Common use of CROWN LEASE Clause in Contracts

CROWN LEASE. Upon Project Completion, or at such earlier time as the Minister considers appropriate, the State shall grant or cause to be granted to the Joint Venturers a lease of Xxxxxxx Street Reserve, as then surveyed, under section 117 of the Land Act but including a right or option on the part of the Joint Venturers to acquire freehold title, in whole or in part, to the Xxxxxxx Street Reserve such lease except as otherwise provided in this Agreement to be subject to the Land Act but in the form set out in Schedule 5 with such variations as circumstances may render necessary and as are agreed to by the parties.