Any lease granted pursuant to the provisions of this Chapter shall specify the improvements which may be placed in and on the property, and shall prohibit use of the property exclusively by private groups or organizations, and shall contain such other terms and conditions as the register of the State Land Office may determine. No lease or leases granted pursuant to the provisions of this Chapter shall individually or collectively cover an area greater than ten percent of the area of the entire bed of the lake, bay, cove or bed and bottom thereof. In addition, no lease as authorized to be granted under the provisions hereof, shall be granted for a term in excess of twenty-five years; provided, however, said lease may contain an option to renew for an additional term of not to exceed twenty-five years, but only in the event the lessee thereof has placed and maintained on said leased properties substantial improvements which in the opinion of the register of the State Land Office warrants the extension of the term of said lease.
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