Common use of SUBSTITUTION OF VESSEL Clause in Contracts

SUBSTITUTION OF VESSEL. If Tenant intends to substitute a different vessel for that referred herein, the Port gives no assurance that the slip assignment designated herein will accommodate such other vessel or that another slip assignment will be available. Therefore, no vessel shall be substituted for that referred to herein without the prior approval of the Port. If the vessel represented herein is moored in another slip (other than that assigned herein), it will be subject to transient moorage rates unless specifically authorized by the Port. 11. ASSIGNMENT AND TRANSFER Tenant shall not assign, transfer or sublet this agreement and/or the slip designated herein without prior approval of the Port. If Tenant is a corporation, Tenant further agrees that if at any time during the term of this agreement more than one-half (1/2) of the outstanding shares of any class of stock of Tenant shall belong to any stockholder other than those who own more than one-half (1/2) of the outstanding shares of that class of stock at the time of the signing of this agreement, or other than members of their immediate families, such change in ownership of stock of Tenant shall be deemed an assignment of this agreement within the meaning of this paragraph. Use of the designated slip is personal to Tenant and a person purchasing the vessel or any partnership or other interest therein from Tenant will not thereby acquire rights under this agreement, or rights to use the slip in the absence of such an amendment. In the absence of express authorization by means of an amendment to this agreement, failure of Tenant to keep title to the vessel documented or registered under applicable Federal, State, or foreign law and regulations exclusively in the name of Tenant shall constitute a violation of this agreement subject to the termination provisions of paragraph 18 below. The Port reserves the right to withhold its consent to any future amendment to this agreement requested by Tenant even though on occasion it may consent to one or more such amendments. 12.

SUBSTITUTION OF VESSEL. If Tenant intends to substitute a different vessel for that referred herein, the Port gives no assurance that the slip assignment designated herein will accommodate such other vessel or that another slip assignment will be available. Therefore, no vessel shall be substituted for that referred to herein without the prior approval of the Port. If the vessel represented herein is moored in another slip (other than that assigned herein), it will be subject to transient moorage rates unless specifically authorized by the Port. 11Initials 15. ASSIGNMENT AND TRANSFER Tenant shall not assign, transfer or sublet this agreement and/or the slip designated herein without prior approval of the Port. If Tenant is a corporation, Tenant further agrees that if at any time during the term of this agreement more than one-half (1/2) of the outstanding shares of any class of stock of Tenant shall belong to any stockholder other than those who own more than one-half (1/2) of the outstanding shares of that class of stock at the time of the signing of this agreement, or other than members of their immediate families, such change in ownership of stock of Tenant shall be deemed an assignment of this agreement within the meaning of this paragraph. Use of the designated slip is personal to Tenant and a person purchasing the vessel or any partnership or other interest therein from Tenant will not thereby acquire rights under this agreement, or rights to use the slip in the absence of such an amendment. In the absence of express authorization by means of an amendment to this agreement, failure of Tenant to keep title to the vessel documented or registered under applicable Federal, State, or foreign law and regulations exclusively in the name of Tenant shall constitute a violation of this agreement subject to the termination provisions of paragraph 18 below. The Port reserves the right to withhold its consent to any future amendment to this agreement requested by Tenant even though on occasion it may consent to one or more such amendments. 1216.

SUBSTITUTION OF VESSEL. If Tenant intends to substitute a different vessel for that referred herein, the Port gives no assurance that the slip assignment designated herein will accommodate such other vessel or that another slip assignment will be available. Therefore, no vessel shall be substituted for that referred to herein without the prior approval of the Port. If the vessel represented herein is moored in another slip (other than that assigned herein), it will be subject to transient moorage rates unless specifically authorized by the Port. 11. ASSIGNMENT AND TRANSFER Tenant shall not assign, transfer or sublet this agreement and/or the slip designated herein without prior approval of the Port. If Tenant is a corporation, Tenant Xxxxxx further agrees that if at any time during the term of this agreement more than one-half (1/2) of the outstanding shares of any class of stock of Tenant shall belong to any stockholder other than those who own more than one-half (1/2) of the outstanding shares of that class of stock at the time of the signing of this agreement, or other than members of their immediate families, such change in ownership of stock of Tenant shall be deemed an assignment of this agreement within the meaning of this paragraph. Use of the designated slip is personal to Tenant and a person purchasing the vessel or any partnership or other interest therein from Tenant will not thereby acquire rights under this agreement, or rights to use the slip in the absence of such an amendment. In the absence of express authorization by means of an amendment to this agreement, failure of Tenant to keep title to the vessel documented or registered under applicable Federal, State, or foreign law and regulations exclusively in the name of Tenant shall constitute a violation of this agreement subject to the termination provisions of paragraph 18 below. The Port reserves the right to withhold its consent to any future amendment to this agreement requested by Tenant even though on occasion it may consent to one or more such amendments. 12.