Common use of Marina Clause in Contracts

Marina. 23.1 Seller and Purchaser have agreed that Seller will continue to pursue the required licenses and permits for construction of a marina along the western part of the Property and adjacent to the Development Parcel, as depicted on Exhibit X attached hereto (the “Marina”). Purchaser and Seller shall each pay one-half of the costs incurred following the Closing Date to obtain all required permits to allow construction of the Marina. Once such licenses and permits are obtained, Seller and Purchaser will negotiate in good faith a construction agreement, which will provide that Purchaser will construct the Marina and each party will bear that portion of the aggregate construction costs that the net rentable linear footage ownership interest of such party in the completed Marina bears to the total net rentable linear footage of the entire Marina. Purchaser acknowledges that the Marina Parcel is not part of the Development Parcel. This provision shall survive the Closing.