Common use of Conversion of Claims Clause in Contracts

Conversion of Claims. If the mining laws applicable to the unpatented mining claims subject to this Agreement are amended or repealed, and if in either case the interests of Lessor in the unpatented mining claims are converted or authorized to be converted, the interest of Lessee in the unpatented mining claims, as amended or converted, shall be subject to and shall constitute the Property subject to this Agreement. If, pursuant to any amendment of the mining laws, Lessor is granted the right to convert its interest in the unpatented mining claims comprising the Property to a permit, license, lease, or other right or interest, Lessee may, in Lessees discretion and in Lessor’s name, elect such conversion. Lessor shall bear the cost of the application for such conversion; however, Lessee shall, during the term of this Agreement, pay all periodic payments required to preserve or maintain such converted interest, including without limitation, permit, license, lease, holding fees or other periodic payments. Any and all production royalties or fees based on or assessed against production of Minerals from the Property which are paid by Lessee to the United States shall be credited in Lessee’s favor against Lessee’s Net Proceeds obligations owed to Lessor On the grant or issuance of such converted interests or rights, the parties shall execute and deliver an addendum to this Agreement by which such converted interests or rights are expressly made subject to the Agreement.

Conversion of Claims. If the mining laws applicable to the unpatented mining claims subject to this Agreement are amended or repealed, and if in either case the interests of Lessor Shoshone in the unpatented mining claims are converted or authorized to be converted, the interest of Lessee Sterling in the unpatented mining claims, as amended or converted, shall be subject to and shall constitute the Property subject to this Agreement. If, If pursuant to any amendment of the mining laws, Lessor laws Shoshone is granted the right to convert its interest in the unpatented mining claims comprising the Property to a permit, license, lease, or other right or interest, Lessee Sterling may, in Lessees Sterling’s discretion and in LessorShoshone’s name, elect such conversion. Lessor Shoshone shall bear the cost of the application for such conversion; , however, Lessee Sterling shall, during the term of this Agreement, pay all periodic payments required to preserve or maintain such converted interest, including including, without limitation, permit, license, lease, holding fees fees, or other periodic payments. Any and all production royalties or fees based on or assessed against production of Minerals from the Property which are paid by Lessee Sterling to the United States shall be credited in LesseeSterling’s favor against LesseeSterling’s Net Proceeds production royalty payment obligations owed to Lessor Shoshone. On the grant or issuance of such converted interests interest or rights, rights the parties shall execute and deliver an addendum to this Agreement by which such converted interests interest or rights are expressly made subject to the this Agreement.

Conversion of Claims. If the mining laws applicable to the unpatented mining claims subject to this Agreement are amended or repealed, and if in either case the interests of Lessor in the unpatented mining claims are converted or authorized to be converted, the interest of Lessee in the unpatented mining claims, as amended or converted, shall be subject to and shall constitute the Property subject to this Agreement. If, pursuant to any amendment of the mining laws, Lessor is granted the right to convert its interest in the unpatented mining claims comprising the Property to a permit, license, lease, or other right or interest, Lessee may, in Lessees discretion and in Lessor’s name, elect such conversion. Lessor shall bear the cost of the application for such conversion; however, Lessee shall, during the term of this Agreement, pay all periodic payments required to preserve or maintain such converted interest, including without limitation, permit, license, lease, holding fees or other periodic payments. Any and all production royalties or fees based on or assessed against production of Minerals from the Property which are paid by Lessee to the United States shall be credited in Lessee’s favor against Lessee’s Net Proceeds obligations owed to Lessor On the grant or grantor issuance of such converted interests or rights, the parties shall execute and deliver an addendum to this Agreement by which such converted interests or rights are expressly made subject to the Agreement.