Common use of Land and Water Area Clause in Contracts

Land and Water Area. The ownership of the Project Site and Port’s Assets shall always remain vested with the Concessioning Authority. The rights of the Concessionaire in the Project Site and Port’s Assets shall only be that of a bare licensee of such assets and the Concessionaire shall neither assign, transfer, sublet, create any charge or Encumbrance, nor shall the Concessionaire create or permit creation of any third party rights whatsoever, on whole or any part of the Port’s Assets or Project Site. Further, any such rights of the Concessionaire shall always be subject to existing rights of way. It is expressly agreed that the Concessionaire’s rights in the Project Site and/or the Port’s Assets shall cease without the need for any action to be taken by the Concessioning Authority upon the termination of this Agreement for any reason whatsoever.

Land and Water Area. The ownership of the Project Site and Port’s Assets shall always remain vested with the Concessioning Authority. The rights of the Concessionaire in the Project Site and Port’s Port Assets shall only be that of a bare licensee of such assets and the Concessionaire shall neither assign, transfer, sublet, create any charge or Encumbrance, nor shall the Concessionaire create or permit creation of any third party rights whatsoever, on whole or any part of the Port’s Assets or Project Site. Further, any such rights of the Concessionaire shall always be subject to existing rights of way. It is expressly agreed that the Concessionaire’s rights in the Project Site and/or the Port’s Assets shall cease without the need for any action to be taken by the Concessioning Authority upon the termination of this Agreement for any reason whatsoever.