Lands. (1) For the purposes of the Company’s operations and associated works at the townsite the State shall grant to the Company for residential professional business commercial and industrial purposes and the provision of communal facilities at the townsite a special lease or special leases under the provisions of the Land Act for an area or areas of land contained in the townsite in accordance with the Company’s proposals as finally approved such lease or each lease as the case may be being for a term expiring twenty-one (21) years from the date hereof at rental of one (1) peppercorn per annum with the right for the Company at any time during the currency of the lease to purchase for a nominal price to be agreed by the parties the fee simple of any townsite lot on which buildings or structures have been erected at a cost (averaged over the lot concerned) in the case of dwelling houses of not less than seven thousand dollars ($7,000) or in the case of other buildings or structures of not less than ten thousand dollars ($10,000) for such lot. Such lease or leases may be granted on and subject to such terms and conditions not inconsistent with this Agreement as the Minister considers applicable in the circumstances and including a right for the State at any time and from time to time to exclude from the lease or resume without compensation any part or parts of such land on which no building or structure has been erected as the State may require for public purposes.
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Samples: Poseidon Nickel Agreement, Agreement, Agreement
