Tissue Mill Reservation Sample Clauses

Tissue Mill Reservation. Notwithstanding its agreement to sell and convey the Property to the Port, Georgia-Pacific shall reserve in the Statutory Warranty Deeds the exclusive rights and non-exclusive rights as defined in the Reservation until June 30, 2008 for Georgia-Pacific to retain, occupy, operate and maintain the Tissue Mill, and to use the ASB, and related effluent discharge lines and equipment in both the Tissue Mill building and the ASB without any obligation to pay rent, license fees or other amounts to the Port for so long as Georgia-Pacific desires to operate the Tissue Mill during that reservation period. Upon the conclusion (including voluntary early termination) of that reservation, Georgia-Pacific shall execute, deliver and record a Quitclaim Deed. Georgia-Pacific shall have the option, exercisable upon at least six (6) month’s written notice prior to the expiration the Reservation, to lease the Tissue Mill for a term of up to eighteen months at the rate of $350,000 per year plus applicable state leasehold excise tax provided that Georgia-Pacific (i) shall only have the right to utilize the ASB in a manner as approved by the Port that does not interfere with the Port’s remedial plans for the ASB and (ii) relocate the electrical substation. Thereafter, Georgia-Pacific shall be allowed to lease the Tissue Mill for its then fair rental value determined by mutual agreement or, failing agreement, by an MAI appraiser mutually acceptable to the parties or appointed by the Presiding Judge of the Whatcom County Superior Court. Georgia-Pacific shall be responsible for the payment of all taxes on the personal or real property so reserved and all real estate excise tax occasioned by the termination of the reservation.
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