Common use of Disposal of Land Clause in Contracts

Disposal of Land. For the disposal of real property the Agency assures that it will comply with the following: 1) For land purchased for airport development or noise compatibility purposes, the Agency shall, when the land is no longer needed for such purposes, dispose of such land at fair market value and/or make available to the Department an amount equal to the state’s proportionate share of its market value. 2) Land will be considered to be needed for airport purposes under this assurance if: a) It serves aeronautical purposes such as a runway protection zone or as a noise buffer. b) Revenue from uses of such land contributes to airport financial self-sufficiency. 3) Disposition of land under Sections D.22.f.1. or D.22.f.2. of this Exhibit, above, shall be subject to retention or reservation of any interest or right therein needed to ensure such land will only be used for purposes compatible with noise levels related to airport operations. 4) Revenues from the sale of such land must be accounted for as outlined in Section D.1. of this Exhibit, and expended as outlined in Section D.9. of this Exhibit.

Disposal of Land. For the disposal of real property the Agency assures that it will comply with the following: 1) For land purchased for airport development or noise compatibility purposes, the Agency shall, when the land is no longer needed for such purposes, dispose of such land at fair market value and/or make available to the Department an amount equal to the state’s proportionate share of its market value. 2) Land will be considered to be needed for airport purposes under this assurance if: a) It serves aeronautical purposes such as a runway protection zone or as a noise buffer. b) Revenue from uses of such land contributes to airport financial self-sufficiency. 3) Disposition of land under Sections D.22.f.1. or D.22.f.2. of this Exhibit, above, shall be subject to retention or reservation of any interest or right therein needed to ensure such land will only be used for purposes compatible with noise levels related to airport operations. 4) Revenues from the sale of such land must be accounted for as outlined in Section D.1. of this Exhibit, and expended as outlined in Section D.9. of this Exhibit.