Common use of Area of Interest Clause in Contracts

Area of Interest. Owner and Sterling agree that, during the term of this Agreement, an Area of Interest will be established around each claim group that constitutes the Property. The Area of Interest shall be defined as that area within one mile of the exterior boundaries of the groups of unpatented mining claims described in Exhibit “A”. Any property or interests therein (“Additional Lands”) acquired (whether by staking, leasing, purchase or otherwise) by Sterling within the Area of Interest during the term of this Agreement, shall be included in and subject to this Agreement as if the newly acquired property was listed in Exhibit “A” and thereafter shall be part of the Property under this Agreement. Promptly following any such acquisition, Sterling shall give written notice to Owner of the acquisition, which notice shall include a true and complete copy of all documents (including all documents relating to or evidencing the acquisition [“Acquisition Documents”]) and data relating to the Additional Lands. In the event that Owner or its affiliates (including, but not limited to, any person or entity controlling or under common control with Owner) acquires (whether by staking, leasing, purchase or otherwise) any Additional Lands within the Area of Interest during the term of this Agreement, Owner shall give written notice to Sterling of the acquisition, which notice shall include a true and complete copy of all Acquisition Documents and data relating to the Additional Lands. Sterling may elect, by written notice to Owner within sixty (60) days following receipt of Owner’s notice, whether to include the Additional Lands under this Agreement. If Sterling timely elects to include the Additional Lands acquired by Owner under this Agreement, then the Additional Lands shall be included in and subject to this Agreement as if the Additional Lands were listed in Exhibit “A” and thereafter shall be part of the Property under this Agreement. Following the inclusion of Additional Lands in the Property pursuant to this Section 1, the Parties shall take such actions and execute such instruments (including, without limitation, an amendment to this Agreement) as either Party may desire or as may be required under the terms of the Acquisition Documents or applicable law to subject the Additional Lands and the Acquisition Documents to the terms of this Agreement. Nothing in this Agreement shall be construed to limit either Party’s right to apply for or otherwise acquire, on its own behalf and without any obligation whatsoever to the other, any right, title or interest whatsoever in or to any real property or mineral interests situated outside of the Area of Interest, and such right, title and interest shall not be subject to this Agreement.

Area of Interest. Owner and Sterling agree thatAt its option, during either the term of this AgreementVendor, an Area of Interest will be established around each claim group that constitutes on the Property. The Area of Interest shall be defined as that area within one mile of hand, or Stone, on the exterior boundaries of the groups of unpatented mining claims described other hand, may acquire any interest in Exhibit “A”. Any real property wholly or interests therein (“Additional Lands”) acquired (whether by staking, leasing, purchase or otherwise) by Sterling partially situate within the Area of Interest during Interest, in its own name and on such terms and conditions as the term of this Agreementacquirer (in its sole discretion) deems acceptable. Within fifteen (15) days after any such acquisition is consummated, the acquirer shall give notice thereof to Stone or the Vendor, as the case may be, and the notice shall be included accompanied by copies of all instruments documenting the acquisition. The other party shall have a period of fifteen (15) days after its receipt of such notice and accompanying materials to make the interest in real property described therein part of the Properties and subject to this Agreement as if by giving the newly acquirer notice of its decision to do so. If the Vendor are the acquirer and Stone gives the Vendor the fifteen (15) days notice of Stone’s decision to make the interest in real property acquired property was listed in Exhibit “A” and thereafter shall be by the Vendor part of the Property under this Agreement. Promptly following any such acquisition, Sterling shall give written notice Properties and subject to Owner of the acquisition, which notice shall include a true and complete copy of all documents (including all documents relating to or evidencing the acquisition [“Acquisition Documents”]) and data relating to the Additional Lands. In the event that Owner or its affiliates (including, but not limited to, any person or entity controlling or under common control with Owner) acquires (whether by staking, leasing, purchase or otherwise) any Additional Lands within the Area of Interest during the term of this Agreement, Owner shall give written then Stone’s notice to Sterling the Vendor of that decision shall be accompanied by payment to the Vendor of one hundred percent (100%) of the acquisition, which notice shall include a true Vendor’ actual out-of-pocket cash acquisition costs and complete copy of all Acquisition Documents and data relating the payment by Stone to the Additional LandsVendor shall constitute a Earning Cost. Sterling may elect, by written notice to Owner within sixty If the acquirer is Stone and the Vendor give Stone the fifteen (6015) days following receipt notice of Owner’s notice, whether the Vendor’ decision to include make the Additional Lands under this Agreement. If Sterling timely elects to include the Additional Lands interest in real property acquired by Owner under Stone part of the Properties and subject to this Agreement, then the Additional Lands acquisition by Stone shall be included in have been made at the sole cost and subject to this Agreement as if expense of Stone but all of Stone’s actual out-of-pocket cash acquisition costs shall constitute Earning Costs. No acquisition by either the Additional Lands were listed in Exhibit “A” and thereafter shall be part of the Property under this Agreement. Following the inclusion of Additional Lands in the Property Vendor or Stone pursuant to the provisions of this Section 1, the Parties 15 shall take such actions and execute such instruments (including, without limitation, an amendment operate to this Agreement) as either Party may desire or as may be required under the terms of the Acquisition Documents or applicable law to subject the Additional Lands and the Acquisition Documents to the terms of this Agreement. Nothing in this Agreement shall be construed to limit either Party’s right to apply for or otherwise acquire, on its own behalf and without any obligation whatsoever to the other, any right, title or interest whatsoever in or to any real property or mineral interests situated outside of enlarge the Area of Interest, and all interests in real property so acquired. Any such right, title acquisitions shall form part of the Property and interest shall not be subject to the provisions of this Agreement. Stone’s obligations under this Section shall survive Stone’s exercise and closing of the option granted to Stone under Section 5.

Area of Interest. Owner and Sterling agree thatIf, during the term Option Period, the Optionors or any of this Agreement, their respective Affiliates (an Area of Interest will be established around each claim group that constitutes the Property. The Area of Interest shall be defined as that area within one mile of the exterior boundaries of the groups of unpatented mining claims described in Exhibit “A”. Any property or interests therein (“Additional LandsAcquiring Party”) acquired (whether by staking, leasing, purchase records or otherwise) by Sterling otherwise acquires any interest in Mineral Claims located wholly or partly within the Area of Interest during (the term “AOI Rights”), the Acquiring Party shall forthwith give notice to the Optionee of this Agreementsuch recording or acquisition, shall the costs thereof and all details in its possession with respect to the nature of the Mineral Claims and the known mineralization thereon. Upon delivery of such notice, the Optionee may elect, by notice to the Acquiring Party, to require that such AOI Rights be included in and subject to this Agreement as if the newly acquired property was listed in Exhibit “A” and thereafter shall be form part of the Property under this Agreementand the Acquiring Party shall be reimbursed its recording or acquisition costs by the Optionee, which costs will be payable in cash by the Optionee to the Acquiring Party on or before the expiry of the Option Period. Promptly following If, during the Option Period, the Optionee or any of its Affiliates contemplates recording or otherwise acquiring any interest in AOI Rights, prior to staking such AOI Rights, the Optionee shall forthwith give notice to the Optionors of such potential recording or acquisition, Sterling shall give written notice the costs thereof and all details in its possession with respect to Owner the nature of the acquisitionMineral Claims and the known mineralization thereon. Upon delivery of such notice, which notice shall include a true and complete copy of all documents (including all documents relating to or evidencing the acquisition [“Acquisition Documents”]) and data relating to the Additional Lands. In the event that Owner or its affiliates (including, but not limited to, any person or entity controlling or under common control with Owner) acquires (whether by staking, leasing, purchase or otherwise) any Additional Lands within the Area of Interest during the term of this Agreement, Owner shall give written notice to Sterling of the acquisition, which notice shall include a true and complete copy of all Acquisition Documents and data relating to the Additional Lands. Sterling Optionors may elect, by written notice to Owner within sixty (60) days following receipt of Owner’s noticethe Optionee, whether to include the Additional Lands under this Agreement. If Sterling timely elects to include the Additional Lands acquired by Owner under this Agreement, record such AOI Rights and those AOI Rights will then the Additional Lands shall be included in and subject to this Agreement as if the Additional Lands were listed in Exhibit “A” and thereafter shall be form part of the Property under this Agreementand the Optionors shall be reimbursed their staking or acquisition costs by the Optionee, which costs will be payable in cash on or before the expiry of the Option Period. Following If, however, the inclusion of Additional Lands Optionors, after notice by the Optionee, do not stake the AOI Rights named in the Property pursuant to this Section 1notice then the Optionee will have the option of recording those rights and they will not form part of the Property. Notwithstanding the foregoing, the Parties shall take such actions area of Mineral Claim No. 1032543 currently adjoining the Property and execute such instruments (including, without limitation, an amendment to this Agreement) as either Party may desire or as may be required under the terms of the Acquisition Documents or applicable law to subject the Additional Lands and the Acquisition Documents to the terms of this Agreement. Nothing in this Agreement shall be construed to limit either Party’s right to apply for or otherwise acquire, on its own behalf and without any obligation whatsoever to the other, any right, title or interest whatsoever in or to any real property or mineral interests situated outside of the Area of Interest, and such right, title and interest owned by Xxxx Xxxxxxx shall not be subject to this Agreementany AOI Rights for so long as it remains in good standing.

Area of Interest. Owner and Sterling agree that, during the term of this Agreement, an Area of Interest will be established around each claim group that constitutes the Property. The Area of Interest shall be defined as that area within one mile of the exterior boundaries of the groups of unpatented mining claims described in Exhibit “A”. Any property or interests therein (“Additional Lands”) acquired (whether by staking, leasing, purchase or otherwise) by Sterling within the Area of Interest during the term of this Agreement, shall be included in and subject to this Agreement as if the newly acquired property was listed in Exhibit “A” and thereafter shall be part of the Property under this Agreement. Promptly following any such acquisition, Sterling shall give written notice to Owner of the acquisition, which notice shall include a true and complete copy of all documents (including all documents relating to or evidencing the acquisition [“Acquisition Documents”,]) and data relating to the Additional Lands. In the event that Owner or its affiliates (including, but not limited to, any person or entity controlling or under common control with Owner) acquires (whether by staking, leasing, purchase or otherwise) any Additional Lands within the Area of Interest during the term of this Agreement, Owner shall give written notice to Sterling of the acquisition, which notice shall include a true and complete copy of all Acquisition Documents and data relating to the Additional Lands. Sterling may elect, by written notice to Owner within sixty (60) days following receipt of Owner’s notice, whether to include the Additional Lands under this Agreement. If Sterling timely elects to include the Additional Lands acquired by Owner under this Agreement, then the Additional Lands shall be included in and subject to this Agreement as if the Additional Lands were listed in Exhibit “A” and thereafter shall be part of the Property under this Agreement. Following the inclusion of Additional Lands in the Property pursuant to this Section 1, the Parties shall take such actions and execute such instruments (including, without limitation, an amendment to this Agreement) as either Party may desire or as may be required under the terms of the Acquisition Documents or applicable law to subject the Additional Lands and the Acquisition Documents to the terms of this Agreement. Nothing in this Agreement shall be construed to limit either Party’s right to apply for or otherwise acquire, on its own behalf and without any obligation whatsoever to the other, any right, title or interest whatsoever in or to any real property or mineral interests situated outside of the Area of Interest, and such right, title and interest shall not be subject to this Agreement.