Blackfeet-K2 EDA Sample Clauses

Blackfeet-K2 EDA. MEXP had paid to K2 $100,000 US as a deposit for an assignment of a 50% undivided interest in the Lessee's rights and obligations under the Blackfeet-K2 EDA. Upon receipt of (a) written amendment of the Blackfeet-K2 EDA to provide that the Exploration Phase/Earnings Xxxxx Paragraph 6 be changed to five years from May, 1998 and to a May 1, 1998 anniversary date (b) written approval of such assignment from K2 to MEXP pursuant to Paragraph 15 of the Blackfeet-K2 EDA and (c) on the approval and acceptance by The Blackfeet Tribe and any applicable federal agency of the clarifications set out in the Letter dated June 15, 1998 attached hereto as Exhibit D, which amendment and approvals the parties shall diligently pursue, MEXP shall pay K2 an additional $650,000 US in exchange for a written assignment of an undivided 50% interest of the Lessee's rights and obligations under the Blackfeet-K2 EDA access and, to the extent not prohibited by licensing agreements, copies of all geological, geophysical, lease and mineral ownership and other data in K2's possession or control relating to the AMI. If such amendment and approval to assignment are received, but MEXP does not tender the $650,000 US payment, K2, at its sole option, may immediately terminate this Agreement and retain the $100,000 US deposit, in which event all rights and obligations associated with this Agreement shall terminate and K2 shall be free and clear to negotiate with other parties. If such amendment and approval to assignment are not received within 90 days of the date hereof, MEXP, at its sole option, may terminate this Agreement, and in that event K2 shall immediately refund the $100,000 US deposit, all rights and obligations associated with this Agreement shall terminate and K2 shall be free and clear to negotiate with other parties. Article III of this Agreement governs the ownership of leasehold interests earned under the terms of the Blackfeet-K2 EDA.
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