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. . <br /> and incorporated herein as if fully set forth herein verbatim. <br /> 10. Except as otherwise stated herein and approved by <br /> STA'h, APPLICANT covenants that for a minimum period of twenty <br /> (20) years from the date hereof it has the exclusive right to <br /> possession of the real property upon which the facilities set <br /> forth in paragraph 9 hereof are to be erected or constructed; <br /> that title thereto has been examined by, and been found acceptable <br /> to, its legal counsel. Said counsel is unaware of any title <br /> defect or encumbrances which would preclude or interfere with <br /> the operation of the protect as herein contemplated. <br /> 11. The proceeds of this loan shall remain the property <br /> of STATE until expended by APPLICANT in accordance with para- <br /> graph 9 hereof. <br /> 12. APPLICANT shall comply with all rules and regulations <br /> which have been adopted by the Small Harbors Commission <br /> to the date hereof, copy of which rules and regulations are <br /> .�- t "Exhibit C Ic <br /> attached hereto, marred E��hibi � C", and incorporated herein as <br /> if fully set forth herein verbatim. <br /> 13. APPLICANT shall not sell, transfer, exchange, mort- <br /> gage, or hypothecate in any manner all or any portion of the <br /> real property, or improvements now existent or hereafter con- <br /> structed by APPLICANT thereupon and utilized in connection with <br /> the said harbor without prior permission of STATE being first <br /> had and obtained. <br /> 14. All of the facilities of said small craft harbor shall <br /> be open and available for use by all upon equal and reasonable <br /> terms. <br /> 15. APPLICANT shall: <br /> (a) Continuously operate in an efficient and economical <br /> manner all small craft harbor facilities acquired, constructed, <br /> improved or completed in full or in part as a result of this <br /> loan. <br /> - 4 - <br />