Common use of Public Trust Clause in Contracts

Public Trust. Tenant understands that Landlord entered into a Compromise Title Settlement and Land Exchange Agreement for Treasure Island and Yerba Buena Island, recorded on January 14, 2015, with the State of California, acting by and through the State Lands Commission (the “Trust Exchange Agreement”), pursuant to the Treasure Island Public Trust Exchange Act, Chapter 543, Statutes of 2004 as amended by Xxxxxxx 000, Xxxxxxxx of 2007, Chapter 208, Statutes of 2009, and Chapter 429, Statutes of 2011, and the Treasure Island Conversion Act of 0000, Xxxxxxx 000, Xxxxxxxx of 1997, as amended. In accordance with the Trust Exchange Agreement, the Premises are subject to the public trust for purposes of commerce, navigation and fisheries (the “Public Trust”), as administered by the Treasure Island Development Authority as trustee. Tenant’s use of the Property is at all times subject to and limited by the Public Trust, and any operation on the Premises must be consistent with the Public Trust, as determined by Landlord. Tenant shall not take or allow any act that violates the Public Trust. The Treasure Island Development Authority has determined that the use of the Premises as a marina is consistent with the Public Trust, although it reserves the right to limit or prohibit specific uses, in form or duration, that are not compliant with the Public Trust.

Public Trust. Tenant understands that Landlord entered into a Compromise Title Settlement and Land Exchange Agreement for Treasure Island and Yerba Buena Island, recorded on January 14, 2015, with the State of California, acting by and through the State Lands Commission (the “Trust Exchange Agreement”), pursuant to the Treasure Island Public Trust Exchange Act, Chapter 543, Statutes of 2004 as amended by Xxxxxxx 000, Xxxxxxxx of 2007, Chapter 208, Statutes of 2009, and Chapter 429, Statutes of 2011, and the Treasure Island Conversion Act of 0000, Xxxxxxx 000, Xxxxxxxx of 1997, as amended. In accordance with the Trust Exchange Agreement, the Premises are subject to the public trust for purposes of commerce, navigation and fisheries (the “Public Trust”), as administered by the Treasure Island Development Authority as trustee. TenantXxxxxx’s use of the Property is at all times subject to and limited by the Public Trust, and any operation on the Premises must be consistent with the Public Trust, as determined by Landlord. Tenant shall not take or allow any act that violates the Public Trust. The Treasure Island Development Authority has determined that the use of the Premises as a marina is consistent with the Public Trust, although it reserves the right to limit or prohibit specific uses, in form or duration, that are not compliant with the Public Trust.

Public Trust. Tenant understands that Landlord entered into a Compromise Title Settlement and Land Exchange Agreement for Treasure Island and Yerba Buena Island, recorded on January 14, 2015, with the State of California, acting by and through the State Lands Commission (the “Trust Exchange Agreement”), pursuant to the Treasure Island Public Trust Exchange Act, Chapter 543, Statutes of 2004 as amended by Xxxxxxx 000, Xxxxxxxx of 2007, Chapter 208, Statutes of 2009, and Chapter 429, Statutes of 2011, and the Treasure Island Conversion Act of 0000, Xxxxxxx 000, Xxxxxxxx of 1997, as amended. In accordance with the Trust Exchange Agreement, the Premises are subject to the public trust for purposes of commerce, navigation and fisheries (the “Public Trust”), as administered by the Treasure Island Development Authority as trustee. TenantXxxxxx’s use of the Property is at all times subject to and limited by the Public Trust, and any operation on the Premises must be consistent with the Public Trust, as determined by Landlord. Tenant shall not take or allow any act that violates the Public Trust. The Treasure Island Development Authority has determined that the use of the Premises as a marina sailing center is consistent with the Public Trust, although it reserves the right to limit or prohibit specific uses, in form or duration, that are not compliant with the Public Trust.

Public Trust. Tenant understands that Landlord entered into a Compromise Title Settlement and Land Exchange Agreement for Treasure Island and Yerba Buena Island, recorded on January 14, 2015, with the State of California, acting by and through the State Lands Commission (the “Trust Exchange Agreement”), pursuant to the Treasure Island Public Trust Exchange Act, Chapter 543, Statutes of 2004 as amended by Xxxxxxx 000, Xxxxxxxx of 2007, Chapter 208, Statutes of 2009, and Chapter 429, Statutes of 2011, and the Treasure Island Conversion Act of 0000, Xxxxxxx 000, Xxxxxxxx of 1997, as amended. In accordance with the Trust Exchange Agreement, the Premises are subject to the public trust for purposes of commerce, navigation and fisheries (the “Public Trust”), as administered by the Treasure Island Development Authority as trustee. Tenant’s use of the Property is at all times subject to and limited by the Public Trust, and any operation on the Premises must be consistent with the Public Trust, as determined by Landlord. Tenant shall not take or allow any act that violates the Public Trust. The Treasure Island Development Authority has determined that the use of the Premises as a marina sailing center is consistent with the Public Trust, although it reserves the right to limit or prohibit specific uses, in form or duration, that are not compliant with the Public Trust.