LEASE made this 18th day of January, 1982, by and between CITY OF
PORTLAND ("the City") and BATH IRON WORKS CORPORATION ("B I W") .
WHEREAS, there is a statewide need to provide for a greater utilization of the State's public ports and harbors
and to increase the flow of commerce and to thereby provide enlarged opportunities for gainful employment by
the people of Maine and to thus insure the preservation and betterment of the economy of the State and its
WHEREAS, by Memorandum of Intent dated July 15, 1981, the parties and the State expressed their intention
to build and develop comprehensive waterfront port facilities in Portland Harbor within the vicinity of the Maine
State Pier and to provide the necessary financing for such facility and to make the same available for use by BIW.
WHEREAS, the parties believe that the development of such facilities will revitalize the Port of Portland, create
new employment opportunities for residents of the State and City, improve a blighted area, support the flow of
commerce and strengthen the economic condition of the State and City.
WHEREAS, in accordance with the terms of a certain Comprehensive Commitment between the parties and the
State of Maine, the parties have agreed to develop a port facility to be owned in part by the State and in part by
the City, with the City's portion to be leased to BIW in accordance with the terms of this Agreement.
NOW, THEREFORE, in consideration of the mutual promises herein contained, and intending to be legally
bound hereby, the parties agree as follows:
1. PREMISES LEASED. The City does hereby lease to BIW, and BIW does hereby lease from the City, the
real estate located at Portland, Cumberland County, Maine and more particularly described on a survey dated
October 19, 1981, as revised through November 20,
1981, prepared by H. I. and E. C. Jordan attached hereto as Exhibit A, including all submerged lands shown
thereon ("the Premises").
2. TERM. Th