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Permanent lease
See also: Cuban–American Treaty of Relations (1903)
Agreement for the lease to the United States of lands in Cuba for coaling and naval stations
Signed	16 February 1903; 23 February 1903
Location	Havana; Washington
Effective	23 February 1903
Signatories	
 Cuba
 United States
Citations	TS 418; 6 Bevans 1113
Agreement providing conditions for the lease of coaling or naval stations
Signed	2 July 1903
Location	Havana
Effective	6 October 1903
Signatories	
 Cuba
 United States
Citations	TS 426; 6 Bevans 1120
The 1903 lease agreement, which has no fixed expiration date,[20] was executed in two parts. The first, signed in February, consisted of the following provisions:[19]

Agreement – The United States of America and the Republic of Cuba, desiring to maintain the Independence of Cuba, will enter into a lease for lands necessary for US Naval Stations.[21]
Article 1 – Describes the boundaries of the areas being leased, Guantanamo Bay and Bahia Honda.
Article 2 – The U.S. may occupy, use, and modify the properties to fit the needs of a coaling and naval station, only. Vessels in the Cuban trade shall have free passage.
Article 3 – Cuba retains ultimate sovereignty, but during the occupation, the U.S. exercises sole jurisdiction over the areas described in Article 1. Under conditions to be agreed on, the U.S. has the right to acquire, by purchase or eminent domain, any land included therein.
The second part, signed five months later in July 1903, consisted of the following provisions:[22]

Article 1 – Payment is $2000 gold coin, annually. All private lands within the boundaries shall be acquired by Cuba. The U.S. will advance rental payments to Cuba to facilitate those purchases.
Article 2 – The U.S. shall pay for a survey of the sites and mark the boundaries with fences.
Article 3 – There will be no commercial or other enterprise within the leased areas.
Article 4 – Mutual extradition
Article 5 – Not ports of entry.
Article 6 – Ships shall be subject to Cuban port police. The U.S. will not obstruct entry or departure into the bay.
Article 7 – This proposal is open for seven months.
SIGNED Theodore Roosevelt and Jose M Garcia Montes.

In 1934, the United States unilaterally changed the payment from gold coin to U.S. dollars per the Gold Reserve Act. The lease amount was set at US$3,386.25, based on the price of gold at the time.[23] In 1973, the U.S. adjusted the lease amount to $3,676.50, and in 1974 to $4,085, based on further increases to the price of gold in USD.[24] Payments have been sent annually, but only one lease payment has been accepted since the Cuban Revolution and Fidel Castro claimed that this check was deposited due to confusion in 1959. The Cuban government has not deposited any other lease check since that time.[25]