(or their agents or affiliates) possession relating to the use, operation, and
management of the Assets (including all original files), including the Prime
Leases and Collocation Agreements; provided, however, that SBA shall copy all
                                   --------  -------
original documents provided by TeleCorp and NewCo and return a copy of such
documents to TeleCorp promptly after Closing and upon request from TeleCorp from
time to time, but in no event later than thirty (30) days after the Closing
Date;

         (ix)   an opinion of counsel (subject to qualifications and limitations
customary for transactions of the type contemplated by this Agreement) under
Massachusetts law to TeleCorp and NewCo addressed to SBA and in a form and
substance reasonably satisfactory to SBA (a) that TeleCorp and NewCo are duly
organized, validly existing and in good standing in the states of their
organization, that TeleCorp is duly qualified to transact business in all
applicable jurisdictions and that TeleCorp and NewCo have the corporate power
and authority to own their properties, transact their respective business and
enter into this Agreement and the documents contemplated hereby, (b) that this
Agreement and the Master Build-to-Suit Agreement and the Master Site Agreement
attached hereto as Attachments E and F have been duly authorized, executed and
delivered by TeleCorp and NewCo, are valid, binding and enforceable in
accordance with their respective terms, and do not violate the articles of
incorporation or by-laws of TeleCorp or NewCo or to the knowledge of such
counsel, assuming the receipt of the approvals referenced in Schedule II, any
agreement known to such counsel to which TeleCorp or NewCo is a party or by
which the Assets are bound, result in the creation of a lien or other
encumbrance upon any of the Assets, violate a judgment or decree of any
governmental authority, provided that no such opinions shall be given with
respect to the Prime Leases or the Collocation Agreements, (c) that there are no
judicial actions or proceedings pending or threatened against TeleCorp or NewCo
which are known to such counsel that challenge the validity of this Agreement or
the transactions or documents contemplated hereby, and (d) that the Shares have
been duly and validly issued, fully paid and are non-assessable.

         (x)    such certificates of officers and other documents as reasonably
may be requested by SBA prior to the Closing to consummate this Agreement and
the transactions contemplated hereby;

         (xi)   an affidavit to SBA's title insurer, in form and substance
reasonably acceptable to SBA, which will be sufficient to have the standard
printed exceptions deleted from the title insurance policies to be obtained by
SBA for NewCo and to obtain a non-imputation endorsement with respect to such
policies;

         (xii)  affidavits that the TeleCorp Parties are not "foreign persons"
under Section 1445(f)(3) of the Code; and

         (xiii) all keys and other securities devices to the Site Facilities.

     (c) Obligations of SBA at the Closing. At the Closing, SBA shall execute,
         ---------------------------------
or cause to be executed, and shall deliver to TeleCorp such certificates of
officers and other documents as reasonably may be requested by TeleCorp prior to
the Closing to consummate this Agreement and the transactions contemplated
hereby. At the Closing, SBA shall deliver to TeleCorp the following:

         (i)    a certificate by an executive officer of SBA, confirming the
matters set forth in Section 11;
<PAGE>

         (ii)   a certificate of the secretary of SBA attesting to (i) the
organizational documents of SBA, (ii) the resolutions adopted by the board of
directors of SBA duly authorizing the execution, delivery and performance of
this Agreement by SBA and the execution and delivery by SBA of all instruments
and documents contemplated hereby, and (iii) the signatures of the officers or
authorized representatives of SBA who have been authorized on behalf of SBA to
execute and deliver this Agreement and any other agreement executed or to be
executed in connection herewith;

         (iii)  a certificate of authority showing that SBA is qualified to
conduct business in the State of Florida;

         (iv)   such certificates of officers and other documents as reasonably
may be requested by TeleCorp prior to the Closing to consummate this Agreement
and the transactions contemplated hereby; and

         (v)    an opinion of counsel (subject to qualifications and limitations
customary for transactions of the type contemplated by this Agreement) under
Florida law to SBA addressed to TeleCorp and in a form and substance reasonably
satisfactory to TeleCorp (a) that SBA is duly organized, validly existing and in
good standing in the state of its organization, is duly qualified to transact
business in all applicable jurisdictions and has the power and authority to own
the properties to be transferred to NewCo, transact business and enter into this
Agreement and the documents contemplated hereby, (b) that this Agreement and the
Master Build-to-Suit Agreement, and the Master Site Agreement attached hereto as
Attachments E and F have been duly authorized, executed and delivered by SBA,
are valid, binding and enforceable in accordance with their respective terms,
and do not violate the articles of incorporation or by-laws of SBA or any
agreement known to such counsel to which SBA is a party or by which the assets
will be bound, result in the creation of a lien or other encumbrance upon any of
the Assets, or violate a judgment or decree of any governmental authority,
provided that no such opinions shall be given with respect to the Prime Leases
or Collocation Agreements, and (c) that there are no judicial actions or
proceedings pending or threatened against SBA which are known to such counsel
that challenge the validity of this Agreement or the transactions or documents
contemplated hereby (provided, however, such counsel shall be permitted to
assume that the law of Virginia is the same as the law of Florida).; and

         (vi)   the Purchase Price.

     (d) TeleCorp's Conditions Precedent to Closing. It shall be a condition
         ------------------------------------------
precedent to TeleCorp's obligation to consummate the transactions contemplated
by this Agreement that the following conditions shall be satisfied (or waived in
writing by TeleCorp in its sole and absolute discretion) on or prior to the
Closing Date:

         (i)    any applicable waiting period under the HSR Act shall have
expired or been terminated;

         (ii)   all representations and warranties of SBA are true without
giving effect to any qualification on SBA's knowledge to any such representation
and warranty made in this Agreement shall have been as of the Effective Date of
this Agreement, and shall be on and as of the Closing Date with the same force
and effect as if such representations and warranties were made on and as of the
Closing Date, true and correct in all material respects;
<PAGE>

         (iii)  all of the terms, covenants and conditions of this Agreement to
be complied with and performed by SBA on or prior to the Closing Date shall have
been complied with and performed in all material respects;

         (iv)   no action shall have been instituted or threatened by any
person, entity or governmental authority, involving any challenge to, or seeking
damages or other relief in connection with, any of the transactions contemplated
hereby or that may have the effect of preventing, delaying, making illegal or
otherwise interfering with any of the transactions contemplated hereby or the
enjoyment of the benefits thereof;

         (v)    SBA shall have delivered or caused to be delivered to TeleCorp
at Closing those items specified in Section 4(c) and all other items required to
be delivered by SBA pursuant to this Agreement;

         (vi)   neither the consummation nor the performance of the transactions
contemplated hereby will (with or without notice or passage of time), directly
or indirectly, materially contravene, or conflict, or result in a material
violation of, or cause TeleCorp or any person or entity affiliated with TeleCorp
to suffer any material adverse consequences under any existing, published,
introduced or otherwise proposed, legal requirement or order;

         (vii)  SBA shall, at the Closing, pay or cause to be paid the Purchase
Price;

         (viii) TeleCorp shall have obtained the all of the third party
approvals set forth on Schedule II;

         (ix)   SBA shall have executed and delivered to TeleCorp (A) a Master
Build-to-Suit Agreement in the form attached hereto as Attachment E which
provides that SBA is to develop and construct not fewer than two hundred (200)
communications towers and tower sites for TeleCorp, and (B) a Master Site
Agreement in the form attached hereto as Attachment F together with SLAs, as
that term is defined in the MSA, for each Site which is conveyed to SBA at
Closing.;

         (x)    If the transactions contemplated by this Agreement are
consummated, SBA shall on the Closing Date or thereafter as directed by TeleCorp
reimburse TeleCorp for (A) the cost of all deed or other transfer taxes
resulting directly from the transfer of the Assets to NewCo (including all
documentary stamp taxes) and any sales and other transfer taxes resulting from
any of the transactions contemplated by this Agreement, and (B) all recording
costs of the deeds and the Assignment of Prime Leases (other than recording
costs associated with releases and other documents required to clear title or to
comply with TeleCorp's obligations hereunder, which costs will be paid by
TeleCorp) upon receipt of invoices for the same;

         (xi)   TeleCorp waiving its rights to avoid this Agreement pursuant to
section 7(g) if SBA rejects more than twelve (12) Sites or, in the event that
the Credit Agreement is amended to permit Two Hundred Seventy-Five (275) Sites
to be subject to this Agreement and in such event SBA rejects less than fifteen
(15) of the Sites set forth on Schedules I and IA, pursuant to section 7(b) of
this Agreement; and

         (xii)  TeleCorp obtaining written instruments in a form and content
reasonably acceptable to TeleCorp from not less than fifty (50) percent of the
ground lessor's for those Sites which are subject to this Agreement which
instruments grant TeleCorp the right to cure any default by NewCo under the
terms of the Prime Lease.
<PAGE>

     (e) SBA's Conditions Precedent to Closing. It shall be a condition
         -------------------------------------
precedent to SBA's obligation to consummate the transactions contemplated by
this Agreement that the following conditions shall be satisfied (or waived in
writing by SBA in its sole and absolute discretion) on or prior to the Closing
Date:

         (i)    Any applicable waiting period under the HSR Act shall have
expired or been terminated;

         (ii)   All representations and warranties of TeleCorp are true without
giving effect to any qualification on TeleCorp's knowledge to any such
representation and warranty made in this Agreement shall have been as of the
Effective Date of this Agreement, and shall be on and as of the Closing Date
with the same force and effect as if such representations and warranties were
made on and as of the Closing Date, true and correct in all material respects;

         (iii)  All of the terms, covenants and conditions of this Agreement to
be complied with and performed by TeleCorp and/or NewCo on or prior to the
Closing Date shall have been complied with and performed in all material
respects;

         (iv)   No actions shall have been instituted or threatened by any
person, entity or governmental authority involving any challenge to, or seeking
damages or other relief in connection with, any of the transactions contemplated
hereby or that may have the effect of preventing, delaying, making illegal or
otherwise interfering with any of the transactions contemplated hereby or the
enjoyment of the benefits hereof;

         (v)    TeleCorp shall have delivered or caused to be delivered to NewCo
and SBA at Closing those items specified in Section 4(b) and all other items
required to be delivered by TeleCorp pursuant to this Agreement;

         (vi)   Neither the consummation nor the performance of the transactions
contemplated hereby will (with or without notice or passage of time), directly
or indirectly, materially contravene, or conflict, or result in a material
violation of, or cause SBA or any person or entity affiliated with SBA, to
suffer any material adverse consequences under any existing, published,
introduced, or otherwise proposed, legal requirement or order.

         (vii)  No claim shall have been asserted or threatened by any person or
entity asserting that such person or entity is the holder or the beneficial
owner of, or has the right to acquire or to obtain beneficial ownership of, any
stock of, or any other voting, equity or ownership interests in, NewCo or the
Assets or is entitled to all or any portion of the consideration payable for the
Shares;

         (viii) TeleCorp shall have good title to the Shares free and clear of
all liens and encumbrances;

         (ix)   TeleCorp shall have executed and delivered to SBA (A) a Master
Build-to-Suit Agreement in the form attached hereto as Attachment E which
provides that SBA is to develop and construct not fewer than two hundred (200)
communications towers and tower sites for TeleCorp and (B) a Master Site
Agreement in the form attached hereto as Attachment F together with SLAs, as
that term is defined in the MSA, for each Site which is conveyed to SBA at
Closing.; and
<PAGE>

         (x)    NewCo shall have good and marketable title to the Assets, free
and clear of all liens and encumbrances;

         (xi)   NewCo and SBA shall have obtained all third party approvals
and/or non-disturbance agreements from all governmental and regulatory agencies,
mortgagees, secured parties or other third parties deemed necessary by SBA in
order to consummate the transactions contemplated by this Agreement and in order
for SBA to obtain title insurance for NewCo's contemplated interest in the Sites
other than (A) approvals or estoppels from the landlords under the Prime Leases
or (B) approvals or non-disturbance agreements from mortgagees and secured
parties having liens or security interests upon the fee simple interest in the
real property leased under any of the Prime Leases; provided, however, that not
obtaining such approvals or non-disturbance agreements shall not affect or
otherwise limit SBA's rights under Section 7(b)(ix) of this Agreement.

     5. TeleCorp's and NewCo's Operation of Business Prior to Closing. Between
        -------------------------------------------------------------
the Effective Date of this Agreement and the Closing Date, TeleCorp will, and to
the extent applicable will cause NewCo to:

        (a) continue to operate the Assets in the usual and ordinary course
(i.e., actions taken in the ordinary course of the normal day to day operations
of TeleCorp consistent with the past practices of TeleCorp, not required to be
authorized by the board of directors of any TeleCorp Party (or by any person or
group of persons exercising similar authority) and similar in nature and
magnitude to actions customarily taken by TeleCorp) and in substantial
conformity with all applicable laws, ordinances, regulations, rules, or orders;

         (b) at Closing assign and transfer all of the Assets from TeleCorp to
NewCo pursuant to documents and instruments acceptable to SBA;

         (c) except as set forth in clause (b) above, not assign, sell, or
otherwise transfer or dispose of, or grant a lien upon or security interest in,
or otherwise encumber, any of the Assets or Shares. Notwithstanding the
foregoing, any Sites which are rejected by SBA and constitute Excluded Sites
shall no longer be subject to this section 5(c).

         (d) maintain all of the Assets in their present condition, reasonable
wear and tear, casualty and ordinary usage excepted;

         (e) maintain all governmental permits and approvals affecting the
Assets or the operation of the Assets;

         (f) maintain existing relations and goodwill with ground lessors,
tenants, suppliers, customers, creditors, agents and all other having business
relationship with TeleCorp to the extent those relationships arise out of or are
related to the Assets;

         (g) cause the Prime Leases, Collocation Agreements and any other
agreement, contract, obligation, promise or undertaking (whether written or oral
and whether expressed or implied) to which the TeleCorp Entities are parties or
by which the Assets are bound (collectively, "Other Contracts") to have been
paid and performed in all material respects by the TeleCorp Entities to the
extent required to be performed as of the Closing Date;
<PAGE>

         (h) not enter into any Prime Lease, Collocation Agreement or Other
Contract related to the Sites identified on Schedule I attached hereto other
than those identified on Schedule I attached hereto or disclosed in the closing
binders for the Sites provided to SBA by TeleCorp ("Closing Binders"), or
modifications of these agreements without the prior consent of SBA which consent
shall not be unreasonably withheld or delayed and Collocation Agreements
satisfactory to SBA in its reasonable discretion. Notwithstanding the foregoing,
any Sites which are rejected by SBA and constitute Excluded Sites shall no
longer be subject to this section 5(h);

         (i) not renew, modify or terminate the Prime Leases, Collocation
Agreements and Other Contracts set forth on Schedule I attached hereto without
the consent of SBA, not to be unreasonably withheld;

         (j) permit SBA to, without any obligation to do so, contact any
governmental authority about any permits or legal requirements concerning
TeleCorp, NewCo or the Sites and contact any party to any of the Prime Leases,
Collocation Agreements or Other Contracts related to the Sites, Prime Leases or
Collocation Agreements or other Person about TeleCorp or the Prime Leases or the
Collocation Agreements or any other aspects of the Property. TeleCorp covenants
that it shall within fifteen (15) days after the Effective Date for each Site
which is listed on Schedule I and shall within fifteen (15) days after the date
that any Site listed on Schedule IA becomes subject to subject to this Agreement
send correspondence to each Prime Lessor in a form (w) which is mutually
agreeable to TeleCorp and SBA, (x) which requests that the Prime Lessor consent
to the proposed assignment of the Prime Lease to NewCo and the subsequent
acquisition of the stock in NewCo by SBA, (y) which includes certain estoppel
information and (z) which includes a covenant allowing TeleCorp the right to
cure any default by SBA under the terms of the Prime Leases ("Prime Lease
Consents"). In the event that TeleCorp fails to send the Prime Lease Consents on
or before the date which is fifteen (15) days after the Effective Date, the Due
Diligence Period shall be extended for each Site for which the Prime Lease
Consents have not been sent by one (1) day for each day after said fifteen (15)
day period until the Prime Lease Consents are sent. SBA may contact Prime
Lessors, tenants under Collocation Agreements and parties to the Other Contracts
related to the Site but shall only contact the Prime Lessors after TeleCorp has
sent the Prime Lease Consents and in the instance of the Collocation Agreements
and Other Contracts TeleCorp, shall only contact these entities after TeleCorp
has disclosed the existence of this transaction to these entities.

         (k) cause all officers and directors of NewCo to resign from all such
positions with NewCo as of the Closing Date and release NewCo from any claims
they may have against NewCo; provided, that NewCo provides a full release of any
claims it may have against all such officers which release shall contain a
covenant of NewCo to continue its indemnification under NewCo' articles of
incorporation and by-laws as in effect on the date immediately preceding the
Closing Date;

         (l) execute and file the Certificate of Incorporation attached hereto
and incorporated in this Agreement as Attachment H with the Secretary of State
of the State of Delaware and adopt those Bylaws attached hereto and incorporated
in this Agreement as Attachment I;

         (m) not allow NewCo to conduct any business outside those activities
described in the Articles of Incorporation attached hereto as Attachment H;

         (n) maintain insurance coverage with respect to the Assets at presently
existing levels so long as such insurance is available at commercially
reasonable rates;
<PAGE>

         (o) not allow NewCo to make a capital expenditure;

         (p) not allow NewCo to incur any indebtedness;

         (q) except as required by law or regulation, not provide any
confidential or proprietary information with respect to NewCo's business to any
person other than SBA or its Affiliates;

         (r) not take any action which could be reasonably expected to prevent
or materially delay the consummation of the transactions contemplated in this
Agreement;

         (s) not allow NewCo to make any distributions of cash;

         (t) not allow NewCo to guarantee any indebtedness or make any loans of
any nature whatsoever (provided, however, that NewCo shall be permitted to
assume the obligations of the TeleCorp Entities under the Prime Leases and
Collocation Agreements);

         (u) send copies of all mail and/or other correspondence addressed to
NewCo or relating to the Assets to SBA; and

         (v) not take any action or fail to take any action that would
constitute a default in any material respect under the Prime Leases, Collocation
Agreements or Other Contracts.

     6. Access to Site and Information. At reasonable times prior to the Closing
        ------------------------------
Date, TeleCorp will provide SBA and its representatives with reasonable access
during business hours to the Assets; provided, however, that SBA shall provide
                                     --------  -------
TeleCorp twenty-four (24) hours notice prior to entry and in no event shall SBA,
its representatives, agents, contractors, architects, engineers or invitees
interfere with or impede TeleCorp's activities on any Site. SBA will repair any
damage to any Site caused by SBA. SBA will indemnify and hold TeleCorp harmless
from any claims suffered or incurred by TeleCorp as a result of SBA's, its
representatives, agents, contractors, architects, engineers and invitees entry
upon any Site prior to the Closing.

     7. Due Diligence and Adjustments to Schedule "I".
        ---------------------------------------------

        (a) Due Diligence. SBA shall, commencing of the Effective Date of this
            -------------
Agreement and concluding on or before the date which is ninety (90) days after
the Effective Date, complete its review of the Due Diligence Items and any other
due diligence investigation of NewCo and the Assets which it deems necessary
(the "Due Diligence Period"). In the event that the Credit Agreement is amended
to permit Two Hundred Seventy-Five (275) Sites to be subject to this Agreement,
the Due Diligence period for the Sites on Schedule IA shall begin on the date
that notice of the Amendment to the Credit Agreement is received by SBA and
shall extend for a period of ninety (90) days thereafter, provided, however,
that the inclusion of these additional sites shall not affect the commencement
or expiration of the Due Diligence Period for those Sites on Schedule I.
TeleCorp warrants and represents that the copies of the Due Diligence Items
provided to SBA are and will be true and correct copies of the Due Diligence
Items which were prepared by TeleCorp or on TeleCorp's behalf relating to NewCo
and the Assets. SBA acknowledges that some of the Due Diligence Items were
obtained by TeleCorp before or at the time the Assets were constructed and that
changes to the Assets which may have occurred subsequent to the preparation of
the Due
<PAGE>

Diligence Items will not be reflected therein. TeleCorp does not warrant the
accuracy or completeness of any Due Diligence Items which were prepared on its
behalf by third party vendors.

     (b) Rejection of Sites. If SBA discovers a Defect associated with any
         ------------------
Asset, SBA shall be entitled, on or before the date which is ninety (90) days
after the Effective Date to reject the Site and all Assets to which such Asset
is related, subject, however, to TeleCorp's right under Section 7(c) and 7(d)
below. For the purposes hereof, the term "Defect" shall mean and refer to one of
the following defects in any Asset:

         (i)    Investigation of Title. Any lien or encumbrance upon or any
                ----------------------
matter which as to such lien, encumbrance or other matter does or could
materially prohibit, restrict, impair or adversely affect SBA's or NewCo's
intended use of the Site as a multi-user telecommunications facility (the
"Intended Use"), including, without limitation, any such lien or encumbrance
upon an Asset, any such lien or encumbrance upon the real property leased under
any Prime Lease securing liabilities in excess of $100,000 as to which non-
disturbance has not been afforded to the tenant under the Prime Lease pursuant
to a non-disturbance agreement reasonably satisfactory to SBA, the failure of
NewCo to have title to any Asset, the failure of any ground lessor under any of
the Prime Leases to have title to the real property which is the subject of such
Prime Lease, any material defect in the legal description of any property
subject to a Prime Lease, any matter affecting title to the real property which
is the subject of any Prime Lease which does or could prohibit, restrict, impair
or adversely affect in any manner the use and operation of the Sites or Assets
for the Intended Use; and

         (ii)   Surveys. Any matter revealed by a survey of any Site which does
                -------
or could prevent, restrict, impair or adversely affect in any material respect
any Site or Asset from being used by SBA or NewCo for the Intended Use,
including, without limitation, any discrepancy between the legal description for
the applicable parcel of real property shown on the applicable survey and that
set forth in the title evidence for the applicable Site, any of the Assets for
the applicable Site shown to be outside of the boundaries of the applicable
parcel of real property, any encroachments of improvements from adjoining
parcels of real property, evidence of rights of claims of parties in possession
other than the ground lessors under the Prime Leases or the tenants under the
Collocation Agreements, evidence of overlaps or boundary line disputes or
evidence of easements not of public record interfering with the Intended Use of
the Assets; and

         (iii)  Environmental Assessments. Any Phase I environmental assessment
                -------------------------
which indicates any Site having in the past been used, or presently being used,
for the handling, storage, transportation, or disposal of hazardous or toxic
substances, materials, pollutants or waste (or similar items under applicable
environmental laws, rules or regulations) or any of the foregoing having been
released upon such Site (provided, however, that no soil samples, borings or
                         --------  -------
other invasive environmental testing may be performed prior to the Closing Date
without the prior written consent of TeleCorp but the failure to grant such
consent in the event SBA shall have obtained a Phase I environmental assessment
which recommends such testing shall constitute a Defect for the purposes
hereof);

         (iv)   Zoning and Other Compliance. The use and operation of any Site
                ---------------------------
or applicable Assets for the Intended Use not complying with any applicable law,
ordinance, order, rule or regulation of any federal, state, county, town or
other entity exercising executive, legislative, judicial, regulatory or
administrative functions (in each instance a "Governmental Authority") including
all building, zoning, land use, subdivision, setback, platting, FAA or FCC
matters or any easements, restrictive covenants or similar matters of record
which pertain to the Site or Asset, or any permit, license, authorization,
<PAGE>

certificate of occupancy, certificate of completion, variance or similar
approval of any Governmental Authority (in each instance, a "Permit") failing to
have been validly issued and in full force and effect and fully paid for.

         (v)    Defects. The existence of any material physical, structural or
                -------
mechanical defects in any of the Assets or the failure of any of the
communications towers included in the Assets to have been constructed to its
intended capacity as contemplated by the building plans contained in the Due
Diligence Items made available to SBA.

         (vi)   Utilities. The failure of any electric, telephone, drainage
                ---------
facilities or other utilities required for the use and operation of the Site or
Assets to be installed up to the boundaries of the Site within valid, written,
recorded easements or the failure of such utilities to be in good working order,
meet all current legal requirements or to be of adequate size and capacity to
service the Site and Assets.

         (vii)  Access. The failure of any Site to have adequate, direct,
                ------
indefeasible legal and practical pedestrian and vehicular access to public
roads.

         (viii) Condemnation. Any Site (or a portion thereof) as to which there
                ------------
are present or pending legal or administrative proceedings relating to
condemnation or other taking by any Governmental Authority would adversely
affect SBA's and NewCo's Intended Use.

         (ix)   Prime Leases. Either TeleCorp (prior to the Closing Date) or
                ------------
NewCo (on the Closing Date) failing to hold a valid leasehold interest under the
applicable Prime Lease, the applicable Prime Lease failing to be in full force
and effect, the Prime Lease having been modified or amended except as set forth
on Schedule I attached hereto or as disclosed in the Closing Binders for the
Sites, any person or entity other than TeleCorp (prior to the Closing Date) or
NewCo (on the Closing Date) or sublessees, sublicensees or licensees under the
Collocation Agreements to be in possession of the premises under the applicable
Prime Lease, TeleCorp not having paid the rent set forth in each of the Prime
Leases on a current basis through the Closing Date, NewCo being obligated to pay
any rent or other charges to any of the lessors under the Prime Leases other
than as set forth in documents identified on Schedule I or as disclosed in the
Closing Binders for the Sites, any default under any of the Prime Leases or
event which, with the giving of notice or the passage of time or both, would
constitute such a default, the applicable Prime Lease failing to have at least
fifteen (15) years remaining in the term thereof (including any renewal terms
which the tenant thereunder is entitled to exercise without limitation), the
applicable Prime Lease containing any "payment in kind" arrangements or the
inability of TeleCorp and SBA to obtain a properly executed Prime Lease Consent
from each Prime Lessor in substantially the same form as have been approved by
Telecorp and SBA.

         (x)    Collocation Agreements. The failure of TeleCorp (prior to the
                ----------------------
Closing Date) or NewCo (after the Closing Date) to have a valid landlord's or
licensor's interest under the applicable Collocation Agreement, the applicable
Collocation Agreement failing to be in full force and effect, the applicable
Collocation Agreement having been modified or amended except as set forth on
Schedule I or as disclosed in the Closing Binders for the Sites, any tenant
under a Collocation Agreement being entitled to any rental concession or
abatements in rent except as set forth in the Collocation Agreement set forth on
Schedule I or as disclosed in the Closing Binders for the Sites, any material
default under the applicable Collocation Agreements or event which, with the
giving of notice or the passage of time or both, would constitute such a
default, any tenant under the applicable Collocation Agreements asserting any
claims, offsets or defenses of any nature whatsoever to the performance of its
obligation under its Collocation
<PAGE>

Agreement or event which, with the giving of notice or the passage of time or
both, would constitute the basis of such claim, offset or defense or there being
any leases, subleases, licenses or other occupancy agreements (written or oral)
other than the Collocation Agreements set forth on Schedule I which grant any
possessory interest in or to the applicable Site or Assets.

         (xi)   Taxes. There being any real or personal property taxes for the
                -----
Sites or Assets unpaid for any tax year prior to the current tax year.

         (xii)  Accuracy of Representations. The failure of any representation
                ---------------------------
or warranty of TeleCorp made in this Agreement to have been true and correct in
all material respects with respect to the applicable Site and Assets as of the
Effective Date and the Closing Date.

     In no event shall SBA disclose to any governmental agency the existence of
any actual or alleged failure of any Site to comply with any governmental
requirements unless such disclosure is required by any applicable law,
ordinance, rule or regulation and SBA first gives notice of such proposed
disclosure to TeleCorp. In the event that SBA rejects a Site pursuant to this
provision, it shall provide TeleCorp with written notice of such rejection which
sets forth with particularity the nature of the Defect and curative action which
SBA believes must be undertaken to cure such Defect (in each instance, a
"Curative Action"). Any Site for which TeleCorp does not receive a detailed,
specific, written rejection from SBA on or before the date which is ninety (90)
days after the Effective Date shall be deemed accepted, and SBA shall have no
right thereafter to reject such Site.

     (c) TeleCorp's Right to Effect a Cure. TeleCorp shall have the right but
         ---------------------------------
not the obligation to cure or to require SBA to attempt to cure on or before the
date which is one hundred eighty (180) days after the Effective Date any Defects
which are alleged by SBA pursuant to paragraph 7(b) with respect to a rejected
Site. TeleCorp and SBA shall use commercially reasonable efforts to cure all
Defects it alleges on or before the Date which is one hundred eighty (180) days
after the Effective Date. In the event that SBA is unable to complete the
Curative Actions suggested by it but TeleCorp desires to undertake other
curative actions, TeleCorp shall provide SBA with written notice of alternate
curative action which TeleCorp proposes be undertaken (including a budget of any
costs anticipated to be incurred in connection therewith) (in each instance,
"Alternate Curative Action") to permit SBA to evaluate TeleCorp's proposed
Alternative Curative Action. In the event that SBA reasonably believes that
TeleCorp's Alternate Curative Action will not adequately cure the alleged
Defects, may expose SBA, NewCo or the applicable Site or Assets to potential
liability or damage or the budgeted costs are commercially unreasonable (unless
TeleCorp agrees to pay the portion of such costs which are deemed to be
unreasonable), such Site shall continue to be a rejected Site. SBA shall review
all evidence of Alternative Curative Actions pursuant to this paragraph and
either approve or reject TeleCorp's Alternative Curative Action with respect to
such Defect within fifteen (15) business days following the submission of the
evidence by TeleCorp. In the event SBA neither rejects nor accepts the
Alternative Curative Action within such fifteen (15) business day period, the
Defect shall be deemed to be cured. SBA shall be responsible for the first Two
Million and No/100 Dollars ($2,000,000.00) of costs and expenses associated with
Curative Actions undertaken by SBA or TeleCorp with respect to all Sites
("Curative Threshold"); provided, however, that SBA shall not be responsible for
any costs incurred by TeleCorp which are not included within the budget
submitted with any Alternative Curative Action. Sums paid by SBA to consultants
and other third parties as part of their due diligence investigation of the
Assets, including, but not limited to, attorneys, title examiners, Phase I
environmental assessment companies, and surveyors shall not be included in said
Curative Actions or applied to the Curative Threshold. Notwithstanding the fact
that SBA maybe precluded from asserting a Defect as a result of the materiality
requirements set forth in section 7(b), SBA shall be entitled to apply any sums
paid by
<PAGE>

SBA for Curative Actions for matters which would constitute Defects but for the
materiality standards in Section 7(b) against the Curative Threshold. In the
event that TeleCorp terminates this Agreement pursuant to section 7(g), TeleCorp
shall reimburse SBA for the actual costs of fees and expenses paid to third
parties for Curative Actions which have been completed as of the date that
TeleCorp seeks to terminate or avoid this Agreement pursuant to the foregoing
provisions, but in no event shall TeleCorp be obligated to reimburse SBA for the
fees or expenses incurred by SBA in conducting any due diligence activities. In
the event that TeleCorp seeks to avoid this Agreement by the assertion of the
conditions precedent in sections 4(d)(viii) or 4(d)(xii), then, and only in
these instances, TeleCorp shall reimburse SBA for the actual costs of Curative
Actions which have been completed as of the date that TeleCorp seeks to
terminate or avoid this Agreement pursuant to the foregoing provisions plus a
lump sum fee Five Hundred Thousand and No/100 Dollars ($500,000.00) as
compensation for the due diligence activities undertaken by SBA pursuant to this
Agreement.

     (d) TeleCorp's Right to Cure by Substitution. TeleCorp shall have the right
         ----------------------------------------
to substitute an alternate Site (in each instance, a "Substitute Site") for any
Site which is rejected by SBA pursuant to paragraph 7(b) above; provided,
                                                                --------
however that such Substitute Site shall be substantially similar in character to
-------
the Site which was rejected including the tower type, height, basic character of
the location of the tower as either rural, urban or suburban, and annual net
operating income. In the event that TeleCorp elects to cure a Site by proposing
a Substitute Site, TeleCorp shall provide SBA with copies of the Due Diligence
Items for such Substitute Site, and SBA shall have a right to review such
materials and reject such Substitute Site in accordance with this paragraph 7 as
if the Substitute Site were originally listed on Schedule I except that the time
period for rejection shall be extended as necessary to ensure that SBA has a
minimum of fifteen (15) business days to determine whether a substitute site is
substantially similar and reject such Site and a minimum of thirty (30) days to
review the Due Diligence Items and reject such Substitute Site.

     (e) Defects Not Alleged by SBA. SBA acknowledges that many of the Due
         --------------------------
Diligence Items have been provided to it by TeleCorp prior to the execution of
this Agreement and that SBA has had and shall continue to have until the date
which is ninety (90) days after the Effective Date the opportunity to review the
Due Diligence items and that SBA has been or will be provided the opportunity to
reject Sites which it alleges to be defective in accordance with this paragraph
7. SBA's failure to allege any Defect which actually was or could have been
discovered by SBA using commercially reasonable diligence during its review of
the Due Diligence Items on or before the expiration of the Due Diligence Period
shall thereafter constitute an irrevocable waiver of the right to assert such
Defect. TeleCorp shall not be liable to NewCo or SBA for any Defect in any Site
or Asset which actually was or could have been discovered by SBA using
commercially reasonable diligence during its review of the Due Diligence Items
but was not alleged by SBA in accordance with this paragraph 7 and SBA hereby
releases TeleCorp from any liabilities relating to or arising from any Defect
which actually was or could have been discovered by SBA using commercially
reasonable diligence during its review of the Due Diligence Items but was not
alleged by SBA in accordance with this paragraph 7.

     (f) Termination With Respect to Rejected Sites. If a Site or Sites are
         ------------------------------------------
rejected by SBA under the terms of section 7(b) hereof, and TeleCorp does not
cure (or cause a cure) under section 7(c) hereof or TeleCorp does not substitute
a Site under Section 7(d) hereof, then SBA may, by written notice to TeleCorp,
rescind this Agreement with respect to the Site, and all Assets related thereto,
and such Site and Assets shall be removed and excluded from the list of Sites on
Schedule "I" ("Excluded Site").The Purchase Price shall be reduced by an amount
equal to Three Hundred Twenty-Seven Thousand Five Hundred and No/100 Dollars
($327,500.00) per Excluded Site.
<PAGE>

          (g)  Rejection Limitation and SBA Rejection Threshold. In no event
               ------------------------------------------------
shall TeleCorp be obligated to consummate the transactions contemplated by this
Agreement and TeleCorp may in its sole and absolute discretion terminate this
Agreement in the event SBA rejects more than twelve (12) of the Sites which are
included on Schedule I (the "Rejection Limitation"). In the event that the
Credit Agreement is amended to permit more Sites to be transferred, the parties
will amend this Agreement to increase the number of Sites to Two Hundred
Seventy- Five (275) and, in such event, the Rejection Limitation shall be
increased from twelve (12) to fifteen (15) sites. TeleCorp may assert its right
to terminate this Agreement in the event that the Rejection Limitation is
exceeded by tendering written notice to SBA of the desire of TeleCorp to
terminate this Agreement for this purpose which notice must be received by SBA
or said rights shall be irrevocably waived if said notice is not received by SBA
on or before the expiration of the date which is thirty (30) calendar days after
the Due Diligence Period. In the event that TeleCorp timely terminates this
Agreement in accordance with this Section, this Agreement shall thereafter be of
no further force or effect except for any provisions which specifically survive
the termination hereof and neither party shall thereafter owe any further
duties, liabilities or obligations to the other except with respect to
provisions which specifically survive termination hereof. In no event shall SBA
be obligated to consummate the transactions contemplated by this Agreement and
SBA may in its sole and absolute discretion terminate this Agreement in the
event that SBA rejects in accordance with section 7(b) of this Agreement more
than thirty (30) of the Sites which are included on Schedule I (the "SBA
Rejection Threshold") and this Agreement shall thereafter be of no further force
or effect except for any provisions which specifically survive the termination
hereof and neither party shall thereafter owe any further duties, liabilities or
obligations to the other except with respect to provisions which specifically
survive termination hereof. SBA may assert its right to terminate this Agreement
in the event that the SBA Rejection Threshold is exceeded by tendering written
notice to TeleCorp of the desire of SBA to terminate this Agreement for this
purpose which notice must be received by TeleCorp or said rights shall be
irrevocably waived if said notice is not received by TeleCorp on or before the
expiration of the Due Diligence Period.

     8.   No Solicitation. Following the execution of this Agreement and until
          ---------------
the date that a Site becomes an Excluded Site or TeleCorp exercises its election
to terminate this Agreement in accordance with Section 7(g), TeleCorp shall not,
nor shall it permit, any officer, director or employee of or any investment
banker, attorney, accountant or other representative retained by any of them to
(i) solicit, initiate or encourage any other bid for the purchase of any Site,
(ii) enter into any agreement with respect to any other bid for the purchase of
any Site, or (iii) participate in any discussions or negotiations regarding, or
furnish to any person any information with respect to, or take any other action
to facilitate any inquiry or making of any proposal that constitutes, or may
reasonably be expected to lead to, any other bid for the purchase of any Site.
Without limiting the foregoing, it is understood that any violation of the
restrictions set forth in the preceding sentence by any executive officer of
TeleCorp or any investment banker, attorney or other advisor or representative
of TeleCorp whether or not such person is purporting to act on behalf of
TeleCorp or otherwise, shall be deemed to be in breach of this Agreement.

     9.   Commercially Reasonable Efforts.
          -------------------------------

          (a)  By TeleCorp. TeleCorp will use commercially reasonable efforts to
               -----------
effectuate the transactions contemplated by this Agreement and to fulfill all
the conditions of TeleCorp's obligations under this Agreement, and will do all
acts and things as may be required to carry out TeleCorp's obligations under
this Agreement and to consummate and complete this Agreement.
<PAGE>

          (b)  By SBA. SBA will use commercially reasonable efforts to
               ------
effectuate the transactions contemplated by this Agreement and to fulfill all
the conditions of SBA's obligations under this Agreement, and will do all acts
and things as may be reasonably required to carry out SBA's obligations under
this Agreement and to consummate and complete this Agreement.

     10.  Representations and Warranties of TeleCorp. TeleCorp represents and
          ------------------------------------------
warrants to SBA as follows:

          (a)  Company Existence. Each of the TeleCorp Parties is now, and on
               -----------------
the Closing Date will be, a limited liability company or a corporation, as
applicable, duly organized, validly existing and in good standing under the laws
of the State of Delaware or the Commonwealth of Puerto Rico, have all requisite
power and authority to own and operate their properties and assets and carry on
their business and are good standing in each jurisdiction in which such
qualification is required. On the Closing Date, NewCo will be a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware, have all requisite power and authority to own and operate the Assets.

          (b)  Company Power and Authorization. Subject to the receipt of board
               -------------------------------
approval, TeleCorp has full power, capacity and authority to execute and deliver
this Agreement and any other agreement to be executed and delivered by TeleCorp
in connection herewith, and to carry out the transactions contemplated hereby.
The execution and delivery of this Agreement and any other agreement to be
executed or delivered by TeleCorp in connection herewith and the consummation of
the transactions contemplated hereby have been duly authorized by all necessary
company and member action. No other company proceedings by TeleCorp will be
necessary to authorize this Agreement or any other agreement to be executed or
delivered by TeleCorp in connection herewith or the carrying out of the
transactions contemplated hereby. This Agreement constitutes a valid and binding
agreement of TeleCorp enforceable against TeleCorp in accordance with its terms.
Upon execution and delivery by TeleCorp, any other agreement to be executed and
delivered by TeleCorp in connection herewith will constitute a valid and binding
agreement of TeleCorp enforceable against TeleCorp in accordance with its terms.

          (c)  Conflict with Other Agreements and Approvals. With respect to (i)
               --------------------------------------------
the organizational documents of TeleCorp or NewCo or any resolution or action
adopted by TeleCorp or NewCo, (ii) any applicable law, statute, rule or
regulation, (iii) assuming the receipt of the approvals referenced in Schedule
II, any contract to which TeleCorp or NewCo is or will be a party or may be
bound other than the Prime Leases or Collocation Agreements, or (iv) except as
related to the Prime Leases and Collocation Agreements, any judgment, order,
injunction, decree or ruling of any court or governmental authority to which
TeleCorp or NewCo is or will be a party or subject or the Assets are subject,
the execution and delivery by TeleCorp of this Agreement and any other agreement
to be executed and delivered by TeleCorp in connection herewith and the
consummation of the transactions contemplated hereby or thereby will not (a)
result in any material violation, conflict or default, or give to others any
interest or rights, including rights of termination, cancellation or
acceleration, (b) require any authorization, approval, exemption or other action
by, person or entity, including any court or administrative or governmental
body, which has not been obtained, or any notice to or filing with any court or
administrative or governmental body, which has not been given or done, (c)
result in the imposition or creating of any encumbrance upon or with respect to
any of the Assets. TeleCorp makes no representation or warranty to NewCo or SBA
as to whether the Prime Leases and Collocation Agreements are assignable to
NewCo without the consent of the Prime Lessor's or whether the acquisition of
NewCo by SBA is prohibited by or constitutes an event of default under the Prime
Leases.
<PAGE>

          (d)  Litigation. Except as set forth on Schedule III, TeleCorp has no
               ----------
knowledge of any claim, litigation, proceeding, or investigation pending or
threatened against TeleCorp that might result in any material adverse change in
the condition of Assets or NewCo.

          (e)  Brokerage. TeleCorp has not employed any broker, finder or
               ---------
similar agent in connection with the transactions contemplated by this
Agreement, or taken action that would give rise to a valid claim against any
party for a brokerage commission, finder's fee, or similar compensation.

          (f)  Accuracy of Representations and Warranties. None of the
               ------------------------------------------
representations or warranties of TeleCorp contain or will contain any untrue
statement of a material fact or omit or will omit or misstate a material fact
necessary in order to make statements in this Agreement not misleading. TeleCorp
knows of no fact that has resulted, or that in the reasonable judgment of
TeleCorp will result in a material change in NewCo or the Assets that has not
been set forth in this Agreement.

          (g)  NewCo. As of the Closing Date, the correct and complete
               -----
authorized stock of NewCo will consist of ______ shares of common stock,
$_________ par value per share, of which _______ shares will be issued and
outstanding. As of the Closing Date, there will be no agreements of any type
relating to issuance, delivery, sale, or transfer of any equity securities or
other securities of NewCo other than this Agreement. On the Closing Date,
TeleCorp will be the sole record and beneficial owner and holder of the Shares,
free and clear of all encumbrances. None of the Shares will be subject to
preemptive or similar rights, either pursuant to any organizational document,
legal requirement or contract, and no person or entity has any preemptive rights
or similar rights to purchase or receive any equity securities or other
securities of NewCo. The books of account, minute books, stock record books and
all other records of NewCo will be made available to SBA and will be true,
correct and complete in all respects. Attached hereto as Schedule IV is a true,
correct and complete schedule of all assets and liabilities of any nature that
NewCo will have as of the Closing Date. NewCo has not filed and will not file
prior to the Closing Date any tax returns. NewCo has never had any employees and
has never established, sponsored, maintained, contributed or otherwise
participated in or had any obligation to establish, sponsor, maintain,
contribute to or otherwise participate in, any compensation, profit sharing,
bonus, deferred compensation, savings, insurance, pension, retirement, or other
employee benefit plan or arrangement which is or was governed by or subject to
the Employment Retirement Income Security Act of 1974, or any successor law, or
any regulations or rules issued pursuant to that Act or any successor law.

          (h)  Liens. No right or interest in or property of any kind of NewCo,
               -----
whether real, personal, or mixed or whether tangible or intangible, including,
without limitation, the Assets, is or will be subject to any mortgage, pledge,
hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or
otherwise) charge or any other security interest or any preference, priority or
other security agreement or preferential arrangement of any kind or nature
whatsoever (including, without limitation, any conditional sale or other title
retention agreement or any lease having substantially the same economic effect
of any of the foregoing.

          (i)  Completeness of Copies. All agreements, contracts, documents,
               ----------------------
reports, leases, title insurance policies, title opinions, surveys, and other
items relating to the Assets or NewCo and delivered to SBA pursuant to this
Agreement (and any amendment or supplement hereto) are, and as of the Closing
Date will be, true, correct and complete copies of what is in the possession or
control of TeleCorp ; and

          (j)  Contracts. Attached hereto as Schedule I is a true , correct and
               ---------
complete listing of all Prime Leases, Collocation Agreements, Other Contracts
and all modifications and amendments thereto.
<PAGE>

     11.  Representations and Warranties of SBA. SBA represents and warrants as
          -------------------------------------
follows:

          (a)  Corporate Existence. SBA is now, and on the Closing Date will be,
               -------------------
a corporation duly organized, validly existing and in good standing under the
laws of the State of Florida, has all requisite corporate power and authority to
enter into this Agreement and perform its obligations hereunder and has all
requisite corporate power and authority to own its properties and assets and
carry on its business and is good standing in each jurisdiction in which such
qualification is required.

          (b)  Authorization. SBA has full corporate authority to execute and
               -------------
deliver this Agreement and any other agreement to be executed and delivered by
SBA in connection herewith, and to carry out the transactions contemplated
hereby. The execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby have been duly authorized by all necessary
corporate and shareholder action. No other corporate proceedings by SBA will be
necessary to authorize this Agreement or the carrying out of the transactions
contemplated hereby. SBA Telecommunications, Inc. represents and warrants that
it is the corporate parent of SBA Towers, Inc. and SBA Towers, Inc. represents
that it is the corporate parent of SBA Properties, Inc. and SBA
Telecommunications, Inc. has the full corporate authority to execute and deliver
this Agreement and to carry out the obligations imposed upon SBA
Telecommunications, Inc. by Section 2 of this Agreement. The execution and
delivery of this Agreement and the consummation of the transactions contemplated
hereby have been duly authorized by all necessary corporate and shareholder
action of SBA Telecommunications, Inc. No other corporate proceedings by SBA
Telecommunications, Inc. will be necessary to authorize this Agreement or the
carrying out of the transactions contemplated hereby.

          (c)  Conflict with Other Agreements, Consents and Approvals. With
               ------------------------------------------------------
respect to (i) the articles of incorporation or bylaws of SBA, (ii) any
applicable law, statute, rule or regulation, (iii) any contract to which SBA is
a party or may be bound, or (iv) any judgment, order, injunction, decree or
ruling of any court or governmental authority to which SBA is a party or
subject, the execution and delivery by SBA of this Agreement and any other
agreement to be executed and delivered by SBA in connection herewith and the
consummation of the transactions contemplated hereby will not (a) result in any
violation, conflict or default, or give to others any interest or rights,
including rights of termination, cancellation or acceleration, or (b) require
any authorization, consent, approval, exemption or other action by any court or
administrative or governmental body which has not been obtained, or any notice
to or filing with any court or administrative or governmental body which has not
been given or done.

          (d)  Litigation. SBA has no knowledge of any claim, litigation,
               ----------
proceeding, or investigation pending or threatened against SBA that might result
in or threatens or challenges the transactions contemplated hereby or SBA's
ability to Close hereunder.

          (e)  Brokerage. SBA has not employed any broker, finder or similar
               ---------
agent in connection with the transactions contemplated by this Agreement, or
taken action that would give rise to a valid claim against any party for a
brokerage commission, finder's fee, or similar compensation.

          (f)  Accuracy of Representations and Warranties. None of the
               ------------------------------------------
representations or warranties of SBA contain or will contain any untrue
statement of a material fact or omit or will omit or misstate a material fact
necessary in order to make the statements contained herein not misleading. SBA
knows of no fact that has resulted, or that in the reasonable judgment of SBA
will result in a material change
<PAGE>

in the business, operations, or assets of SBA that has not been set forth in
this Agreement or otherwise disclosed to TeleCorp.

     12.  Termination. Anything herein or elsewhere to the contrary
          -----------
notwithstanding, this Agreement may be terminated by written notice of
termination at any time before the Closing Date only as follows:

          (a)  By mutual consent of TeleCorp and SBA, without liability;

          (b)  By SBA, upon written notice to TeleCorp, given at any time before
the Closing Date if the representations and warranties of TeleCorp contained
herein were materially incorrect when made or would be materially incorrect on
the Closing Date or, if TeleCorp has materially violated any covenants contained
in this Agreement and required to be performed by TeleCorp on or prior to the
Closing Date has not been performed and such breach, violation or
non-performance is not cured by TeleCorp within fourteen (14) days of such
notification of intent to terminate;

          (c)  By TeleCorp, upon written notice to SBA, given at any time before
the Closing Date if the representations and warranties of SBA contained in this
Agreement were materially incorrect when made or would be materially incorrect
on the Closing Date, or if any other material agreement contained herein and
required to be performed by SBA on or prior to the Closing Date has not been
performed and such breach, violation or non-performance is not cured within
fourteen (14) days of such notification of intent to terminate;

          (d)  By either TeleCorp or SBA in writing, without liability, if any
governmental or third party consent, authorization or approval has been denied
or refused which would have an adverse effect on the transactions contemplated
hereby or if there shall be any order, writ, injunction or decree of any court
or governmental or regulatory agency binding on SBA or TeleCorp which prohibits
either of them from consummating the transactions contemplated hereby, provided
that SBA and TeleCorp shall have used their commercially reasonable efforts to
have any such order, writ, injunction or decree lifted and the same shall not
have been lifted within thirty (30) days after entry, by any such court or
governmental or regulatory agency; and

     13.  Risk of Loss. The risk of loss, damage, destruction, condemnation or
          ------------
other taking of the Assets including any of the equipment, inventory, or other
personal property to be conveyed to SBA under this Agreement shall be borne by
TeleCorp or its Vendors (as applicable) to the time of Closing and SBA shall
bear such risk from the Closing forward. In the event of such loss, damage, or
destruction prior to Closing, TeleCorp, to the extent reasonable, shall replace
the lost property or repair or cause to be repaired the damaged property to its
condition prior to the damage. TeleCorp shall maintain fire and extended
coverage casualty insurance through and including the date of Closing covering
all of the Tower Facilities in an amount not less than the full replacement
value of all of the Tower Facilities. If such loss, damage or destruction cannot
be repaired prior to Closing, TeleCorp shall receive all such insurance or
condemnation proceeds for any loss occurring prior to Closing and such Site
shall no longer be subject to this Agreement, and the Purchase Price shall be
reduced by a pro-rata share of the Purchase Price in the manner set forth in
Section 7(f) hereof.

     14.  Survival of Representations and Warranties. All representations and
          ------------------------------------------
warranties made in this Agreement shall survive the Closing of this Agreement
for a period of one year, except that any party to whom a representation or
warranty has been made in this Agreement shall be deemed to have waived any
<PAGE>

misrepresentation or breach of representation or warranty of which such party
had knowledge prior to Closing and further provided that any such indemnity
obligation shall survive for the balance of any applicable statute of
limitations for breach of contract with respect to any claim for damages which
arises within such one year period after Closing and for which the non-breaching
party has given notice to breaching party within such one-year period. Any party
learning of a misrepresentation or breach of representation or warranty under
this Agreement shall immediately give written notice thereof to all other
parties to this Agreement.

     15.  Indemnification by TeleCorp.
          ---------------------------

          (a)  The TeleCorp Parties hereby agree, jointly and severally, to
defend, indemnify, and hold SBA and NewCo, their successors, and assigns
harmless from and against:

               (i)  Any and all damages, losses, claims, liabilities,
deficiencies and obligations of every kind and description, contingent or
otherwise (including without limitation reasonable auditors' and attorneys'
fees), arising out of or related to (A) any breach or violation of any
representation, warranty, covenant or obligation of TeleCorp in this Agreement,
the schedules and exhibits hereto and any supplement hereto, or any other
certificate, document or instrument delivered by TeleCorp pursuant to this
Agreement, (B) the operation of TeleCorp's business and the products and
services provided by TeleCorp prior to Closing as it and they relate to the
Assets, except for (A) damages, losses, claims, liabilities, deficiencies and
obligations of TeleCorp expressly assumed by NewCo or for which SBA has waived
recourse against TeleCorp pursuant to this Agreement, (B) damages, losses,
claims, liabilities, deficiencies and obligations paid by insurance maintained
by TeleCorp, (C) damages, losses, claims, liabilities, deficiencies and
obligations arising out of or related to the acts or omissions of SBA, or its
officers, directors, employees, agents, contractors or invitees and, after the
Closing Date, NewCo, or its officers, directors, employees, agents, contractors
or invitees; or (D) Defects which were or could have been discovered by SBA
using commercially reasonable diligence during the Due Diligence Period but were
not alleged by SBA in accordance with paragraph 7 of this Agreement; and

               (ii) any liability or obligation of TeleCorp or NewCo arising
before the Closing Date under the Prime Leases, Collocation Agreements and Other
Contracts disclosed to SBA prior to closing and transferred to NewCo hereunder
excepting Defects which could have been discovered by SBA using commercially
reasonable diligence during its review of the Due Diligence Items but were not
alleged by SBA in accordance with paragraph 7 of this Agreement and after the
Closing, any contractual liability or obligation imposed upon TeleCorp under the
MSA.

          (b)  TeleCorp's indemnity obligations hereunder shall be subject to
the following:

               (i)  If any claim is asserted against SBA or NewCo that would
give rise to a claim by SBA or NewCo against TeleCorp for indemnification under
the provisions of this Section, then SBA shall promptly give written notice to
TeleCorp concerning such claim and TeleCorp shall, at no expense to SBA or NewCo
and with legal counsel reasonably acceptable to SBA, defend the claim. However,
the failure of SBA or NewCo to provide such notice will not relieve TeleCorp of
any liability that it may have to SBA or NewCo, except to the extent the defense
of such action is prejudiced by SBA's or NewCo's failure to give such notice. If
notice of claim is given to TeleCorp and TeleCorp does not, within ten (10) days
after receipt of the notice, give notice to SBA and NewCo of its election to
assume the defense of such claim, TeleCorp will be bound by any determination
made with respect to such claim or any compromise or
<PAGE>

settlement effected by SBA or NewCo. If TeleCorp assumes the defense of a claim,
it will be conclusively established for purposes of this Agreement that such
claim is within the scope of and subject to indemnification. Notwithstanding the
foregoing, if SBA or NewCo determines in good faith that there is a reasonable
probability that a claim may adversely affect it other than as a result of
monetary damages for which it would be entitled to indemnification under this
Agreement, SBA or NewCo may, by notice to TeleCorp, assume the exclusive right
to defend, compromise, or settle such claim, but TeleCorp will not be bound by
any determination of a claim so defended or any compromise or settlement
effected without its consent (which may not be unreasonably withheld).

               (ii) TeleCorp shall not be required to indemnify SBA or NewCo nor
shall TeleCorp have any liability to SBA or NewCo with respect to any claim (or
any portion thereof) arising under or pursuant to this Agreement for an amount
that exceeds ten percent (10%) of the Purchase Price actually paid by SBA for
all of the Sites transferred to SBA as of the date on which the claim under the
indemnity is asserted ("Global Cap"). In the event that any claim under the
indemnity is paid by TeleCorp, the amount of such payment shall be credited
against the Global Cap.

               (iii) SBA and NewCo shall not settle or compromise any claim as
to which TeleCorp has assumed the defense thereof, without TeleCorp's prior
written consent, such consent not to be unreasonably withheld or delayed. In the
event that SBA or NewCo settles or compromises any claim as to which TeleCorp
has assumed the defense thereof without TeleCorp's prior written consent, SBA
and NewCo shall be deemed to have waived any indemnity claim against TeleCorp
which is related to such claim. No compromise or settlement of a claim as to
which TeleCorp has assumed the defense thereof may be effected by TeleCorp
without SBA's and NewCo's consent unless there is no finding or admission of any
violation of legal requirements or any violation of the rights of any person or
entity and no effect on any other claims that may be made against SBA or NewCo
or TeleCorp obtains a release of such claims, and the sole relief provided is
monetary damages that are paid in full by TeleCorp. Neither SBA nor NewCo will
have any liability with respect to any compromise or settlement of claims
requiring their consent effected without their prior written consent, such
consent not to be unreasonably withheld or delayed.

               (iv) TeleCorp shall be subrogated to all of SBA's and NewCo's
right title and interest in and to any claim against a third party for any
matter for which TeleCorp has indemnified SBA hereunder.

               (v)  TeleCorp shall have no liability or obligation, and SBA
shall have no rights, with respect to indemnification under this Section 15 and
no right for breach of any representation, warranty or covenant hereunder with
respect to the first Two Million and No/100 Dollars ($2,000,000) of damages,
losses, claims, liabilities, deficiencies or obligations for which SBA would
otherwise be entitled to indemnification under Section 15 less any portion of
the Curative Threshold which has actually been incurred by SBA under Section
7(c) of this Agreement.

     (c)  Limitations on Indemnifiable Damages. Except as otherwise provided in
          ------------------------------------
this Section 15, SBA shall not be entitled to recover indemnifiable damages with
respect to any matter which was known by or disclosed to SBA prior to the
Closing Date. If TeleCorp proves by a preponderance of the evidence that, as of
the Closing, SBA had actual knowledge of the matter which forms a basis for
SBA's claim for indemnifiable damages and, in the case of an alleged Defect, SBA
had not alleged a Defect in accordance with Section 7 in connection with such
matter, then SBA shall be deemed to have waived its claim for indemnifiable
damages with respect to such matter.
<PAGE>

          (d)  Survival of Indemnification. TeleCorp's obligation to pay
               ---------------------------
indemnifiable damages to SBA or NewCo for any claims within the scope of Section
15 shall survive the Closing Date for any claims for indemnification made by SBA
or NewCo within one (1) year after the Closing Date. No claim for recovery of
indemnifiable damages for any claims within the scope of Section 15(a) may be
asserted by SBA or NewCo after the date that is one (1) year after the Closing
Date except that said limitation period shall not apply to obligations of
TeleCorp under the MSA a breach of which shall be governed by the applicable
statute of limitations.

     16.  Indemnification by SBA.
          ----------------------

          (a)  SBA and NewCo jointly and severally agree to defend, indemnify,
and hold harmless TeleCorp from and against:

               (i)  any and all damages, losses, claims, liabilities,
deficiencies or obligations of every kind and description, contingent or
otherwise (including without limitation auditors' and attorneys' fees) arising
out of or related to the operation of the Assets following Closing (unless the
same relates to a Defect) and arising out of SBA's or NewCo's failure to perform
obligations of TeleCorp assumed by SBA or NewCo pursuant to this Agreement;

               (ii) after the Closing, any contractual liability or obligation
of TeleCorp which is included on the Other Contracts listed on Schedule V and
TeleCorp's obligations under all agreements assumed by NewCo including the Prime
Leases, Collocation Agreements and the MSA.

               (iii) any and all damages, losses, claims, liabilities,
deficiencies or obligations resulting from any material misrepresentation,
breach of warranty or covenant, or nonfulfillment of any agreement on the part
of SBA under this Agreement; and

               (iv) any and all actions, suits, claims, proceedings,
investigation, audits, demands, assessments, fines, judgments, costs and other
expenses (including, without limitation, reasonable audit and attorneys fees)
incident to any of the foregoing.

     (b)  SBA's indemnity obligations hereunder shall be subject to the
following:

               (i)  If any claim is asserted against TeleCorp that would give
rise to a claim by TeleCorp against SBA for indemnification under the provisions
of this Section, then TeleCorp shall promptly give written notice to SBA
concerning such claim and SBA shall, at no expense to TeleCorp and with legal
counsel reasonably acceptable to TeleCorp, defend the claim. However, the
failure of TeleCorp to provide such notice will not relieve SBA of any liability
that it may have to TeleCorp, except to the extent the defense of such action is
prejudiced by TeleCorp's failure to give such notice. If notice of claim is
given to SBA and SBA does not, within ten (10) days after receipt of the notice,
give notice to TeleCorp of its election to assume the defense of such claim, SBA
will be bound by any determination made with respect to such claim or any
compromise or settlement effected by TeleCorp. If SBA assumes the defense of a
claim, it will be conclusively established for purposes of this Agreement that
such claim is within the scope of and subject to indemnification.
Notwithstanding the foregoing, if TeleCorp determines in good faith that there
is a reasonable probability that a claim may adversely affect it other than as a
result of monetary damages for which it would be entitled to indemnification
under this Agreement, TeleCorp may, by notice to SBA, assume the exclusive right
to defend, compromise, or settle such claim, but SBA will not be bound
<PAGE>

by any determination of a claim so defended or any compromise or settlement
effected without its consent (which may not be unreasonably withheld).

               (ii) TeleCorp shall not settle or compromise any claim as to
which SBA has assumed the defense thereof, without SBA's prior written consent,
such consent not to be unreasonably withheld or delayed. In the event that
TeleCorp settles or compromises any claim as to which SBA has assumed the
defense thereof without SBA's prior written consent, TeleCorp shall be deemed to
have waived any indemnity claim against SBA which is related to such claim. No
compromise or settlement of a claim as to which SBA has assumed the defense
thereof may be effected by SBA without TeleCorp's consent unless there is no
finding or admission of any violation of legal requirements or any violation of
the rights of any person or entity and no effect on any other claims that may be
made against TeleCorp, and the sole relief provided is monetary damages that are
paid in full by SBA. TeleCorp will have no liability with respect to any
compromise or settlement of claims requiring its consent effected without its
prior written consent, such consent not to be unreasonably withheld or delayed.

               (iv) SBA shall be subrogated to all of TeleCorp's right title and
interest in and to any claim against a third party for any matter for which SBA
has indemnified TeleCorp hereunder.

          (c)  Limitations on Indemnifiable Damages. Except as provided in this
               ------------------------------------
Section 16, TeleCorp shall not be entitled to recover indemnifiable damages with
respect to any matter (including any breach of this Agreement by SBA) which was
known by or disclosed to TeleCorp at or prior to the Closing Date. If SBA proves
by a preponderance of the evidence that, as of the Closing, TeleCorp had actual
knowledge of the matter which forms a basis for TeleCorp's claim for
indemnifiable damages, then TeleCorp shall be deemed to have waived its claim
for indemnifiable damages with respect to such matter.

          (d)  Survival of Indemnification. SBA's obligation to pay
               ---------------------------
indemnifiable damages to TeleCorp shall survive the Closing Date for any claims
for indemnification made by TeleCorp within one (1) year after the Closing Date.
No claim for recovery of indemnifiable damages may be asserted by TeleCorp after
the date that is one (1) year after the Closing Date except that said limitation
period shall not apply to obligations of TeleCorp assumed by SBA or NewCo
pursuant to this Agreement including but not limited to the Prime Leases,
Collocation Agreements, the MSA and Other Contracts a breach of which shall be
governed by the applicable statute of limitations.

     17.  Confidential Information. If for any reason the sale of Assets is not
          ------------------------
closed, SBA will not disclose to third parties any confidential information
received from TeleCorp in the course of investigating, negotiating, and
performing the transactions contemplated by this Agreement and will return all
such information on request.

     18.  Miscellaneous Provisions.
          ------------------------

          (a)  Notices. Any notice under this Agreement shall be in writing and
               -------
shall be effective when actually delivered in person or received by the party at
the address stated in this Agreement or such other address as either party may
designate by written notice to the other.
<PAGE>

                  SBA:                      SBA Towers, Inc.
                                            One Town Center Road, 3rd Floor
                                            Boca Raton, FL 33486
                                            Attn: General Counsel

                  With a copy to:           Gunster, Yoakley & Stewart, P.A.
                                            777 South Flagler Drive
                                            Suite 500-East Tower
                                            West Palm Beach, FL 33401
                                            Attn: Thomas P. Hunt, Esq.

                  TeleCorp:                 TeleCorp Realty, LLC
                                            1010 N. Glebe Road, Suite 800
                                            Arlington, Virginia 22201
                                            Attention:  Vice President-Legal

                  With a copy to:           Lewellen & Frazier PLC
                                            415 North McKinley, Suite 1240
                                            Little Rock, AR 72205
                                            Attention: Todd A. Lewellen

or at any other address as any party may, from time to time, designate by notice
given in compliance with this section.

          (b)  Time. Time is of the essence of this Agreement.
               ----

          (c)  Survival. Any of the terms and covenants contained in this
               --------
Agreement which require the performance of either party after the Closing shall
survive the Closing.

          (d)  Waiver. Failure of either party at any time to require
               ------
performance of any provision of this Agreement shall not limit the party's right
to enforce the provision, nor shall any waiver of any breach of any provision be
a waiver of any succeeding breach of any provision or a waiver of the provision
itself for any other provision.

          (e)  Assignment. Except as otherwise provided within this Agreement,
               ----------
neither party hereto may transfer or assign this Agreement without prior written
consent of the other party.

          (f)  Law Governing. This Agreement shall be governed by and construed
               -------------
in accordance with the laws of the State of Virginia.

          (g)  Attorney Fees. In the event an arbitration, suit or action is
               -------------
brought by any party under this Agreement to enforce any of its terms, or in any
appeal therefrom, it is agreed that the prevailing party shall be entitled to
reasonable attorneys' fees to be fixed by the arbitrator, trial court, and/or
appellate court.

          (h)  Presumption. This Agreement or any section thereof shall not be
               -----------
construed against any party due to the fact that said Agreement or any section
thereof was drafted by said party.
<PAGE>

          (i)  Titles and Captions. All article, section and paragraph titles or
               -------------------
captions contained in this Agreement are for convenience only and shall not be
deemed part of the context nor affect the interpretation of this Agreement.

          (j)  Pronouns and Plurals. All pronouns and any variations thereof
               --------------------
shall be deemed to refer to the masculine, feminine, neuter, singular or plural
as the identity of the Person or Persons may require.

          (k)  Entire Agreement. This Agreement contains the entire
               ----------------
understanding between and among the parties and supersedes any prior
understandings and agreements among them respecting the subject matter of this
Agreement.

          (l)  Prior Agreements. This document is the entire, final and complete
               ----------------
agreement of the parties pertaining to the option to purchase of the Property,
and supersedes and replaces all prior or existing written and oral agreements
(including any earnest money agreement) between the parties or their
representatives relating to the Property.

          (m)  Agreement Binding. This Agreement shall be binding upon the
               -----------------
heirs, executors, administrators, successors and permitted assigns of the
parties hereto.

          (n)  Further Action. The parties hereto shall execute and deliver all
               --------------
documents, provide all information and take or forbear from all such action as
may be reasonably necessary or appropriate to achieve the purposes of this
Agreement.

          (o)  Good Faith, Cooperation and Due Diligence. The parties hereto
               -----------------------------------------
covenant, warrant and represent to each other good faith, complete cooperation,
due diligence and honesty in fact in the performance of all obligations of the
parties pursuant to this Agreement. All promises and covenants are mutual and
dependent.

          (p)  Counterparts. This Agreement may be executed in several
               ------------
counterparts and all so executed shall constitute one Agreement, binding on all
the parties hereto even though all the parties are not signatories to the
original or the same counterpart.

          (q)  Parties in Interest. Nothing herein shall be construed to be to
               -------------------
the benefit of any third party, nor is it intended that any provision shall be
for the benefit of any third party.

          (r)  Savings Clause. If any provision of this Agreement, or the
               --------------
application of such provision to any person or circumstance, shall be held
invalid, the remainder of this Agreement, or the application of such provision
to persons or circumstances other than those as to which it is held invalid,
shall not be affected thereby.

          (s)  Amendments. No purported amendment to or waiver of any term of
               ----------
this Agreement will be binding upon any part, or have any other force or effect
in any respect, unless the same is in writing and signed by the party to be
charged.

          (t)  Third Parties. Nothing in this Agreement, whether express or
               -------------
implied, is intended to confer any rights or remedies to any persons other than
TeleCorp, SBA and their respective successors and permitted assigns.
<PAGE>

         IN WITNESS WHEREOF, SBA and TeleCorp have executed this Asset Purchase
Agreement as of the date and year first above written.

                                SBA TOWERS, INC.

                                By:      /s/ Jeffrey A. Stoops
                                         ----------------------
                                Name:    Jeffrey A. Stoops
                                Title:   President

                                                  (CORPORATE SEAL)

                                TELECORP REALTY, LLC
                                By:  TeleCorp Communications, Inc.
                                Its:  Managing Member

                                By:      /s/ Thomas H. Sullivan
                                         -------------------------
                                Name:    Thomas H. Sullivan
                                Title:   President
                                                  (CORPORATE SEAL)

                                TELECORP PUERTO RICO REALTY, INC.

                                By:      /s/ Thomas H. Sullivan
                                         ------------------------
                                Name:    Thomas H. Sullivan
                                         --------------------------
                                Title:   President
                                         --------------------------

                                                  (CORPORATE SEAL)

                                TELECORP COMMUNICATIONS, INC.

                                By:      /s/ Thomas H. Sullivan
                                         ------------------------
                                Name:    Thomas H. Sullivan
                                Title:   President

                                                  (CORPORATE SEAL)

THE UNDERSIGNED EXECUTES THIS AGREEMENT FOR PURPOSES OF BEING BOUND BY SECTIONS
2 AND 11(b) ONLY

SBA  TELECOMMUNICATIONS, INC.

By:      /s/ Jeffrey A. Stoops
         ------------------------------
Name:    Jeffrey A. Stoops
         -----------------------------
Title:   President
         ---------------------------<PAGE>

                                                                   Exhibit 10.31

                            ASSET PURCHASE AGREEMENT

                                 By and Between

                            LOUISIANA UNWIRED L.L.C.,
                                     Seller

                                       AND

                              SBA PROPERTIES, INC.,
                                    Purchaser

                      ----------------------------------

                          Dated as of December 18, 2000

                      ----------------------------------
<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                                               <C>
AGREEMENT.........................................................................................................2

ARTICLE I-DEFINITIONS.............................................................................................2

   1.1   DEFINED TERMS............................................................................................2
         -------------

ARTICLE II-PURCHASE AND SALE......................................................................................6

   2.1   SALE AND PURCHASE OF ASSETS..............................................................................6
         ---------------------------
   2.2   PURCHASE PRICE; PAYMENTS.................................................................................7
         ------------------------
   2.3   ASSUMPTION OF CERTAIN OBLIGATIONS AND LIABILITIES........................................................9
         -------------------------------------------------
   2.4   CLOSINGS................................................................................................10
         --------
   2.5   EXECUTION AND DELIVERY OF CLOSING DOCUMENTS; OTHER DELIVERIES...........................................10
         -------------------------------------------------------------
   2.6   STRUCTURAL AND ENVIRONMENTAL REVIEW PERIOD; PUT BACK RIGHTS.............................................11
         -----------------------------------------------------------
   2.7   TOWER EXCLUSION ADJUSTMENT..............................................................................13
         --------------------------
   2.8   NOTICE AND OPTION RIGHT.................................................................................13
         -----------------------
   2.9   ALLOCATION OF TRANSFER, PROPERTY AND OTHER TAXES........................................................13
         ------------------------------------------------

ARTICLE III-REPRESENTATIONS AND WARRANTIES OF SELLER.............................................................13

   3.1   ORGANIZATION AND GOOD STANDING; POWER AND AUTHORITY; AUTHORIZATION AND VALIDITY.........................13
         -------------------------------------------------------------------------------
   3.2   TITLE; ASSETS...........................................................................................14
         -------------
   3.3   COMMITMENTS.............................................................................................15
         -----------
   3.4   NO VIOLATION; RESTRICTIONS, REQUIRED LICENSES, PERMITS, ETC.............................................15
         -----------------------------------------------------------
   3.5   TAXES...................................................................................................16
         -----
   3.6   CONSENTS................................................................................................16
         --------
   3.7   FINANCIAL AND TAX INFORMATION...........................................................................16
         -----------------------------
   3.8   LITIGATION..............................................................................................16
         ----------
   3.9   ENVIRONMENTAL MATTERS...................................................................................16
         ---------------------
   3.10     REAL ESTATE MATTERS..................................................................................17
            -------------------
   3.11     ANTENNA SITE AGREEMENTS..............................................................................18
            -----------------------
   3.12     BROKERS' FEES........................................................................................18
            -------------
   3.13     COMPLIANCE WITH LAWS; APPROVALS......................................................................18
            -------------------------------
   3.14     DISCLOSURE...........................................................................................18
            ----------
   3.15     MECHANIC'S LIENS.....................................................................................18
            ----------------

ARTICLE IV-REPRESENTATION AND WARRANTIES OF PURCHASER............................................................19

   4.1   ORGANIZATION AND GOOD STANDING; POWER AND AUTHORITY; AUTHORIZATION AND VALIDITY.........................19
         -------------------------------------------------------------------------------
   4.2   NO CONFLICT.............................................................................................19
         -----------
   4.3   CONSENTS................................................................................................19
         --------
   4.4   BROKERS.................................................................................................19
         -------
   4.5   FINANCIAL QUALIFICATIONS................................................................................20
         ------------------------
   4.6   SOLVENCY................................................................................................20
         --------
   4.7   DISCLOSURE..............................................................................................20
         ----------
   4.8   LITIGATION..............................................................................................20
         ----------
</TABLE>

                                       I
<PAGE>

<TABLE>
<S>                                                                                                              <C>
ARTICLE V-COVENANTS..............................................................................................20

   5.1   COOPERATION.............................................................................................20
         -----------
   5.2   CONFIDENTIALITY.........................................................................................20
         ---------------
   5.3   CONDUCT OF BUSINESS BEFORE CLOSING DATE.................................................................21
         ---------------------------------------
   5.4   ACCESS..................................................................................................21
         ------
   5.5   NOTICE OF MATERIAL CHANGE...............................................................................21
         -------------------------
   5.6   SELLER'S EMPLOYEE BENEFITS..............................................................................22
         --------------------------
   5.7   POST CLOSING AUDITS.....................................................................................22
         -------------------
   5.8   LEGAL DESCRIPTIONS......................................................................................22
         ------------------
   5.9   TITLE INSURANCE.........................................................................................22
         ---------------
   5.10     GROUND LEASES........................................................................................22
            -------------
   5.11     EXCLUSIVITY..........................................................................................23
            -----------
   5.12     FURTHER ASSURANCES...................................................................................23
            ------------------
   5.13     ACQUISITION OF FUTURE TOWERS.........................................................................23
            ----------------------------
   5.14     TOWER CONSTRUCTION...................................................................................24
            ------------------
   5.15     HSR ACT COMPLIANCE...................................................................................24
            ------------------
   5.16     CONDITION OF ASSETS; INTENDED USE....................................................................24
            ---------------------------------
   5.17     NONASSIGNABLE CONTRACTS..............................................................................25
            -----------------------
   5.18     CASUALTY SITES.......................................................................................25
            --------------
   5.19     ZONING INQUIRIES.....................................................................................25
            ----------------

ARTICLE VI-PURCHASER'S CONDITIONS PRECEDENT......................................................................26

   6.1   REPRESENTATIONS AND WARRANTIES..........................................................................26
         ------------------------------
   6.2   COVENANTS...............................................................................................26
         ---------
   6.3   PROCEEDINGS.............................................................................................26
         -----------
   6.4   NO MATERIAL ADVERSE CHANGE..............................................................................26
         --------------------------
   6.5   CONSENTS................................................................................................26
         --------
   6.6   LEGAL  DESCRIPTIONS, SURVEYS AND TITLE POLICIES.........................................................27
         -----------------------------------------------
   6.7   LEASE DOCUMENTATION.....................................................................................27
         -------------------
   6.8   ESTOPPEL AND CONSENT....................................................................................27
         --------------------
   6.9   EASEMENTS...............................................................................................27
         ---------
   6.10     CERTIFICATE..........................................................................................27
            -----------
   6.11     RELEASE OF SELLER INDEBTEDNESS.......................................................................27
            ------------------------------
   6.12     TITLE POLICIES.......................................................................................27
            --------------
   6.13     GROUND LEASES........................................................................................27
            -------------
   6.14     ALL CONDITIONS SATISFIED.............................................................................28
            ------------------------
   6.15     FINANCING CONDITION..................................................................................27
            -------------------

ARTICLE VII- SELLER'S CONDITIONS PRECEDENT.......................................................................28

   7.1   REPRESENTATIONS AND WARRANTIES..........................................................................28
         ------------------------------
   7.2   COVENANTS...............................................................................................28
         ---------
   7.3   PROCEEDINGS.............................................................................................28
         -----------
   7.4   CONSENTS................................................................................................29
         --------
   7.6   CERTIFICATE.............................................................................................29
         -----------
   7.7   ALL CONDITIONS SATISFIED................................................................................29
         ------------------------
   7.8   NONDISTURBANCE AGREEMENT................................................................................29
         ------------------------
</TABLE>

                                      ii
<PAGE>

<TABLE>
<S>                                                                                                              <C>
ARTICLE VIII-INDEMNIFICATION; REMEDIES...........................................................................29

   8.1   INDEMNITY...............................................................................................29
         ---------
   8.2   INDEMNIFICATION CONDITIONS..............................................................................30
         --------------------------
   8.3   SPECIFIC PERFORMANCE AND OTHER REMEDIES.................................................................31
         ---------------------------------------
   8.4   RELIANCE ON AND SURVIVAL OF REPRESENTATIONS, WARRANTIES, AND COVENANTS..................................31
         ----------------------------------------------------------------------

ARTICLE IX-TERMINATION...........................................................................................31

   9.1   TERMINATION BY PURCHASER................................................................................31
         ------------------------
   9.2   TERMINATION BY SELLER...................................................................................32
         ---------------------
   9.3   EXCLUSION OF CERTAIN TOWERS.............................................................................32
         ---------------------------

ARTICLE X-MISCELLANEOUS..........................................................................................32

   10.1     AMENDMENT............................................................................................33
            ---------
   10.2     ASSIGNMENT...........................................................................................33
            ----------
   10.3     AMENDMENTS; REMEDIES.................................................................................33
            --------------------
   10.4     NOTICES..............................................................................................33
            -------
   10.5     ENTIRE AGREEMENT.....................................................................................34
            ----------------
   10.6     COSTS AND EXPENSES...................................................................................34
            ------------------
   10.7     SEVERABILITY.........................................................................................34
            ------------
   10.8     GOVERNING LAW........................................................................................34
            -------------
   10.10    COUNTERPARTS.........................................................................................34
            ------------
</TABLE>

                                     iii
<PAGE>

                            ASSET PURCHASE AGREEMENT

     This ASSET PURCHASE AGREEMENT (this "Agreement") Agreement, dated as of
                                          ---------
December 18, 2000 (the "Effective Date" , is by and between SBA Properties,
                        --------------
Inc., a Florida corporation ("Purchaser"), and Louisiana Unwired L.L.C., a
                              ---------
Louisiana limited liability company ("Seller").
                                      ------

                                    RECITALS

     A. Seller owns and operates communication towers and associated equipment,
land, ground leases and leases of tower space to tower tenants, as more
particularly described in this Agreement.

     B. Seller is constructing or plans to construct additional communication
towers which Seller also will own and operate.

     C. Purchaser is involved in the ownership, management, construction,
operation and maintenance of communication towers.

     D. Seller desires to sell, and Purchaser desires to purchase, the existing
assets referenced in the first recital hereof as well as the planned or future
assets described in the second recital hereof (excluding PCS Assets, as
hereinafter defined), all in accordance with the terms and conditions of this
Agreement.

     E. Seller also plans to construct additional towers, which Seller shall
have the obligation to offer for sale exclusively to Purchaser and which
Purchaser shall have the option to purchase, all in accordance with the terms
and conditions of this Agreement.

     F. In an effort to close at least one hundred twenty-seven (127) Towers (as
defined herein) within calendar year 2000 in accordance with the terms and
conditions of this Agreement, Seller and Purchaser have agreed to close such
Towers prior to Purchaser's confirmation that all Conditions Precedent contained
in Article VI of this Agreement have been satisfied and, accordingly, Purchaser
shall retain certain put back rights with respect to such Towers as described in
this Agreement.

     G. In connection therewith and subsequent thereto, Purchaser and Seller
shall enter into an Antenna Site Agreement (as defined herein) with respect to
each of the Towers whereby Purchaser shall lease to Seller, and Seller shall
lease from Purchaser, space on each of the Towers (as defined herein) included
in the Assets (as defined herein).

                                       1
<PAGE>

                                    AGREEMENT

     NOW, THEREFORE, in consideration of the mutual representations, warranties,
and covenants herein contained, and on the terms and subject to the conditions
herein set forth, the parties to this Agreement agree as follows:

                              ARTICLE I-DEFINITIONS

     1.1 Defined Terms. The following terms shall have the meanings ascribed
         -------------
thereto.

          (a) "Affiliate" means, with respect to any Person, any other Person
               ---------
that, directly or indirectly, through one or more intermediaries, controls, has
the right to control (in fact or by agreement), is controlled by, or is under
common control with, such Person.

          (b) "Antenna Site Agreement" means the Antenna Site Agreement
               ----------------------
substantially in the form attached hereto as Exhibit B that Seller and Purchaser
shall execute for each of the Towers sold pursuant to this Agreement.

          (c) "Applicable Laws" means any law, rule, regulation, order,
               ---------------
judgment, or determination of any governmental authority (or any restrictive
covenant or deed restriction, recorded or otherwise) applicable to the Seller
and/or the Assets, including without limitation the rules and regulations of the
FAA and the FCC.

          (d) "Assets" means: (i) all of Seller's leasehold interest in the
               ------
Land, and all Improvements, fixtures, and fittings thereon, and easements,
rights, and appurtenants thereto (such as appurtenant rights in and to public
rights-of-way, and other streets), (ii) the Towers and all tangible personal
property related to the design, operation, and maintenance of the Towers, (iii)
the Ground Leases, (iv) all Tower Leases, and (v) all of the following related
to the foregoing: (A) claims, deposits (except for funds deducted from the
Closing Prices pursuant to Section 2.2), prepayments (except for funds deducted
from the Closing Prices pursuant to Section 2.2), refunds, causes of action,
choses in action, rights of recovery, rights of set off, and rights of
recoupment (including any such item relating to the payment of Taxes), (B)
approvals, permits, licenses, orders, registrations, certificates, variances,
and similar rights obtained from governments and governmental agencies, (C)
books, records, ledgers, files, documents, correspondence, lists, plats,
architectural plans, drawings, specifications, creative materials, advertising
and promotional materials, studies, reports, and other printed, electronic, or
written materials related to the Assets, and (D) all currently existing and
hereafter arising proceeds of the foregoing; provided, however, that the
foregoing shall specifically exclude the PCS Assets.

          (e) "Assumed Commitments" has the meaning set forth in Section 2.3.
               -------------------

          (f) "Casualty Site" means a Tower with respect to which a Force
               -------------
Majeure event or occurrence in the nature of a casualty

                                       2
<PAGE>

typically insured against through casualty insurance (excluding ordinary course
deterioration or ordinary wear and tear) has occurred following the date hereof,
which event or occurrence rendered such Tower unusable as a communications tower
and would cost over $25,000 to bring the condition of such Tower to its
condition immediately prior to such event or occurrence.

          (g) "Closing" means any of the First Closing, Second Closing or Future
               -------
Closings.

          (h) "Closing Date" means the day on which a Closing occurs.
               ------------

          (i) "Closing Price" means, with respect to each Closing, the product
               -------------
of the Purchase Price times the number of Towers included in the Assets to be
sold at such Closing, as adjusted in accordance with Section 2.2(d) hereof.

          (j) "Consent" means any authorization, consent, approval, permit, or
               -------
license of, or filing with, any governmental or public body or authority, any
lender or lessor, any franchisor, or any other person or entity.

          (k) "Current Towers" means up to 300 Towers which are to be delivered
               --------------
pursuant to the First Closing and the Second Closing, including without
limitation, the Towers listed and described on Schedules 1 and 2 attached hereto
and made a part hereof.

          (l) "Damages" means losses, claims, obligations, demands, assessments,
               -------
penalties, liabilities, costs, damages, interest, and expenses (including
attorneys' fees).

          (m) "Deposit" has the meaning set forth in Section 2.2(b).
               -------

          (n) "Easements" means the access and guy wire easements reasonably
               ---------
deemed necessary by Purchaser.

          (o) "Environmental, Health, and Safety Laws" means all Applicable Laws
               --------------------------------------
regarding environmental, health, and safety matters, including without
limitation the Comprehensive Environmental Response, Compensation and Liability
Act of 1980, the Resource Conservation and Recovery Act of 1976, and the
Occupational Safety and Health Act of 1970, each as amended, together with all
other laws (including rules, regulations, codes, plans, injunctions, judgments,
orders, decrees, rulings, and charges thereunder) of federal, state, local, and
foreign governments (and all agencies thereof) concerning pollution or
protection of the environment, public health and safety, or employee health and
safety, including laws relating to emissions, discharges, releases, or
threatened releases of (i) pollutants, (ii) contaminants, or (iii) chemical,
industrial, hazardous, or toxic materials or wastes into ambient air, surface
water, ground water, or lands, or otherwise relating to the manufacture,
processing, distribution, use, treatment, storage, disposal, transport, or
handling of (i) pollutants, (ii) contaminants, or (iii) chemical, industrial,
hazardous, or toxic materials or wastes.

                                       3
<PAGE>

          (p) "Existing Tower Construction Site" has the meaning set forth in
               --------------------------------
Section 5.14 hereof.

          (q) "Expiration Date" has the meaning set forth in Section 5.13
               ---------------
hereof.

          (r) "FAA" means the Federal Aviation Administration, an agency of the
               ---
United States government.

          (s) "FCC" means the Federal Communications Commission, an agency of
               ---
the United States government.

          (t) "First Closing" means the closing of the transactions contemplated
               -------------
by this Agreement that is to take place in accordance with Section 2.4(a).

          (u) "Force Majeure" means any act of God, including, without
               -------------
limitation, earthquake, hurricane, flood, tornado or fire.

          (v) "Future Closing" means the closing or closings of the transactions
               --------------
that the parties hereto authorize as contemplated by this Agreement that are to
take place in accordance with Section 2.4(d).

          (w) "Future Towers" means all Towers other than the Current Towers.
               -------------

          (x) "Future Towers Deposit" has the meaning set forth in Section
               ---------------------
2.2(b).

          (y) "Ground Leases" means the ground leases that are to be assigned of
               -------------
record to Purchaser at Closing pertaining to the Real Property where Land is
ground leased from third party landlords, as listed on the attached Schedules 1
and 2, which ground leases (or memoranda thereof) shall be in recordable form.

          (z) "Hazardous Materials" means any toxic substance as defined in 15
               -------------------
U.S.C. ss.ss. 2601 et seq., including materials designated as hazardous
substances under 42 U.S.C. ss.ss. 9601 et seq. or other Applicable Laws,
including without limitation, Environmental Health and Safety Laws, and toxic,
radioactive, caustic, or otherwise hazardous substances, including petroleum and
its derivatives, asbestos, PCBs, formaldehyde, chlordane, heptachlor, and any
substances having any constituent elements displaying any of the foregoing
characteristics, whether or not regulated by Applicable Laws.

          (aa) "Improvements" means all Towers, buildings, improvements,
                ------------
fixtures, machinery, equipment, and other tangible assets forming a part of or
located on the Land and relating to the Assets.

          (bb) "Indebtedness" has the meaning set forth in Section 6.12.
                ------------

                                       4
<PAGE>

          (cc) "Land" means the land described (whether by legal description,
                ----
site name, or address) on the attached Schedules 1 and 2, which Land is owned by
Seller or ground leased by Seller from third party landlords pursuant to the
Ground Leases.

          (dd) "Litigation" means any pending, instituted, or threatened legal
                ----------
action or administrative proceeding or investigation.

          (ee) "Minimum Number" has the meaning set forth in Section 5.13
                --------------
hereof.

          (ff) "Order" means any continuing court or administrative order,
                -----
judgment, writ, injunction, or decree applicable specifically to the Assets.

          (gg) "Permitted Encumbrances" means, with respect to the Assets (both
                ----------------------
individually and collectively), any (i) lien for current real property taxes and
assessments not yet due and payable, which shall be prorated in accordance with
Section 2.2(d); (ii) covenants, conditions, restrictions, rights of way,
easements and other matters of the public record as of the date of recording
deemed by Purchaser, in its commercially reasonable discretion, to be
acceptable; and (iii) other matters acceptable to Purchaser, in its commercially
reasonable discretion, to which like properties are commonly subject and which
do not materially interfere with the benefits, use, enjoyment, value or
marketability of the Assets.

          (hh) "Person" means any natural person, corporation, partnership,
                ------
limited liability company, trust and any other entity or organization of any
kind, including governmental or political subdivisions or agencies or
instrumentalities thereof.

          (ii) "PCS Assets" means (i) Seller's wireless phone communications
                ----------
equipment, whether currently or hereafter located in or on the Real Property
including, without limitation, telecommunication equipment such as PCS cabinets,
power cabinets, antennae, coax cables, electric power poles, breaker and meter
boxes, battery/generator cabinets, multicouplers, multiplexers, GPS antennae,
battery back-up equipment and such other equipment now or hereafter attached to
any of the Towers pursuant to the Antenna Site Agreements for such Towers, but
excluding all Towers, Ground Leases, Tower Leases and Improvements, and (ii) all
licenses granted by the FCC that relate to any of the PCS Assets.

          (jj) "Purchase Price" has the meaning set forth in Section 2.2 hereof.
                --------------

          (kk) "Purchaser's Financing Condition" has the meaning set forth in
                -------------------------------
Section 2.1 hereof.

          (ll) "Real Property" means the Land, the Improvements, and, if
                -------------
applicable, the Easements.

          (mm) "Second Closing" means the closing of the transactions
                --------------
contemplated by this Agreement that are to take place in accordance with Section
2.4(b) hereof.

                                       5
<PAGE>

          (nn) "Second Deposit" has the meaning set forth in Section 2.2(b).
                --------------

          (oo) "Tax" (and, with correlative meaning, "Taxes" and "Taxable")
                ---
means any tax of any kind whatsoever, including without limitation federal,
state, local or foreign, income, franchise, sales, use, excise, gross receipts,
license, payroll, employment, severance, stamp, occupation, premium, windfall
profits, environmental (including taxes under Internal Revenue Code of 1986 Sec.
59A, as amended), capital stock, profits, withholding, social security,
unemployment, disability, real property, personal property, transfer,
registration, or other tax of any kind whatsoever, together with any interest or
any penalty, or additional amount imposed by any governmental body (a "Taxing
Authority") responsible for the imposition of any such tax (domestic or
foreign).

          (pp) "Tower Criteria" means, with respect to each of the Towers, the
                --------------
criteria described on Exhibit A, attached hereto.

          (qq) "Tower" means one of the Current Towers or the Future Towers.
                -----

          (rr) "Tower Leases" means all leases or licenses pursuant to which
                ------------
Seller leases or licenses out space to tenants on the Towers.

          (ss) "Transfer Taxes" means, collectively, all excise, sales, use,
                --------------
value added, registration, stamp, recording, documentary, conveyancing,
franchise, transfer, gains and similar Taxes.

                          ARTICLE II-PURCHASE AND SALE

     2.1 Sale and Purchase of Assets. On the terms and subject to the conditions
         ---------------------------
set forth herein, at each of the Closings, Seller shall sell, transfer, assign
and deliver to Purchaser, and Purchaser agrees to purchase, acquire and accept
from Seller, all of Seller's right, title and interest in and to the Assets to
be sold at such Closing, free and clear of all liens, claims, and encumbrances
of any kind or character except for Permitted Encumbrances. The foregoing
notwithstanding, the Assets shall be conveyed in accordance with the following
schedule:

          (a) On the Closing Date for the First Closing, all of the Assets
listed and described on Schedule 1 attached hereto shall be conveyed at the
First Closing, which shall consist of not less than one hundred twenty-seven
(127) of the Current Towers.

          (b) Purchaser agrees that it shall attempt to secure on or before
March 31, 2001 financing on terms acceptable to Purchaser in its sole and
absolute discretion adequate to purchase the remaining Current Towers not sold
in the First Closing and the Future Towers. If Purchaser secures financing on or
before March 31, 2001 in an amount of at least One Hundred Million Dollars
($100,000,000), Purchaser's "Financing Condition" will be deemed to have been
                             -------------------
met. If

                                       6
<PAGE>

Purchaser has not secured financing on or before March 31, 2001 in an amount of
at least One Hundred Million Dollars ($100,000,000), Purchaser's Financing
Condition will not have been met. In either instance, Purchaser shall give
Seller written notice as to whether it has met Purchaser's Financing Condition
on or before March 31, 2001.

               (i) If Purchaser's Financing Condition has been met, no later
than five (5) business days prior to the Closing Date for the Second Closing,
Seller and Purchaser shall agree on a list of all Assets that shall be conveyed
at the Second Closing, which shall consist of all of the Current Towers not sold
in the First Closing and which shall include the Assets listed and described on
Schedule 2 attached hereto; provided, however, that any Current Towers for which
all of the Conditions Precedent enumerated in Articles VI and VII have not been
satisfied as of the Closing Date for the Second Closing shall be excluded from
the definition of Current Towers and, if Purchaser has secured financing
adequate to purchase the Future Towers, shall, instead, be offered to Purchaser
for inclusion in any Future Towers to be sold pursuant to a Future Closing.

               (ii) If Purchaser's Financing Condition has been met, Purchaser
has secured financing adequate to purchase the Future Towers and Purchaser has
exercised its option to purchase Future Towers pursuant to Section 5.13, no
later than five (5) business days prior to any Closing Date for a Future
Closing, Seller and Purchaser shall agree on a list of all Assets that include
Towers consistent with the Tower Criteria and that Purchaser shall have the
option to purchase, all in accordance with the requirements of Section 2.6(e)
and Section 5.13 hereof, including without limitation, the notice requirements
contained therein. Without limiting the generality of the foregoing, Seller
shall forward information relating to their structural and environmental
condition of each of the Future Towers and copies of Ground Leases relating
thereto promptly following receipt by Seller.

          (c) If Purchaser's Financing Condition is not met, neither party shall
have any remaining obligations to the other, except for such obligations as are
expressly provided for in this Agreement, its schedules or exhibits. The
foregoing notwithstanding, Purchaser may, in its sole discretion, waive the
Purchaser's Financing Condition by giving notice thereof on or before March 31,
2001, and proceed with the transactions contemplated by this Agreement as if
Purchaser's Financing Condition had been met.

     2.2 Purchase Price; Payments.
         ------------------------

          (a) Purchase Price. Subject to adjustment as provided in this Section
              --------------
2.2, the purchase price for each Current Tower or Future Tower is Three Hundred
Thirteen Thousand and No/100 Dollars ($313,000.00) (the "Purchase Price")
                                                         --------------
payable in cash in accordance with this Section 2.2.

          (b) Deposit. Upon execution of this Agreement by both parties, the
              -------
Purchaser shall pay to an escrow agent mutually agreeable to Purchaser and
Seller, Two Million One Hundred Sixteen Thousand Six Hundred Sixty-Seven and
No/100 Dollars ($2,116,667.00) (such amount to include the payment made by
Purchaser to Seller pursuant to the Letter Agreement between the

                                       7
<PAGE>

Purchaser and Seller dated November 20, 2000) which shall be held in escrow (the
"Deposit") until disbursed in accordance with the terms and conditions of this
 -------
Agreement. If Purchaser's Financing Condition is met as described in Section
2.1, the Purchaser shall pay to the escrow agent on or before April 10, 2001 Two
Million Eight Hundred Eighty-Three Thousand Three Hundred Thirty-Three and
No/100 Dollars ($2,883,333.00) (the "Second Deposit"), which shall be held in
                                     --------------
escrow until disbursed in accordance with the terms and conditions of this
Agreement. If Purchaser's Financing Condition is met and if Purchaser's
financing is adequate for Purchaser to purchase the Future Towers in addition to
the remaining Current Towers, Purchaser shall also pay to the escrow agent on or
before April 10, 2001, One Million Six Hundred Sixty-Six Thousand Six Hundred
Sixty-Seven and No/100 Dollars ($1,666,667.00) (the "Future Towers Deposit"),
                                                     ---------------------
which shall be held in escrow until disbursed in accordance with the terms and
conditions of this Agreement.

               (i) In the event that either of the parties terminate this
Agreement in accordance with its terms, the Deposit, and if the Purchaser's
Financing Condition is not met, the Second Deposit, if paid, and the Future
Towers Deposit, if paid, shall be returned to Purchaser and Purchaser shall be
entitled to the interest earned thereon.

               (ii) In the event that the First Closing does not occur by
December 29, 2000 or fewer than one hundred twenty-seven (127) Towers are
conveyed to Purchaser at such Closing, or payment is not received therefor, as a
result of Purchaser's acts or failure to act and through no fault of the Seller,
Purchaser shall forfeit all rights in and to the Deposit and Seller shall be
entitled to the full Deposit thereupon.

               (iii) In the event that the Second Closing does not occur by May
1, 2001, as a result of Purchaser's acts or failure to act and through no fault
of the Seller, Purchaser shall forfeit all rights in and to the Second Deposit
and Seller shall be entitled to the full Second Deposit thereupon; provided,
however, that this clause shall not apply if Purchaser's Financing Condition is
not met.

          (c) Closing Payments. (i) At the First Closing, Purchaser shall pay to
              ----------------
the Seller in immediately available funds, without set-off or deduction of any
kind except as contemplated by this Agreement, by wire transfer to an account
designated by Seller: (A) the Closing Price for the First Closing, minus (B) the
                                                                   -----
Deposit (such Deposit portion to be disbursed to Seller from the escrow account
upon the written instructions of both Purchaser and Seller).

               (ii) At the Second Closing, Purchaser shall pay to the Seller in
immediately available funds, without set-off or deduction of any kind except as
contemplated by this Agreement, by wire transfer to an account designated by
Seller: (A) the Closing Price for the Second Closing, minus (B) a the Second
                                                      -----
Deposit (such Second Deposit to be disbursed to Seller from the escrow account
upon the written instructions of both Purchaser and Seller).

               (iii) At any Future Closing, Purchaser shall pay to the Seller in
immediately available funds, without set-off or deduction of any kind, by wire
transfer to an account designated by Seller: (A) the Closing Price for such
Future Closing, minus (B) the product
                -----

                                       8
<PAGE>

of (1) the number of Future Towers included in such Future Closing and (2)
Sixteen Thousand Six Hundred Sixty-Seven and No/100 Dollars ($16,667.00) (which
shall be disbursed to Seller from the Future Towers Deposit from the escrow
account upon the written instructions of both Purchaser and Seller); provided,
however, that at the final Future Closing, Purchaser shall pay to the Seller:
(A) the Closing Price for such Future Closing, minus (B) the remaining balance
                                               -----
of the Future Towers Deposit (which shall be disbursed to Seller from the Future
Towers Deposit from the escrow account upon the written instructions of both
Purchaser and Seller).

          (d) Adjustments. At least five (5) days before each of the Closing
              -----------
Dates, Seller shall provide Purchaser a schedule of all prepaid rental received
by Seller for periods after the Closing Date. The sum of all such rental
payments shall be deducted from the Closing Price. All normal and customarily
proratable items (including, without limitation, real estate taxes, personal
property taxes, utility bills, security bills, and rents) shall be prorated as
of the Closing Date, Seller being charged and credited for all of the same up to
such date and Purchaser being charged and credited for all of the same on and
after such date. If the actual amounts to be prorated are not known as of the
applicable Closing Date, the prorations shall be estimated by Seller; and
thereafter, when actual amounts are known, a cash settlement will be made
between Seller and Purchaser. All earnest money deposits not earned, if any,
held by Seller under Tower Leases shall be transferred to Purchaser at the
applicable Closing.

          (e) Costs. At each Closing, Purchaser shall pay the costs of the
              -----
following: (i) all premiums for Title Insurance Policies; and (ii) all
documentary stamp or other Tax arising in connection with any deed or other
conveyance document relating to the Assets. At each Closing, Purchaser shall pay
all recording costs arising in connection with the transactions contemplated
hereby.

     2.3 Assumption of Certain Obligations and Liabilities. (a) Subject to and
         -------------------------------------------------
in accordance with the terms and conditions of this Agreement, Purchaser agrees
to assume and to discharge the following liabilities (the "Assumed Commitments")
                                                           -------------------
upon each of the Closings with respect to the Assets conveyed at such Closing:
(i) the Ground Leases and Tower Leases listed on Schedules 1 and 2 attached
hereto and made a part hereof, (ii) any Tower Leases entered into by Seller with
the written consent of Purchaser after the date hereof but before such Closing
Date, (iii) any and all liabilities or obligations of any sort whatsoever that
relate to the Assets conveyed at such Closing and that arise or are incurred by
Purchaser from and after the date of the applicable Closing.

          (b) Purchaser specifically will not assume or agree to pay or
discharge any debts, liabilities, or obligations of Seller or otherwise relating
to the Assets other than the Assumed Commitments. Without limiting the
foregoing, Purchaser will not be liable for any of the following debts,
liabilities, and obligations of Seller: (i) Taxes that were incurred and/or
relate to periods prior to the applicable Closing Date; (ii) obligations under
the Assumed Commitments that arose or relate to periods on or before the
applicable Closing Date; or (iii) any other liability or obligation of Seller
regardless of how incurred, provided that such liability or obligation was
incurred and/or relates to periods prior to the applicable Closing Date.

                                       9
<PAGE>

     2.4 Closings. (a) The First Closing shall take place at the offices of
         --------
Jones, Walker, Waechter, Poitevent, Carrere & Denegre, L.L.P. in New Orleans,
Louisiana, at 10:00 a.m. local time, on such date upon which the parties may
mutually agree which shall in no event be later than December 29, 2000.

          (b) The Second Closing shall take place at the offices of Jones,
Walker, Waechter, Poitevent, Carrere & Denegre, L.L.P., at 10:00 a.m. local
time, on May 1, 2001, or such earlier date upon which the parties may mutually
agree.

          (c) Any Future Closings shall take place at the offices of Jones,
Walker, Waechter, Poitevent, Carrere & Denegre, L.L.P., at 10:00 a.m. local
time, on such date or dates upon which the parties may mutually agree.

     2.5 Execution and Delivery of Closing Documents; Other Deliveries. (a) At
         -------------------------------------------------------------
the First Closing, (i) Seller will assign to Purchaser and Purchaser will assume
the Ground Leases identified on the attached Schedule 1 and being transferred at
the First Closing by recordable assignment; (ii) Seller and Purchaser will enter
into an Antenna Site Agreement for each of the Current Towers being transferred
at the First Closing that shall govern the leasing of space on all such Towers;
(iii) Seller will assign to Purchaser, and Purchaser will assume the Tower
Leases being assigned at the First Closing; and (iv) the parties will enter
into, execute and deliver such other documents as they reasonably deem necessary
to consummate the transactions at the First Closing contemplated hereby.

          (b) At each of the Closings after the First Closing, (i) Seller will
assign to Purchaser and Purchaser will assume the Ground Leases identified on
the attached Schedule 2 and being transferred at such Closing by recordable
assignment; (ii) Seller and Purchaser will enter into Antenna Site Agreements
that shall govern the leasing of space on all of the Current Towers being
transferred at such Closing; (iii) Seller will assign to Purchaser, and
Purchaser will assume the Tower Leases being assigned at such Closing; and (iv)
the parties will enter into, execute and deliver such other documents as they
reasonably deem necessary to consummate the transactions at such Closing
contemplated hereby.

          (c) In connection therewith, at and for each of the Closings, each
party will prepare, execute and deliver each agreement, instrument and item
required by this Agreement to be executed and delivered and not theretofore
accomplished, including without limitation: (1) the recordable assignments of
Ground Leases; (2) the Antenna Site Agreements; (3) assignment and assumption
agreements; (4) bills of sale; (5) customary title affidavits and sale
conveyance and assignment documents; and (6) such other appropriate and
customary documents and take such additional actions as any party or its counsel
reasonably may request for the purpose of consummating the transactions
contemplated by this Agreement and to vest fully in Purchaser ownership of the
Assets.

          (d) At each of the Closings, Seller shall deliver to Purchaser with
respect to the Assets transferred at the applicable Closing: (i) all keys to all
Improvements; (ii) all security and

                                      10
<PAGE>

access codes, if any, applicable to all Improvements; (iii) originals of all
Assumed Commitments; and (iv) all other documents specifically relating to the
Assets that do not represent Seller's corporate books and records. After each of
the Closings and with respect to the Assets transferred at the applicable
Closing, Seller shall promptly (A) notify all Tower Lease tenants of the
assignment thereof to Purchaser, and (B) upon receipt, pay over to Purchaser any
rental payments under the Tower Leases received by Seller for periods after the
Closing net of any prepaid expenses from Seller.

          (e) With respect to each of the Closings, all income and expenses
relating to the Assets being transferred at such Closing shall be prorated
between the parties as of 12:01 a.m. on the applicable Closing Date.

     2.6 Structural and Environmental Review Period; Put-Back Rights.
         -----------------------------------------------------------

          (a) Except as expressly stated herein to the contrary, Purchaser
acknowledges that it has had the adequate opportunity to inspect the structural
and environmental condition of the Assets based on documents provided by Seller,
and to object in writing to any matters reasonably deemed material by Purchaser
relating to the structural or environmental condition of the Assets, other than
as relates to title issues. The parties acknowledge that Purchaser has not
conducted an independent analysis of the environmental or structural condition
of the Assets beyond Purchaser's analysis of the documentation provided to
Purchaser by Seller. Schedule 2.6 lists and describes: (i) potential defects
that Purchaser has discovered in the course of its inspection, (ii) the Tower
sites for which Phase I environmental reports have not been provided to
Purchaser, and (iii) the Tower sites for which structural drawings have not been
provided to Purchaser. If Purchaser has not so objected, Purchaser shall be
conclusively deemed to have waived its right to so object under this Section
2.6. Seller acknowledges that Purchaser has relied on the documents provided by
Seller to Purchaser and the representations and warranties contained in Section
3.14 in conducting its due diligence. The Existing Tower Construction Site
Towers shall have at least the same overall proportional structural capacity as
the Towers included on Schedule 1.

          (b) If Purchaser makes any such objection, then Seller shall use
commercially reasonable efforts, at its sole cost, to cure such objection. If by
the applicable Closing Date, Seller has not cured any such objection, then
Purchaser, in its sole discretion, can elect, by notifying Seller in writing
thereof no later than ten (10) days before the Closing Date, to (i) waive such
objection as to any or all of the affected Assets; or (ii) terminate this
Agreement as to the affected Assets only.

          (c) Notwithstanding the foregoing, if pursuant to this Section 2.6 or
Article VI, Purchaser elects to terminate either (i) a total of nineteen (19) or
more of the Current Towers at any time up to and including the Closing Date for
the First Closing, or (ii) a total of forty-five (45) or more of the Current
Towers at any time up to and including the Closing Date for the Second Closing,
Seller may terminate this Agreement as to all Assets that have not yet been
transferred pursuant to a Closing, including Current Towers and Future Towers.
Upon any termination pursuant to the terms of Section 2.6 or Article VI, neither
party will have any further rights, liabilities or obligations hereunder with
respect to the Assets as to which this Agreement is

                                      11
<PAGE>

terminated, except for those matters contained herein that expressly survive the
termination of this Agreement.

          (d) (i) The generality of Section 2.6(a)-(c) notwithstanding,
Purchaser shall retain the right to continue its inspection of the Towers to be
conveyed to Purchaser at the First Closing through and including January 19,
2001. If Purchaser makes any objections with respect to such Towers due to the
failure of a Condition Precedent enumerated in Articles VI or VII by January 19,
2001, Seller may, in its sole discretion and at its sole cost, make the
determination to cure such objections; provided, however, that material
non-compliance with FAA or Environmental, Health and Safety Laws shall be deemed
non-curable and Seller shall accept delivery of such affected Towers if
Purchaser had previously taken possession thereof.

               (ii) If such objections are not cured to Purchaser's commercially
reasonable satisfaction by the date of the Second Closing (or as otherwise
extended by the parties in writing), Purchaser may, at its sole election, "put
back" such Tower(s) to Seller through customary conveyancing documentation,
including without limitation, the documentation described in Section 2.5(c)
hereof. If Purchaser puts back to Seller a Tower conveyed to Purchaser in the
First Closing, Seller shall immediately pay the Purchase Price for such Tower
into the escrow account for application to the Closing Price for the Towers to
be conveyed at the Second Closing. Purchaser shall not be required to make any
representations or warranties in such documents other than that there has
occurred no material change or alteration in such Assets since the applicable
Closing Date and Purchaser will agree to indemnify and hold harmless Seller from
and against any losses that result from such material changes or alterations
while such Tower was in Purchaser's possession.

               (iii) Any Towers that Purchaser puts back to Seller shall count
as a terminated Tower as contemplated by this Section 2.6 or Article VI hereof.
Seller and Purchaser agree that both parties shall be entitled to specific
performance to enforce the terms of this Section 2.6(d).

          (e) For each of the Future Towers, Purchaser shall be given a minimum
of thirty (30) calendar days advance notice (in addition to the ten (10)
business day period described in Section 5.13 hereof) prior to a Closing of the
Future Towers that shall be included in a group of Towers to be offered to
Purchaser pursuant to Section 5.13 hereof so that Purchaser may conduct any and
all necessary inspection of the structural and environmental condition of the
Assets. Without limiting the generality of the foregoing, Seller shall forward
information relating to their structural and environmental condition of each of
the Future Towers and copies of Ground Leases relating thereto promptly
following receipt by Seller.

          (f) Purchaser acknowledges and agrees that, except as otherwise
expressly stated herein to the contrary, following the inspection described in
this Section 2.6, Purchaser shall be bound to purchase the Current Towers on the
applicable Closing Date as soon as the Conditions Precedent enumerated in
Article VI have been satisfied unless one or more Towers become Casualty Sites.

                                      12
<PAGE>

     2.7 Tower Exclusion Adjustment. If pursuant to Section 2.6 or Article VI,
         --------------------------
Purchaser elects to terminate this Agreement as to specific Assets regarding
which Seller has not timely cured Purchaser's objections, and Seller has not
terminated this Agreement as to all Assets, including without limitation,
Current Towers and Future Towers, as permitted by Section 2.6, Seller shall
retain all rights with respect to any Tower that Purchaser elects to exclude,
including without limitation the right to continue operating any Tower and/or to
sell any such Tower or Towers to a third party.

     2.8 Notice and Option Right. Seller shall retain an option to lease from
         -----------------------
Purchaser the last available commercial space on the Current Towers and Future
Towers identified on Schedule 2.8 attached hereto that Seller can utilize in the
same manner that Seller currently utilizes Tower space (irrespective of the
space that Seller leases pursuant to an Antenna Site Agreement), and at the cost
reflected on Schedule 2.8. At such time, Seller shall also specify its needs so
that Purchaser is capable of determining what space constitutes "available
commercial space" on a Tower for the purposes of this Section 2.8. Upon being
notified by Purchaser that Purchaser has an offer for the lease of such last
available commercial space on a Tower to which the option applies (i.e., a Tower
that Seller has designated as such), Seller shall have fifteen (15) calendar
days in which to exercise its option and agree to lease such space or reject it,
in either case in Seller's sole discretion. If Seller exercises its option to
lease such Tower space, all of the terms and conditions of the Antenna Site
Agreement for such Tower shall apply and Seller and Purchaser agree to negotiate
any related terms in good faith and consistent with the terms and conditions of
the Antenna Site Agreement.

     2.9 Allocation of Transfer, Property and Other Taxes. Notwithstanding any
         ------------------------------------------------
other provision of this Agreement or the Antenna Site Agreements, all Transfer
Taxes incurred in connection with the transactions contemplated by this
Agreement or the Antenna Site Agreements shall be borne solely by Purchaser.
Purchaser and Seller shall cooperate in providing each other with any
appropriate resale exemption certifications and other similar documentation. The
party that is required by applicable law to file the tax returns with respect to
any applicable Transfer Taxes shall do so, and the other party shall cooperate
with respect thereto as necessary. The foregoing notwithstanding, with respect
to Assets transferred at a particular Closing, Purchaser shall be solely
responsible for, and shall indemnify Seller against, all Taxes incurred or
relating to periods after such Closing Date.

              ARTICLE III-REPRESENTATIONS AND WARRANTIES OF SELLER

     Seller represents and warrants to Purchaser (and re-asserts such
representations and warranties at each Closing) the following as of the date
hereof:

     3.1 Organization and Good Standing; Power and Authority; Authorization and
         ----------------------------------------------------------------------
Validity. Seller is a Louisiana limited liability company, duly organized and
--------
validly existing under the laws of the State of Louisiana, with all requisite
powers and authority to carry on the business in which it is engaged and to own
the properties it owns and leases. Seller has full power and authority to

                                      13
<PAGE>

execute, deliver, and perform its obligations under this Agreement and all other
agreements, instruments and documents it is or will be executing in connection
with this Agreement and the transactions contemplated hereby. This Agreement and
each other agreement, instrument and document contemplated by this Agreement
have been or will be duly executed and delivered by Seller and constitute, or
upon execution and delivery will constitute, legal, valid, and binding
obligations of Seller, enforceable in accordance with their terms, subject to
applicable bankruptcy and other laws affecting creditors' rights generally.

     3.2 Title; Assets. (a) Seller has good and marketable title to the Assets
         -------------
and at each Closing will deliver and convey to Purchaser the Assets free and
clear of all liens, encumbrances, mortgages, security interests, pledges, and
transfer restrictions except for Permitted Encumbrances. Immediately after
consummation of the transactions contemplated by this Agreement, Purchaser will
own and be entitled to use the Assets free and clear of all liens, encumbrances,
mortgages, security interests, pledges, and transfer restrictions, except for
Permitted Encumbrances and any interest of Seller under any recorded memorandum
of a Antenna Site Agreement.

          (b) To Seller's knowledge, (i) each Ground Lease lessor has good and
marketable title to the subject Land, but Seller makes no further representation
or warranty regarding any such lessor's title to any Land; (ii) each Ground
Lease is in full force and effect and has not been modified or amended; (iii)
Seller is in actual possession of the leased premises under each of the Ground
Leases; (iv) Seller has paid the rent set forth in each of the Ground Leases on
a current basis and there are no past due amounts; (v) except as expressly set
forth in the Ground Leases, Seller is not obligated to pay any additional rent
or charges to any of the Ground Lease lessors for any period subsequent to the
Closing Date for such Ground Lease; and (vi) Seller has not received notice from
or given notice to any Ground Lease lessor claiming that such Ground Lease
lessor or Seller is in default under any of the Ground Leases, and, to the best
of Seller's knowledge, there is no event which, with the giving of notice of the
passage of time or both, would constitute such a default.

                                      14
<PAGE>

     3.3 Commitments. Except for the Tower Leases and Ground Leases identified
         -----------
in Schedules 1 and 2 and such Towers as are currently under construction at
Existing Tower Construction Sites, and except for the Permitted Encumbrances, as
of the applicable Closing Date, none of the Assets will be bound or affected by,
whether or not in writing, any: (i) partnership or joint venture agreement; (ii)
mortgage, deed of trust, or other security agreement; (iii) guaranty,
suretyship, indemnification, or contribution agreement or performance bond; (iv)
debt instrument, loan agreement, letter of credit arrangement, or other
obligation relating to indebtedness for borrowed money or money loaned to
another; (v) deed or other document evidencing an interest in or contract to
purchase or sell real or personal property; (vi) franchise, dealership,
distributorship, marketing, sales, agency, or other similar agreement; (vii)
lease of real or personal property, whether as lessor, lessee, sublessor, or
sublessee; (viii) contract containing a noncompetition covenant; (ix) any other
contract or arrangement that involves either an unperformed commitment in excess
of $25,000 or that terminates more than one year from the date hereof; or (x)
any other agreement or commitment not made in the ordinary course of business or
that is material to the Assets (all of the foregoing are collectively referred
to as "Commitments").
       -----------

     3.4 No Violation; Restrictions, Required Licenses, Permits, etc.
         -----------------------------------------------------------

          (a) The execution, delivery and performance of this Agreement and the
documents and other agreements to be delivered hereunder by the Seller and the
consummation of the transactions contemplated thereby by the Seller will not (i)
violate any provision of the Seller's Articles of Organization, (ii) violate,
conflict with or result in the breach of any of the terms of, result in a
material modification of the effect of, otherwise give any other contracting
party the right to terminate, or constitute (or with notice or lapse of time or
both constitute) a default under, any contract or other agreement to which the
Seller is a party or by or to which it or any of its assets or properties may be
bound or subject, as any of the foregoing relate to the Assets and Seller's
ability to perform the Antenna Site Agreements, (iii) violate any order,
judgment, injunction, award or decree of any governmental authority by which the
Seller, or the assets, properties or business of such Seller are bound, as any
of the foregoing relate to the Assets and Seller's ability to perform the
Antenna Site Agreements, (iv) violate any law, or (v) violate or cause any
revocation of or limitation on any license as any of the foregoing relate to the
Assets and Seller's ability to perform the Antenna Site Agreements (A) that is
necessary to the lawful conduct of its business or (B) the violation, revocation
or limitation of which could reasonably be expected to have a material adverse
effect on the Seller, its assets or its businesses.

          (b) Seller is not a party to, and none of the Assets is subject to or
otherwise affected by, any Commitment or Applicable Law that will materially and
adversely affect the Assets.

          (c) Seller has provided Purchaser copies of the licenses, franchises,
permits, zoning variances, and other authorizations held by Seller in connection
with the Assets that are in Seller's possession. Seller possesses all licenses,
franchises, permits, zoning variances, and other authorizations necessary to own
and operate the Assets. The Assets comply with all material Applicable Laws
relating to land use and zoning.

                                      15
<PAGE>

     3.5 Taxes. Seller has paid all Taxes owed by it or otherwise owed with
         -----
respect to the Assets and Seller is not delinquent in the payment of any Tax
except for Tax being contested in good faith by Seller and for which Seller has
established adequate reserves and which are disclosed on Schedule 3.5. There is
no Tax deficiency or delinquency asserted or threatened against Seller or the
Assets except for Tax being contested in good faith by Seller and for which
Seller has established adequate reserves; and there is no unpaid Tax owed by or
to be collected by Seller (excluding Taxes not yet determined or assessed) that
could be asserted by any Taxing Authority for which Purchaser may become liable
as a result of the transactions contemplated by this Agreement or the liability
for which might encumber the Assets after the Closing.

     3.6 Consents. Except for (a) the Consents identified on Schedules 1 and 2,
         --------
which have been obtained or which commercially reasonable efforts will be used
by the parties to obtain before the First Closing, the Second Closing and each
Future Closing, (b) the consent and authorization of the Board of Directors of
Seller, which authorizations have been obtained, and (c) the consent of lenders
to Seller, which consents shall be obtained within ten (10) business days of the
date hereof, no Consent is required to authorize, or is required in connection
with, the execution, delivery, or performance of this Agreement or related
documents on the part of Seller.

     3.7 Financial and Tax Information. Schedule 3.7 sets forth Seller's good
         -----------------------------
faith estimate of information concerning the monthly income and Tower level
expenses (e.g., Ground Lease rent, and Seller's good faith estimate of Taxes and
other expenses attributable to the Assets, but excluding utilities and other
costs of Purchaser that Seller cannot estimate) for the current twelve (12)
month period; provided, however, that Seller is unable to estimate Purchaser's
expenses from and after any of the Closings.

     3.8 Litigation. To Seller's knowledge, there is no Litigation against or
         ----------
affecting any of the Assets. Seller knows of no valid basis for any such
Litigation. Seller is not subject to or in default of any Order.

     3.9 Environmental Matters. To the best of Seller's knowledge, neither
         ---------------------
Seller nor the Assets is in violation of, or subject to any investigation or
dispute regarding any Environmental, Health and Safety Law. There is no fact or
condition caused or known by Seller regarding the Assets that could lead to any
environmental liability of Seller or Purchaser. Seller has materially complied
with all Environmental, Health, and Safety Laws applicable to the Real Property,
and no action, suit, proceeding, hearing, investigation, charge, complaint,
claim, demand, or notice has been filed or commenced against it alleging any
failure so to comply. Without limiting the generality of the preceding sentence,
Seller has obtained and been in compliance with all of the terms and conditions
of all permits, licenses, and other authorizations that are required under, and
has complied with all other limitations, restrictions, conditions, standards,
prohibitions, requirements, obligations, schedules, and timetables that are
contained in, all Environmental, Health, and Safety Laws applicable to the Real
Property. To Seller's knowledge, no Hazardous Materials have been placed on or
in any Real Property or any structure thereon by Seller or, to the best
knowledge of Seller, by any prior owner or user of any Real Property. To
Seller's knowledge,

                                      16
<PAGE>

no underground storage tanks for petroleum or any other substance, or
underground piping or conduits are or, have previously been located on any Real
Property. To the best knowledge of Seller, no other party has caused the release
of or contamination by Hazardous Materials on the Real Property or otherwise
violated any Environmental, Health and Safety Laws regarding the Real Property.
Seller has provided Purchaser with all environmental studies, records and
reports in its possession or control, and all correspondence with any
governmental entities, concerning environmental conditions of the Real Property.

     3.10 Real Estate Matters. With respect to the Real Property:
          -------------------

          (a) (i) All Improvements are in material compliance with all
Applicable Laws; (ii) to the best of Seller's knowledge, there is no structural
or latent defect in such Improvements that has not been disclosed to Purchaser;
(iii) all Improvements have been maintained in accordance with normal industry
practice; and (iv) to the best of Seller's actual knowledge, the Improvements
are in working order adequate for normal operations, are in good operating
condition and repair (subject to normal wear and tear), and are suitable for the
purposes for which they presently are used.

          (b) Seller has received no notice of, and Seller has no knowledge of,
any pending or threatened litigation, condemnation, or sale in lieu thereof with
respect to any portion of the Real Property relating to or arising out of the
ownership of the Real Property by any governmental instrumentality. Seller has
no knowledge of any proposed material increase in real property Taxes not a
matter of public record. Seller has no information or knowledge of any change
contemplated in any Applicable Laws that would have a material adverse effect
upon any Real Property or its value.

          (c) To the best of Seller's knowledge, Seller currently has
indefeasible, legal and practical access from the Real Property to existing
public highways or public roads. There exists no fact or condition known to the
Seller that will result in the termination or reduction of the current access
from the Real Property to existing highways and roads, or to sewer or other
utility services serving the Real Property. All utilities required for the
operation of the Improvements enter the Real Property through adjoining public
streets or, if they pass through an adjoining private tract, do so in accordance
with valid easements. All utilities are installed and operating and all
installation and connection charges have been paid in full.

          (d) The legal descriptions for the Real Property contained in the
Ground Leases describe such parcels fully and adequately. The Improvements are
located within the boundary lines of such legal descriptions (and, if
applicable, Easements), and are not in violation of applicable setback
requirements, zoning laws, and ordinances (and none of the Real Property is
subject to "permitted non-conforming structure or use" or similar
classifications). The Improvements do not encroach on any easement that may
burden the Land.

                                      17
<PAGE>

          (e) To the best of Seller's knowledge, the Real Property is not
located within any flood plain or subject to any similar type restriction for
which any permits or licenses necessary to the use thereof have not been
obtained.

          (f) All Improvements have received all approvals of governmental
authorities required in connection with the ownership or operation thereof and
have been operated and maintained in accordance with Applicable Laws.

          (g) There are no leases, subleases, licenses, concessions, or other
agreements, written or oral, granting to any party or parties the right of use
or occupancy of any portion of the of Real Property, except for the Tower Leases
and Ground Leases described in Schedules 1 and 2. There are no parties (other
than Seller) in possession of the Real Property, except tenants under Tower
Leases disclosed in Schedules 1 and 2.

          (h) Schedules 1 and 2 describe briefly all Ground Leases held by
Seller in connection with the Assets.

     3.11 Antenna Site Agreements. The Antenna Site Agreement for each site (i)
          -----------------------
has been or will at the applicable Closing be duly executed and delivered by
Seller and (ii) constitutes, or upon such execution and delivery at each Closing
will constitute, the legal, valid, and binding obligation of Seller enforceable
in accordance with its terms, subject to applicable bankruptcy and other laws
affecting creditors' rights generally. Seller has read and fully understands
each Antenna Site Agreement.

     3.12 Brokers' Fees. Seller has no liability or obligation to pay any fees,
          -------------
commissions, or other compensation to any broker, finder, or agent with respect
to the transactions contemplated by this Agreement for which Purchaser could
become liable or obligated, except for fees due to Bear, Stearns & Co. Inc.,
which shall be paid by Seller at each of the Closings, including Future
Closings.

     3.13 Compliance with Laws; Approvals. The Assets materially comply with all
          -------------------------------
applicable laws, rules and regulations, including without limitation, the
regulations of the FCC and FAA. Seller has received all government approvals,
licenses and permits necessary to operate the Assets.

     3.14 Disclosure. The representations and warranties contained in this
          ----------
Article III do not contain any untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements and
information contained in this Article III not misleading. Copies of all
documents furnished by or on behalf of Seller to Purchaser are complete and
accurate in all material respects.

     3.15 Mechanics' Liens. On the applicable Closing Date, there will be no
          ----------------
outstanding contracts made or authorized by Seller for the Improvements or any
other work or services to the Assets being transferred at a particular Closing,
including without limitation professionals such as architects, engineers and
planners, which have not yet been fully satisfied and paid for.

                                      18
<PAGE>

              ARTICLE IV-REPRESENTATION AND WARRANTIES OF PURCHASER

     Purchaser represents and warrants to Seller (and re-asserts such
representations and warranties at each Closing) the following:

     4.1 Organization and Good Standing; Power and Authority; Authorization and
         ----------------------------------------------------------------------
Validity. Purchaser is a corporation, duly organized, validly existing, and in
--------
good standing under the laws of the State of Florida, with all requisite powers
and authority to carry on the business in which it is engaged and to own the
properties it owns. Purchaser has full power and authority to execute, deliver,
and perform its obligations under this Agreement and all other agreements and
documents it is or will be executing in connection with this Agreement and the
transactions contemplated hereby. This Agreement and each other agreement,
instrument and document contemplated by this Agreement have been or will be duly
executed and delivered by Purchaser and constitute, or upon execution and
delivery will constitute, legal, valid, and binding obligations of Purchaser,
enforceable in accordance with their terms.

     4.2 No Conflict. The execution, delivery and performance of this Agreement
         -----------
and the documents and other agreements to be delivered hereunder by the
Purchaser and the consummation of the transactions contemplated thereby by the
Purchaser will not (a) violate any provision of the Purchaser's articles of
incorporation, (b) violate, conflict with or result in the breach of any of the
terms of, result in a material modification of the effect of, otherwise give any
other contracting party the right to terminate, or constitute (or with notice or
lapse of time or both constitute) a default under, any contract or other
agreement to which the Purchaser is a party or by or to which it or any of its
assets or properties may be bound or subject, (c) violate any order, judgment,
injunction, award or decree of any governmental authority by which the
Purchaser, or the assets, properties or business of such Purchaser are bound,
(d) violate any law, or (e) violate or cause any revocation of or limitation on
any license (i) that is necessary to the lawful conduct of its business or (ii)
the violation, revocation or limitation of which could reasonably be expected to
have a material adverse effect on the Purchaser, its assets or its businesses.

     4.3 Consents. To Purchaser's knowledge, except for the authorization of the
         --------
Boards of Directors of SBA Properties, Inc. and SBA Communications Corporation
for the Purchaser to execute and deliver this Asset Purchase Agreement and
consummate the transactions contemplated herein, which authorizations have been
obtained, no Consent is required to be obtained by the Purchaser in connection
with the execution and delivery of this Agreement or the consummation of the
transactions hereunder.

     4.4 Brokers. Purchaser shall be solely responsible for any agent, broker or
         -------
other person that it has engaged or will engage to act pursuant to the express
or implied authority of such Purchaser and that is or may be entitled to a
commission or broker's or finder's fee in connection with this Agreement or
otherwise with respect to the sale of the Assets, except for fees due to Bear,
Stearns & Co. Inc., which shall be paid by Seller at each of the Closings,
including Future Closings.

                                      19
<PAGE>

     4.5 Financial Qualifications. Purchaser represents and warrants to Seller
         ------------------------
that at and after Closing Purchaser will have the financial ability to perform
Purchaser's obligations under this Agreement. Moreover, as of the date of this
Agreement, Purchaser has adequate cash, cash equivalents or availability under
its credit facilities to borrow sufficient sums to pay the Closing Price for the
First Closing.

     4.6 Solvency. Purchaser is, and after giving effect to this Agreement and
         --------
the transactions contemplated hereunder will be, solvent and is not subject to
any voluntary or involuntary proceedings in bankruptcy, reorganization,
dissolution or liquidation or to any assignment for the benefit of creditors,
and no trustee, receiver or liquidator has been appointed for Purchaser.

     4.7 Disclosure. No representation, warranty or statement of Purchaser
         ----------
contained in this Agreement, in any schedule or exhibit, or any agreement or
document delivered under this Agreement or in connection herewith contains or
will contain any untrue statement of a material fact or omits to state a
material fact necessary to make the statements contained herein and therein not
misleading. Copies of all documents furnished by or on behalf of Purchaser to
Seller are complete and accurate in all material respects. There is no fact that
Purchaser has not disclosed to Seller that could reasonably be expected to have
a material adverse effect on Purchaser, its businesses or its assets.

     4.8 Litigation. To Purchaser's knowledge, there is no material Litigation
         ----------
that could have an effect on any of the Assets or Purchaser's ability to comply
with the terms and conditions of this Agreement. Purchaser knows of no valid
basis for any such Litigation. Purchaser is not subject to or in default of any
Order that could affect its obligations hereunder or with respect to any of the
Assets.

                               ARTICLE V-COVENANTS

     5.1 Cooperation. Each party shall use commercially reasonable efforts to:
         -----------
(a) take all action and do all things necessary, proper, or advisable in order
to consummate and make effective the transactions contemplated by this Agreement
(including satisfaction, but not waiver, of the closing conditions set forth in
Articles VI and VII, as applicable), (b) proceed promptly to make or give the
necessary applications, notices, requests, and filings to obtain the Consents
necessary to consummate the transactions contemplated by this Agreement; (c)
cooperate with and keep the other party informed in connection with this
Agreement; and (d) take such actions as the other party may reasonably request
to consummate the transactions contemplated by this Agreement and diligently
attempt to satisfy all conditions precedent that it is obligated to satisfy in
order to close the transactions contemplated by this Agreement.

     5.2 Confidentiality. Purchaser and Seller shall cause all information
         ---------------
obtained by them in connection with this Agreement or the negotiation hereof to
be treated as proprietary and confidential (other than information that is
public knowledge) and shall not use or disclose, except

                                       20
<PAGE>

as may be required by law, or knowingly permit others to use or disclose, any
such information in a manner detrimental to Purchaser or Seller, as the case may
be, and, if the transactions contemplated by this Agreement are not consummated,
will return all such information to the provider. Notwithstanding the foregoing
the parties shall issue a mutually acceptable press release describing the
transactions contemplated pursuant to this Agreement.

     5.3 Conduct of Business Before Closing Date. During the period pending the
         ---------------------------------------
Closing or earlier termination of this Agreement, except as otherwise permitted
or required by this Agreement, Seller shall: (a) conduct the operations of the
Assets in the ordinary and usual course and use its reasonable efforts to
maintain and preserve intact its business organization and relationships; (b)
notify Purchaser of any emergency or other material change in the normal course
of operations of the Assets and of any pending or threatened governmental
complaints, investigations, or hearings (communications indicating that the same
may be contemplated) that would be material to the Assets; (c) not solicit,
initiate or encourage, or authorize, directly or indirectly, any inquiry or
proposal for the acquisition of all or any material part of the Assets, or enter
into negotiations for any such proposal, or provide any person with information
or assistance in furtherance of any such inquiry or proposal, and promptly
notify Purchaser of all inquiries or proposals received with respect to such
matters; (d) take no action that, or omit to take any action that the failure to
take which, would cause or permit the Seller's representations and warranties in
this Agreement to be untrue in any material respect at the Closing; (e) maintain
existing insurance coverage for the Assets; (f) not mortgage, pledge, or
otherwise encumber, or lease any of the Assets except for the Existing Tower
Construction Sites and the Future Towers; (g) not accelerate, modify, or cancel
any Tower Lease or Ground Lease, or any other agreement or license constituting
a part of the Assets, except to the extent reasonably necessary to enforce
Seller's rights thereunder; (h) not enter into any other commitment or
transaction that is material to this Agreement or to the transactions
contemplated hereby or that will materially and adversely affect the Assets; and
(i) use commercially reasonable efforts to obtain any Consent, that are required
to consummate the Seller's obligations contemplated by this Agreement.

     5.4 Access. During the period from the date hereof to the applicable
         ------
Closing Date or earlier termination of this Agreement, Seller shall permit
Purchaser and its authorized representatives reasonable access to (during normal
business hours) all of the Assets of Seller and furnish Purchaser all documents,
records, and information as Purchaser may reasonably request, to permit
Purchaser to become familiar with the Assets. In connection therewith, upon
reasonable notice to Seller, Purchaser, its agents and representatives, shall
have the right to enter into the Real Property prior to Closing hereunder for
purposes of conducting surveys, tests, market studies, and such other tests,
investigations, studies and/or inspections as reasonably Purchaser deems
necessary or desirable to evaluate the Assets. Purchaser shall bear all costs,
expenses and risks associated with any such inspection, and shall indemnify
Seller from all Damages incurred by Seller resulting therefrom.

     5.5 Notice of Material Change. Seller shall supplement or amend the
         -------------------------
Schedules hereto to disclose the occurrence of any event or the existence of any
state of facts that: (a) if known or in

                                       21
<PAGE>

existence at any time before the Closing, would have been required to have been
set forth in a Schedule; or (b) would make any of Seller's representations and
warranties materially untrue.

     5.6 Seller's Employee Benefits. Purchaser will have no obligation to
         --------------------------
provide continuation coverage or any Employee Benefits to any employee or former
employee of Seller, or to any of their dependents.

     5.7 Post Closing Audits. Seller will cooperate reasonably with Purchaser
         -------------------
and will make accessible to Purchaser and Purchaser's accountants Seller's
financial books and records regarding the Assets in connection with any audits
of Purchaser or its business pertaining to financings done by Purchaser after
the Closing.

     5.8 Legal Descriptions. No later than ten (10) days after the date of this
         ------------------
Agreement, Seller will provide to Purchaser, and all surveyors and title
insurers retained to provide Title Insurance Policies (defined in Section 5.9)
and Surveys (defined in Section 6.6) hereunder complete, accurate, valid, and
legally sufficient legal descriptions for each parcel of Real Property, and
describing the entire owned or leased area necessary for the operation of one or
more Towers on the subject site.

     5.9 Title Insurance. Within ten (10) days after provision of the legal
         ---------------
descriptions referenced in Section 5.8, Purchaser shall request, at Purchaser's
option and expense, with respect to each parcel of Real Property, an ALTA Ground
Lessee's Title Insurance Commitment (or equivalent acceptable to Purchaser), to
be issued by a title insurer mutually acceptable to the parties, in such amount
as Purchaser may determine to be the fair market value of such Real Property
(including all Improvements located thereon), insuring title to such Real
Property (or if applicable, leasehold interest pursuant to a recorded Ground
Lease) to be in Purchaser as of the Closing, subject only to the Permitted
Encumbrances and such other title exceptions as are acceptable to Purchaser
("Title Insurance Policies"). Purchaser shall act in good faith in attempting to
  ------------------------
procure Title Insurance Policies. Each Title Insurance Policy delivered
hereunder shall, when issued (A) insure title to the Real Property (or, if
applicable, ground leasehold interest therein) and all recorded easements and
servitudes benefiting such Real Property (or, if applicable, ground leasehold
interest therein), (B) insure over the general exceptions contained customarily
in such policies (Seller will provide all customary title, lien and possession
affidavits required by the title insurer to accomplish the foregoing), (C)
insure that the Real Property described in the title insurance policy is the
same Real Property as shown on the Survey delivered with respect to such Real
Property, (D) insure that there is unencumbered access to the Real Property, and
(E) if the Real Property consists of more than one record parcel, insure that
all of the record parcels are contiguous to one another.

     5.10 Ground Leases. For each Ground Lease, Seller shall use commercially
          -------------
reasonable efforts to assist Purchaser in procuring, in form and substance
satisfactory to Purchaser and the issuer of the Title Insurance Policies, the
following: (a) a recordable form of such Ground Lease (or memorandum thereof) if
the Ground Lease has not been recorded in the appropriate public records; and
(b) any estoppel agreement as described in Section 6.8 hereof.

                                       22
<PAGE>

     5.11 Exclusivity. Except with respect to any Towers that Purchaser has
          -----------
excluded pursuant to Section 2.6 hereof, during the period from the date hereof
through the Expiration Date, or earlier termination of this Agreement, Seller
shall not (i) solicit, initiate, or encourage the submission of any proposal or
offer from any person or entity relating to the acquisition of all or any
portion of the Assets, or (ii) participate in any discussions or negotiations
regarding, furnish any information with respect to, or assist or participate in,
or facilitate in any other manner any effort or attempt by any person or entity
to do or seek any of the foregoing.

     5.12 Further Assurances. In case at any time after the Closing any further
          ------------------
action is necessary to carry out the purposes of this Agreement, each of the
parties shall take such further action (including the execution and delivery of
such further instruments and documents) as the other party may reasonably
request, all the sole cost and expense of the requesting party, unless the
requesting party is entitled to indemnification therefor hereunder.

     5.13 Acquisition of Future Towers. The terms and conditions of this Section
          ----------------------------
5.13 shall apply only if Purchaser's Financing Condition has been met, Purchaser
has secured financing adequate to purchase the Future Towers and Purchaser has
made the Future Towers Deposit.

          (a) Until December 31, 2001 (the "Expiration Date"), Seller shall have
                                            ---------------
the obligation to sell to Purchaser and Purchaser shall have the option to
purchase from Seller, in groups of at least twenty-five (25), unless the parties
agree to a lower number (in either instance, the "Minimum Number"), and in the
                                                  --------------
aggregate of the lesser of (i) such Future Towers as Seller has completely
constructed from the date of this Agreement through and including December 31,
2001, or (ii) one hundred (100) Future Towers constructed by Seller and to
assign ground leases of related premises so long as, with respect to each of the
Future Towers, the (i) conditions established in Article VI hereof are
satisfied; and (ii) the Future Towers do not materially differ, on average, from
the Tower Criteria.

          (b) With respect to Purchaser's option to purchase Future Towers,
Purchaser must within ten (10) business days of Seller's offer to Purchaser: (i)
elect not to exercise the option, (ii) exercise the option with respect to all
of such Future Towers, or (iii) exercise the option with respect to certain but
not all of the Future Towers offered to the Purchaser; provided, however, that
Purchaser may not exclude more than fifteen (15) of all of the Future Towers
that meet the Tower Criteria that are offered to the Purchaser. If Purchaser
excludes more than fifteen (15) Future Towers, Seller may, in its sole
discretion, cancel and withdraw the offer relating to such Future Towers in its
entirety and Seller shall retain all rights with respect to such Future Towers,
including without limitation the right to continue operating any of such Future
Towers and/or to sell any such Future Tower or Future Towers to a third party.
If Purchaser elects not to exercise its option, the Future Towers Deposit shall
be refunded to Purchaser and neither party shall have any further obligations to
the other, except as expressly provided to the contrary in this Agreement,
exhibits and related documents.

                                       23
<PAGE>

          (c) Purchaser shall not be required to consummate any purchase until
at least the Minimum Number of Towers satisfying the requisite conditions have
been constructed for sale to Purchaser. Before commencing construction of any
Future Towers for sale to Purchaser hereunder, Seller shall provide Purchaser
fifteen (15) days prior written notice, which notice shall include copies of all
plans, specifications and other documents regarding the Future Towers and the
construction thereof that Purchaser reasonably deems appropriate. Purchaser
shall have the opportunity to comment on such plans, specifications and other
documents and seek modifications thereto; provided, however, that any such
modifications implemented by Seller shall be at Purchaser's sole cost and
responsibility and Purchaser agrees to pay such costs when and as invoiced,
regardless of whether Purchaser ultimately takes possession of such Tower(s).

     5.14 Tower Construction. Seller shall proceed in a commercially reasonable
          ------------------
manner to, and in any event shall, no later than the Closing Date for the Second
Closing: (a) complete construction of a Tower on each of the locations
identified on the attached Schedule 5.14 (each, an "Existing Tower Construction
                                                    ---------------------------
Site"); (b) convey, assign and transfer to Purchaser, free and clear of all
----
liens and encumbrances other than Permitted Encumbrances, and pursuant to such
documentation as is reasonably satisfactory to Purchaser, each such Tower and
ground lease; and (c) satisfy all conditions set forth in Article VI hereof with
respect to each such Tower and ground lease. Notwithstanding the foregoing,
should Seller be unable to complete construction of the Existing Tower
Construction Sites by the aforementioned date due, the time for performance of
the foregoing obligations of Seller shall be extended for a period of time
reasonably necessary under the circumstances; provided, however, that any such
extended Existing Tower Construction Sites shall not count as a terminated Tower
as contemplated by Section 2.6 or Article VI hereof.

     5.15 HSR Act Compliance. If Purchaser or its counsel determine that the
          ------------------
parties are required to file with the Federal Trade Commission and the Antitrust
Division of the United States Department of Justice under the Hart-Scott-Rodino
Act (the "HSR Act") in connection with this Agreement, the parties shall use
          -------
best efforts to obtain an early termination of the applicable waiting period,
and shall make any further filings pursuant thereto that may be necessary,
proper or advisable in connection therewith. Purchaser shall pay any filing fee
required in connection therewith.

     5.16 Condition of Assets; Intended Use.
          ---------------------------------

          (a) Prior to each of the Closings, Purchaser will have inspected the
Assets to be sold at such Closing and, except for representations and warranties
to the contrary contained in this Agreement and subject to Section 2.6 hereof,
Purchaser will accept such Assets "AS IS" and "WHERE IS."

          (b) EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY GIVEN IN
THIS AGREEMENT, NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, HAS BEEN MADE
BY OR ON BEHALF OF THE SELLER WITH RESPECT TO THE CONDITION OF THE ASSETS OR THE
PRESENT OR FUTURE SUITABILITY THEREOF FOR ANY INTENDED USE BY PURCHASER.

                                       24
<PAGE>

          (c) Seller makes no warranty, express or implied, regarding the
commercial suitability of the Assets for Purchaser's intended use. Purchaser
acknowledges that Purchaser's knowledge of its intended commercial activity is
equal or superior to that of Seller, and consequently Seller cannot offer, and
have not offered, any warranty, express or implied, with regard to Purchaser's
intended commercial use of the Assets.

     5.17 Nonassignable Contracts. (a) Notwithstanding anything to the contrary
          -----------------------
in this Agreement, this Agreement shall not constitute an agreement to assign or
transfer any Tower or any governmental approval, instrument, contract, lease,
warranty, permit or other agreement or arrangement or any claim, right or
benefit arising thereunder or resulting therefrom if an assignment or transfer
or an attempt to make such an assignment or transfer without a required approval
or Consent would constitute a breach or violation thereof or affect adversely
the rights of the Seller or the Purchaser.

          (b) Seller and Purchaser shall continue to use all reasonable efforts
to obtain any such approval or Consent until such time as such Consent or
approval has been obtained, and Seller will cooperate with Purchaser (it being
understood that such efforts shall not include any requirement of Seller or
Purchaser to expend money or grant any financial accommodation (other than its
own reasonable fees and expenses of counsel and advisors), unless the Purchaser
has agreed to reimburse Seller or such Subsidiaries therefor) to provide that
the Purchaser shall receive the interest of Seller in the benefits under (and to
the extent permitted by) any such instrument, contract, lease, warranty or
permit or other agreement or arrangement. In addition, Seller shall take such
other actions (at Purchaser's expense) as may reasonably be requested by
Purchaser in order to place Purchaser, insofar as reasonably possible, in the
same position as if such governmental approval, instrument, contract, lease,
warranty, permit or other agreement or arrangement had been transferred as
contemplated hereby and so all the benefits and burdens relating thereto shall
inure to and be assumed by the Purchaser from and after the applicable Closing
Date. If and when such Consents and approvals are obtained, the transfer of the
applicable governmental approval, instrument, contract, lease, warranty, permit
or other agreement or arrangement shall be effected in accordance with the terms
of this Agreement; provided, however, that until such time, the Tower at issue
shall not count as a terminated Tower as contemplated by Section 2.6 or Article
VI hereof.

     5.18 Casualty Sites. (a) In the event that prior to one of the Closings,
          --------------
Seller or Purchaser discovers that a Tower constitutes a Casualty Site, Seller
or Purchaser, as the case may be, shall promptly inform the other party. If a
Tower is deemed a Casualty Site, Seller shall, in its sole discretion, elect one
of the following options with respect to each such Casualty Site: (i) Seller may
elect to exclude any Casualty Site from the Assets to be transferred pursuant to
this Agreement, and such exclusion shall not count against the total number of
Current Towers that Purchaser may exclude; or (ii) Seller may repair the Tower
so as to bring the condition of such Tower to the condition that it was in
immediately prior to the event or occurrence of casualty causing such Tower to
be designated as a Casualty Site, or, in lieu thereof, pay Purchaser at the
relevant Closing the amount reasonably determined by Seller and agreed to by
Purchaser, such

                                       25
<PAGE>

agreement by Purchaser not to be unreasonably withheld, delayed or conditioned,
to be required to repair the Tower in the manner described above.

          (b) With respect to each Casualty Site, if Seller does not repair the
Tower or pay Purchaser to repair the Tower pursuant to this Section 5.18 prior
to the Expiration Date, then, in each such case, such Casualty Site shall be
treated as if Seller had elected to exclude such Casualty Site from the Assets
to be conveyed hereby; provided, however, that the Tower at issue shall not
count as a terminated Tower as contemplated by Section 2.6 or Article VI hereof.

     5.19 Zoning Inquiries. Seller shall permit Purchaser to contact any
          ----------------
Governmental Authority about the Assets' compliance with Applicable Laws;
provided, however, that any Towers that Purchaser excludes on the basis of
information learned in the course of such inquiry shall count as a terminated
Tower as contemplated by Section 2.6 or Article VI hereof.

                   ARTICLE VI-PURCHASER'S CONDITIONS PRECEDENT

     The obligations of Purchaser to close on a particular Tower site are
subject to the fulfillment as to such Tower site (subject to Section 2.6) and
related Assets at the applicable Closing of each of the following conditions
(with respect to such Closing):

     6.1 Representations and Warranties. Each representation and warranty of
         ------------------------------
Seller contained herein (irrespective of any knowledge qualifier contained
therein) shall be true and correct in all material respects as of the Closing,
subject to any changes expressly contemplated by this Agreement.

     6.2 Covenants. Seller shall have performed and complied with all covenants
         ---------
or conditions required to be performed and complied with by Seller at or before
the Closing. In addition, (a) the parties shall have received full clearance to
proceed with the transaction contemplated herein if the parties determined that
it was necessary to file under the HSR Act and (b) Purchaser shall be reasonably
satisfied that it will have no obligation to continue coverage or any Employee
Benefits to an employee of Seller as described in Section 5.6. In addition,
Purchaser shall not be obligated to close on a Tower if such Tower may not be
conveyed to Purchaser in light of the covenants described in Section 5.17
regarding non-assignable contracts or such Tower constitutes a Casualty Site.

     6.3 Proceedings. No Litigation or Order shall have been threatened,
         -----------
instituted, or entered to restrain or prohibit the consummation of this
Agreement.

     6.4 No Material Adverse Change. There shall have occurred no material
         --------------------------
adverse undisclosed condition or material adverse change in the Assets or in the
financial condition of the Seller or its ability to fulfill its obligations
under this Agreement or the Antenna Site Agreements.

     6.5 Consents. All Consents necessary to consummate the transactions
         --------
contemplated hereby shall have been procured.

                                       26
<PAGE>

     6.6 Legal Descriptions, Surveys and Title Policies. Purchaser shall have
         ----------------------------------------------
been provided for each Real Property parcel and each Easement reasonably deemed
necessary by Purchaser: (a) a legal description conforming to the requirements
of Section 5.8; and (b) if Purchaser so elects, a Title Insurance Policy. Also,
Purchaser shall have obtained a current survey of each Real Property parcel
certified to Purchaser, prepared by a licensed surveyor and including a surveyor
certificate and other matters reasonably satisfactory to Purchaser (the
"Surveys"). Each Survey shall include and depict the legal description
corresponding to the Title Insurance Policy for the subject Real Property, and
shall disclose the location of all Improvements, easements, roadways, utility
lines, and other matters shown customarily on such Surveys, and shall show
access affirmatively to public streets and roads. The Surveys and Title
Insurance Policies shall be provided at Purchaser's sole expense.

     6.7 Lease Documentation. The Antenna Site Agreements, all Ground Leases
         -------------------
(and recordable memoranda thereof) and all Tower Leases, shall have been
executed by all necessary or appropriate parties and delivered to Purchaser and
Seller shall have delivered to Purchaser any and all documents and instruments
contemplated by this Agreement.

     6.8 Estoppel and Consent. Purchaser shall have obtained from each Ground
         --------------------
Lease lessor, and if applicable, mortgagee, on any Real Property parcel to be
Ground Leased to Purchaser a recordable estoppel and, if required under such
Ground Lease, consent agreement in form reasonably satisfactory to Purchaser.
Purchaser also shall have received from any other person or entity holding an
interest in the Real Property parcel documentation reasonably satisfactory to
Purchaser confirming Purchaser's right to operate the Assets thereon, free and
clear of any lien, security interest, easement, or other restriction, except for
Permitted Encumbrances.

     6.9 Easements. Purchaser shall have been granted or assigned, in recordable
         ---------
form, all applicable access and guy wire Easements for each Real Property
parcel.

     6.10 Certificate. Purchaser shall have received the Seller's certificate
          -----------
from Seller dated the applicable Closing Date, in a form reasonably acceptable
to Purchaser, which certificate shall, among other things, update Seller's
representation and warranties under Article III hereof.

     6.11 Release of Seller Indebtedness. At or prior to each of the Closings,
          ------------------------------
Seller shall cause either to be paid off, released of record, bonded off or
insured over by the relevant title insurer any mortgages, deeds of trust, deeds
to secure debt or similar security instruments (collectively, "Indebtedness")
                                                               ------------
which encumber Seller's title to the Assets to be transferred at such Closing
and secure indebtedness for borrowed money owing by Seller or any Affiliate of
Seller or represent capitalized lease obligations of Seller or any Affiliate of
Seller.

     6.12 Title Policies. Each Title Insurance Policy that Purchaser opts to
          --------------
procure pursuant to Section 5.9 shall, when issued (A) insure title to the Real
Property (or, if applicable, ground leasehold interest therein) and all recorded
easements and servitudes benefiting such Real Property (or, if applicable,
ground leasehold interest therein), (B) insure over the general exceptions

                                       27
<PAGE>

contained customarily in such policies (Seller will provide all customary title,
lien and possession affidavits required by the title insurer to accomplish the
foregoing), (C) insure that the Real Property described in the title insurance
policy is the same Real Property as shown on the Survey delivered with respect
to such Real Property, (D) insure that there is unencumbered access to the Real
Property, and (E) if the Real Property consists of more than one record parcel,
insure that all of the record parcels are contiguous to one another.

     6.13 Ground Leases. With respect to each of the Ground Leases, the
          -------------
Purchaser shall have received (a) a recordable form of such Ground Lease (or
memorandum thereof) if the Ground Lease has not been recorded in the appropriate
public records; and (b) the Estoppel Agreement. In addition, each Ground Lease
to be assigned to Purchaser under this Agreement (i) shall have at least fifteen
(15) years remaining under the term, which may include extension terms not yet
exercised, provided that, under the terms of such lease, the extensions are
either automatic or exercisable at the tenant's option and in no event may any
other Person (other than the tenant) be entitled to prevent, refuse or nullify
the exercise of such extension, unless the tenant is in default; and (ii) shall
permit Purchaser to co-locate additional Tenants on the Tower and buildings on
the Land without the requirement to obtain the approval or consent of any other
Person and without the requirement to pay additional money to any other Person.

     6.14 All Conditions Satisfied. All actions required to be taken by Seller
          ------------------------
in connection with consummation of the transactions contemplated hereby and all
certificates, instruments, and other documents required from Seller to effect
the transactions contemplated hereby shall be reasonably satisfactory in form
and substance to Purchaser.

     6.15 Financing Condition. The foregoing notwithstanding, Purchaser's
          -------------------
obligations to close on any Towers other than the initial 127 Towers included in
the First Closing shall be expressly subject to meeting the Purchaser's
Financing Condition.

                   ARTICLE VII- SELLER'S CONDITIONS PRECEDENT

     The obligations of Seller are subject to fulfillment at or before each
Closing of each of the following conditions (with respect to such Closing):

     7.1 Representations and Warranties. Each representation and warranty of
         ------------------------------
Purchaser contained herein (irrespective of any knowledge qualifier contained
therein) shall be true and correct in all material respects as of the applicable
Closing, subject to any changes expressly contemplated by this Agreement.

     7.2 Covenants. Purchaser shall have performed and complied with all
         ---------
covenants or conditions required to be performed and complied with by it at or
before the applicable Closing.

     7.3 Proceedings. No Litigation or Order shall have been entered to restrain
         -----------
or prohibit the consummation of this Agreement.

                                       28
<PAGE>

     7.4 Consents. All Consents necessary to consummate the transactions
         --------
contemplated at such Closing shall have been procured.

     7.5 Certificate. Seller shall have received the Purchaser's certificate
         -----------
from Purchaser dated the applicable Closing Date, in a form reasonably
acceptable to Seller, which certificate shall, among other things, update
Purchaser's representation and warranties as stated herein.

     7.6 All Conditions Satisfied. All actions required to be taken by Purchaser
         ------------------------
in connection with consummation of the transactions contemplated hereby and all
certificates, instruments, and other documents required from Purchaser to effect
the transactions contemplated hereby shall be reasonably satisfactory in form
and substance to Seller.

     7.7 Nondisturbance Agreement. To the extent that Purchaser's lenders seek
         ------------------------
to encumber any of the Assets transferred hereunder, Purchaser shall procure
from the secured party in whose favor such encumbrance shall be given, an
agreement not to disturb Seller's quiet enjoyment.

                     ARTICLE VIII-INDEMNIFICATION; REMEDIES

     8.1 Indemnity.
         ---------

         (a) Subject to the terms and conditions of this Article VIII, Seller
hereby agrees to indemnify, defend, and hold harmless Purchaser and its
officers, directors, shareholders, agents, and attorneys for, from, and against
all Damages asserted against or incurred by any of them by reason of or
resulting from: (i) a breach by Seller of any representation, warranty, or
covenant made by it herein or in any agreement executed pursuant hereto, and
(ii) the operation and ownership of the Assets prior to the applicable Closing
Date.

         (b) Subject to the terms and conditions of this Article VIII,
Purchaser hereby agrees to indemnify, defend, and hold harmless Seller and its
officers, directors, partners, agents, members, managers, and attorneys for,
from, and against all Damages asserted against or incurred by any of them by
reason of or resulting from: (i) a breach by Purchaser of any representation,
warranty, or covenant made by it herein or in any agreement executed pursuant
hereto; (ii) the Assumed Commitments from and after the Closing Date; and (iii)
the operation and ownership of the Assets from and after the Closing Date unless
such Damages are the direct result of the acts or omissions of Seller that
occurred or did not occur, as the case may be, prior to the applicable Closing
Date and continued as acts or omissions thereafter.

         (c) Notwithstanding anything to the contrary in this Agreement, the
Seller shall be required to indemnify, defend, and hold harmless Purchaser and
its officers, directors, shareholders, agents and attorneys for Damages or
otherwise only up to a cumulative aggregate maximum of 10% of the sum of the
Closing Prices for all Closings, unless such Damages result

                                       29
<PAGE>

from fraud or intentional misrepresentation by Seller, in which case no such
limitation shall apply. Notwithstanding anything to the contrary in this
Agreement, Purchaser shall be required to indemnify and hold harmless Seller and
its officers, directors, shareholders, agents and attorneys for Damages or
otherwise only up to a cumulative aggregate maximum 10% of the sum of the
Closing Prices for all Closings.

         (d) Seller shall not be required to indemnify Purchaser and its
officers, directors, shareholders, agents and attorneys for damages or otherwise
with respect to any claim, liability or loss unless the amount of the aggregate
Damages arising in connection therewith from the same or different facts exceeds
either (i) the cumulative aggregate maximum of 1% of the Purchase Price for each
Tower or (ii) Seventy-Five Thousand and No/100 Dollars ($75,000.00) for a
particular Tower; provided, however, that the foregoing shall not be applicable
to Seller's obligation to make payments under the Antenna Site Agreements. The
foregoing notwithstanding, until Purchaser has confirmed that all Conditions
Precedent contained in Article VI of this Agreement have been satisfied in
accordance with Section 2.6 hereof, the foregoing thresholds shall not apply
and, instead, Seller shall not be required to indemnify Purchaser and its
officers, directors, shareholders, agents and attorneys for damages or otherwise
with respect to any claim, liability or loss unless the amount of the aggregate
Damages arising in connection therewith from the same or different facts
relating to a particular Tower exceeds Five Thousand and No/100 Dollars with
respect to such particular Tower.

     8.2 Indemnification Conditions. The indemnification obligations and
         --------------------------
liabilities provided for herein are subject to the following terms and
conditions:

         (a) Within 30 days after receipt of notice of commencement of any
action after the written assertion of any third party claim, the party seeking
indemnification (the "Indemnitee") shall give the party providing
indemnification (the "Indemnitor") written notice thereof together with a copy
of such claim, and the Indemnitor shall have the right to undertake the defense
thereof by representatives of its own choosing and at its own expense; provided,
however, that the Indemnitee may participate in the defense with counsel of its
own choice and at its own expense.

         (b) If the Indemnitor by the 30th day after receipt of notice of any
such claim (or, if earlier, by the 10th day preceding the day on which an answer
or other pleading must be served in order to prevent default judgment) does not
elect to defend against such claim, the Indemnitee will have the right to
undertake the defense, compromise, or settlement of such claim on behalf of and
for the account and risk and expense of the Indemnitor. The Indemnitor shall
advance payment for such expenses as they are incurred by the Indemnitee within
10 days after request therefor.

         (c) Notwithstanding anything to the contrary, the Indemnitor shall not
settle any claim without the consent of the Indemnitee unless such settlement
involves only the payment of money and the claimant provides to the Indemnitee a
release from all liability regarding the claim; provided, however, that
Purchaser must consent to the settlement of an indemnity claim that

                                       30
<PAGE>

involves only the payment of money by Seller as Indemnitor that is either below
the minimum Damages threshold described in Section 8.1(d) or above the maximum
permitted in Section 8.1(c).

     8.3 Specific Performance and Other Remedies. Each party acknowledges that
         ---------------------------------------
its refusal to consummate the transactions contemplated hereby will cause
irrevocable harm to the other, for which there may be no adequate remedy at law
and for which the ascertainment of damages would be difficult. Therefore, each
party shall be entitled, in addition to, and without having to prove the
inadequacy of, other remedies at law, to specific performance of this Agreement,
as well as injunctive relief, without being required to post bond or other
security. The remedies provided in this Article VIII shall not be exclusive of
any other rights or remedies available by one party against the other, either at
law or in equity.

     8.4 Reliance on and Survival of Representations, Warranties, and Covenants.
         ----------------------------------------------------------------------
Notwithstanding any investigation by any party, or any information obtained
pursuant thereto, each party shall be entitled to rely upon the representations
and warranties of the other party contained in this Agreement or any related
agreement as to compliance with or performance of any covenants made and as to
satisfaction of any conditions precedent. All representations and warranties in
this Agreement or in any related agreement, schedule, exhibit, or other
instrument delivered by or on behalf of a party pursuant hereto, the covenants
of the parties and indemnification obligations of the parties hereto relating
thereto shall survive and continue in effect for a period of eighteen (18)
months after each of the Closings with respect to any matters that relate to
such Closing, subject to any applicable statutes of limitation, except for
representations and warranties regarding Seller's title to Assets and Tax
matters and Purchaser's covenants regarding the Assumed Commitments, which
representations, warranties and covenants shall continue in effect indefinitely
after the date of this Agreement until expiration of the applicable statutes of
limitation period. Notwithstanding the foregoing, with respect to any claim made
by any party hereto in writing specifying such claim on or before expiration of
the eighteen (18) month period or applicable statutes of limitation, as the case
may be, the representations and warranties that are the subject of such claim
and the indemnification obligations with respect thereto shall continue in
effect insofar as they relate or allegedly relate to the claim, until the claim
is finally resolved.

                             ARTICLE IX-TERMINATION

     9.1 Termination by Purchaser. Purchaser may terminate this Agreement (in
         ------------------------
whole or in part, as applicable) by written notice to the Seller, whereupon the
Deposit, the Second Deposit, if paid, and the Future Towers Deposit, if paid,
shall be returned to Purchaser together with interest thereon:

         (a) if any condition precedent to its obligation to close stated in
Article VI has not been fulfilled by the scheduled Closing Date;

         (b) if Seller has failed to comply with any material term or condition
of this Agreement and such failure is not cured by the applicable Closing Date,
or Seller has provided

                                       31
<PAGE>

Purchaser with materially inaccurate or misleading information or has failed to
disclose fully to Purchaser any material information about the Assets requested
by Purchaser;

         (c) if a material adverse undisclosed condition or material adverse
change in the Assets or a material adverse change in the ability of Seller to
carry out any obligation under this Agreement has been discovered or has
occurred after the date hereof and before Closing and Seller has not cured such
condition or adverse change by the applicable Closing Date;

         (d) as to specified Assets, provided the requirements of Section 2.6
and/or Article VI for such termination by Purchaser are satisfied and Seller has
not cured the applicable circumstance or condition by the applicable Closing
Date; or

         (e) for any reason other than a default by Purchaser if the Closings
have not occurred in accordance with Article II hereof.

     9.2 Termination by Seller. Seller may terminate this Agreement by written
         ---------------------
notice to Purchaser if any of the following events occur and the occurrence of
such event is attributable to the act or omission of Purchaser, whereupon the
Deposit, the Second Deposit, if paid, and the Future Towers Deposit, if paid,
shall be forfeited by Purchaser and shall be paid in full to Seller:

         (a) any of the conditions precedent to its obligation to close stated
in Article VII have not been fulfilled by the scheduled Closing Date and such
failure results from the act or failure to act of Purchaser;

         (b) Purchaser has failed to comply with any material term or condition
of this Agreement and such failure is not cured by the applicable Closing Date;
or

         (c) for any reason resulting from the act or failure to act of
Purchaser if the Closings have not occurred in accordance with Article II
hereof.

     9.3 Exclusion of Certain Towers. Purchaser shall have the option to exclude
         ---------------------------
from the Assets, and terminate this Agreement as to, any Assets with respect to
which all conditions precedent to Purchaser's obligations to acquire a specific
Tower have not been satisfied as of the Closing. Notwithstanding the foregoing,
if pursuant to Article VI or Section 2.6 hereof, Purchaser elects to terminate
with respect to an aggregate of either (i) nineteen (19) Towers to be conveyed
at the First Closing, or (ii) at least forty-five (45) of the Current Towers in
the First or Second Closings, Seller may terminate this Agreement as to all
Assets, including Current Towers and Future Towers, not previously conveyed.

                             ARTICLE X-MISCELLANEOUS

                                       32
<PAGE>

     10.1 Amendment. This Agreement may be amended or changed only in writing
          ---------
executed by the party against which enforcement of the amendment, modification
or change is sought.

     10.2 Assignment. Neither this Agreement nor any right created hereby is
          ----------
assignable by either party hereto, except by a party to an Affiliate, a direct
or indirect wholly owned subsidiary of such party, or a party which acquires
through merger, stock purchase or a purchase of substantially all of the assets
of such party; provided, however, that any such assignment shall not relieve the
assignor from its obligations hereunder. This Agreement and the rights,
interests and obligations hereunder shall be binding upon and shall inure to the
benefit of the parties hereto and their respective heirs, personal
representatives, estates, devisees, successors and permitted assigns.

     10.3 Amendments; Remedies. All rights and remedies of the parties hereunder
          --------------------
are cumulative, and are not exclusive of any rights or remedies provided by law
or in equity, and may be pursued singularly, successively, or together, and may
be exercised as often as the occasion therefor shall arise.

     10.4 Notices. Any notice or other communication to be given under this
          -------
Agreement by any party to any other party shall be in writing and shall be
either (a) personally delivered, (b) mailed by registered or certified mail,
postage prepaid with return receipt requested, (c) delivered by overnight
express delivery service or same-day local courier service, or (d) delivered by
facsimile transmission, to the address set forth below, or to such other address
as may be designated by the parties from time to time in accordance with this
Section 10.4.

        If to Seller:         Louisiana Unwired L.L.C.
                              One Lakeshore Drive, Suite 1900
                              Lake Charles, Louisiana 70629
                              Attn: Chief Financial Officer

        With copies to:       Louisiana Unwired L.L.C.
                              P.O. Box 3709
                              Lake Charles, Louisiana 70629
                              Attn: General Counsel

        If to Purchaser:      SBA Properties, Inc.
                              One Town Center Road, 3rd Floor
                              Boca Raton, Florida 33486
                              Attn:    Mr. John Marino, Chief Financial Officer

        With copies to:       SBA Properties, Inc.
                              One Town Center Road, 3rd Floor
                              Boca Raton, Florida 33486
                              Attn:    Thomas Hunt, Esq., General Counsel

                                       33
<PAGE>

Notices delivered personally, by overnight express delivery service or by local
courier service shall be deemed given as of actual receipt. Mailed notices shall
be deemed given three business days after mailing. Notices delivered by
facsimile transmission shall be deemed given upon receipt by the sender of the
transmission confirmation.

     10.5 Entire Agreement. This Agreement and the Exhibits and Schedules hereto
          ----------------
supersede all prior agreements and understandings relating to the subject matter
hereof, except that the obligations of any party under any agreement executed
pursuant to this Agreement shall not be affected by this Section 10.5.

     10.6 Costs and Expenses. Whether or not the transactions contemplated
          ------------------
hereby are consummated, each party shall bear its own costs and expenses
(including attorneys' fees), and each party agrees to pay the costs and
expenses, including reasonable attorneys' fees, incurred by the prevailing party
in litigation or other proceeding to enforce or interpret this Agreement.

     10.7 Severability. If any provision of this Agreement is held to be
          ------------
illegal, invalid, or unenforceable, the provision shall be severable and this
Agreement shall be construed and enforced as if such provision were never a part
hereof, and the remaining provisions hereof shall remain in full force and
effect.

     10.8 Governing Law. This Agreement and the rights and obligations of the
          -------------
parties hereto shall be governed by and construed and enforced in accordance
with the laws of the State of New York.

     10.9 Counterparts. This Agreement may be executed in counterparts, each of
          ------------
which shall be deemed an original, and all of which together shall constitute
one instrument.

     IN WITNESS WHEREOF, the parties have made and entered into this Agreement
as of the date first written above.

                                   PURCHASER:

                                   SBA PROPERTIES, INC.

                                   By:
                                       -----------------------------------------
                                   Name:
                                   Title:

                                       34
<PAGE>

                                   SELLER:

                                   LOUISIANA UNWIRED L.L.C.

                                   By:
                                      ------------------------------------------
                                   Name:
                                   Title:

                                       35

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}]]