Section 3. The lease hereby contemplated shall be approved by the Department of Justice and shall be executed by the Department of General Services, with the approval of the Department of Environmental Resources, in the name of the Commonwealth of Pennsylvania. The lease shall grant the lessee, City of Philadelphia, the right to sublease the above described premises for the purpose of development for residential, office, commercial, condominium, or other uses, and the lease shall specifically include the following condition:
"Under and subject, nevertheless, to the condition that if the said lessee, City of Philadelphia, should sublease or otherwise transfer the above described premises, other than to a department or agency of the city or to the Commonwealth of Pennsylvania or a department or agency of the Commonwealth, the proceeds received by the said lessee, City of Philadelphia, upon such sublease or transfer shall be received, held and applied as follows:
First, to reimburse said lessee, City of Philadelphia, for the costs and expenses of said sublease or transfer, including, without limitation, appraisal fees, title insurance charges, marketing costs, attorney's fees and other costs and expenses, similar and dissimilar;
Second, to reimburse said lessee, City of Philadelphia, or any department or agency thereof, for the cost of any improvements now or hereafter erected on the above described premises, including, without limitation, the cost of any piers, wharves, bulkheading, water and sewer lines and connections and other improvements, similar or dissimilar and the fair market value of any rights to develop the space over the above described premises; and
Third, the balance of said proceeds shall be paid 75% to the said lessor, Commonwealth of Pennsylvania, and 25% to the said lessee, City of Philadelphia, in consideration of their respective interests in the above described premises pursuant to said lease."
Compiler's Note: The Department of Environmental Resources,
referred to in this section, was abolished by Act 18 of
1995. Its functions were transferred to the Department of
Conservation and Natural Resources and the Department of
Environmental Protection.