Conveyance of Partial Undivided Interest in Property. Upon payment of $20,000,000 by Buyer to Sellers (the “Purchase Price”), Sellers hereby jointly agree to indirectly convey to Buyer an undivided interest in the Property (as such term is hereafter defined) as described below. Sellers shall convey to AC a partial undivided interest in that certain real property and coal reserves described in the Exhibit A attached hereto and made a part hereof (the “Property”), subject to the exclusions and exceptions set forth thereon, equal to a fraction, the numerator of which shall be equal to Twenty Million Dollars ($20,000,000), and the denominator of which is a dollar amount the Parties agree represents the aggregate fair market value of the Property (the “Purchased Interest”).
Appears in 4 contracts
Samples: Membership Interest Purchase Agreement (Armstrong Coal Company, Inc.), Membership Interest Purchase Agreement (Armstrong Energy, Inc.), Membership Interest Purchase Agreement (Armstrong Resource Partners, L.P.)
