CP State Park Site Sample Clauses

CP State Park Site. (a) The State, by and through State Parks and State Lands, currently holds title to the CP State Park Site. The CP State Park Site lies within the boundaries of the CP State Recreation Area. In addition, portions of the CP State Park Site are subject to the Public Trust, portions are or may be subject to the Statewide Interest Restriction (defined in Section 6.2.2(d)(i)), and portions are or may be subject to reversionary interests, including but not limited to the reversionary interest (the “City Reversion”) held by the City under that Quitclaim Deed from the City to the State dated December 6, 1983 and recorded in the Official Records in 1984 as Document No. D454657 (the “City Quitclaim”). Portions of the CP State Park Site are also subject to the requirements of the Land and Water Conservation Fund Act of 1965; 16 U.S.C. §4601-8 (the “LWCF Act”), requiring the Secretary of the Interior to approve any conversion of affected real property to uses other than public outdoor recreation uses, and further requiring the substitution of other recreational property of equal value and usefulness. (b) To implement the reconfiguration of the CP State Recreation Area and convey certain real property from State Parks and State Lands to the Agency (the “Park Transfer Parcels”), the Agency agrees to enter into that certain Candlestick Point State Recreation Area Reconfiguration, Improvement and Transfer Agreement in substantially the form attached hereto as Attachment 4 (as amended from time to time, the “State Parks Agreement”), subject to the approval of State Parks and State Lands. The State Parks Agreement provides that, following the Initial Closing Phase and upon request of the Agency, the Park Transfer Parcels will be conveyed to the Agency over time in several phases (each a “Park Transfer Closing Phase”) in exchange for the following consideration (assuming closings actually occur for all of the contemplated phases): (i) the quitclaim of the Yosemite Slough Addition and the Park Addition to State Parks and State Lands; and (ii) additional consideration in the form of certain park improvements and contributions toward operation and maintenance of the CP State Recreation Area having a total value of Fifty Million Dollars ($50,000,000) (the “Additional Park Consideration”). The Agency and Developer agree to use reasonable efforts to satisfy the conditions for and complete the Park Transfer Closing Phases under the State Parks Agreement as and when needed to enable...
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