Direct Real Property Interest Sample Clauses

Direct Real Property Interest. The Grantor hereby acknowledges and agrees that the Royalty is an interest in land and a direct real property interest in the Property and the Minerals (while contained in the Property), and in the Grantor’s estate, right, title and interest therein granted by the Grantor, in favour of the Grantee, provided that such interest shall be satisfied in respect of any particular Mineral by the payment to the Grantee of the Royalty in respect thereof. The Royalty shall continue in perpetuity, it being the intent of the Parties that the Royalty will constitute a covenant running with the Property and the Minerals (while contained in the Property) and all successions thereof (whether created privately or through governmental action), and will be binding upon and enure to the benefit of the Parties and their respective successors and assigns.