Common use of Lease of the Leased Property Clause in Contracts

Lease of the Leased Property. The City hereby leases to the Authority and the Authority hereby rents from the City, on the terms and conditions hereinafter set forth, the Leased Property including, but not limited to, the right, upon the occurrence of an Event of Default under the Lease, to receive rent and other income derived from the Existing Leases. The Authority hereby acknowledges existing encumbrances on the Leased Property, including, but not limited to, the Existing Leases and restrictions relating to the grant of the Mission Bay Sites to the City by the State in trust for the uses and purposes and upon the express conditions as provided in an act of legislative approved April 27, 1945 Statutes of California Chapter 143 and the rights therein reserved to the people of the State.