Examples of Submerged Land Lease in a sentence
Without limiting the generality of the foregoing, User acknowledges this Use Agreement is subject to that certain Sovereignty Submerged Land Lease Renewal and Modification to Reflect Current Structures, Reduce Term to Five Years and Remove Special Lease Condition (as may be further amended or renewed) with an effective date of July 1, 2008, between the City and the Board of Trustees of the Internal Improvement Trust Fund of the State of Florida (collectively “Sovereign Lease”).
The Submerged Land Lease or a memorandum of the Submerged Land Lease has been duly recorded.
The Submerged Land Lease is in full force and effect and there are no material defaults thereunder by either party and, to Borrower’s knowledge, there are no conditions that, with the passage of time or the giving of notice, or both, would constitute defaults thereunder.
There has been no prior sale, transfer or assignment, hypothecation or pledge of the Submerged Land Lease which is outstanding.
Any unlawful activity that occurs in or on the area covered by the Submerged Land Lease or in conjunction with the use of the Slip shall be grounds for termination of the Lease.