Lease of Shoreline Property Sample Clauses

Lease of Shoreline Property. Upon and subject to the terms and conditions of this Agreement, Seller agrees to lease to Buyer or its Permitted Assignee (“Tenant”) and Buyer (itself or through its Permitted Assignee) agrees to lease from Seller, in accordance with this Agreement, all of the Shoreline Property for the maximum term permitted by law, currently not less than 50 years (the “Shoreline Lease”), and grant the Tenant a permanent easement for ingress and egress over and non-exclusive use, consistent with the provisions of section 7.1 below, of the Shoreline Property commencing upon the expiration of the Shoreline Lease. The Shoreline Lease shall: (i) provide for rent of $1 per year, (ii) provide Seller or another appropriate governmental or non-profit entity with permanent conservation easements, or another mechanism acceptable to Seller or such other appropriate entity to assure permanent open space status and public access to the open space and public access portions of the Shoreline Property (“Open Space Rights”), (iii) provide that the Tenant will repair and maintain shoreline rip rap for erosion control and (iv) contain such other reasonable or customary provisions as Seller and the Tenant may reasonably agree upon. The Tenant and the City Manager of Seller (if there is no City Manager of Seller at any time, the term “
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Related to Lease of Shoreline Property

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