Common use of Escrow of Patents Pending Dispute Clause in Contracts

Escrow of Patents Pending Dispute. At any time while this Agreement is in force and effect a third party asserts a claim of ownership in the Property or the Minerals wit oh is adverse to the interest of Lessor or if Lessee is advised by legal counsel for Lessee that t appears that a third party may have such a claim, Lessee may deposit any payments which would other wise be due to Lessor hereunder into escrow, and give notice of such deposit to Lessor In the event of a dispute as to ownership of the Property, the Minerals, the surface of the Property, or the Net Proceeds, payment of Net Proceeds may be deferred until twenty (20) days after Lessee is furnished satisfactory evidence that such dispute has been finally settled, and all provisions as to keeping this Agreement in force shall relate to such extended time for payment.

Escrow of Patents Pending Dispute. At any time while this Agreement is in force and effect a third party asserts a claim of ownership in the Property or the Minerals wit oh is adverse to the interest of Lessor or if Lessee is advised by legal counsel for Lessee that t appears that a third party may have such a claim, Lessee may deposit any payments which would other wise be due to Lessor hereunder into escrow, and give notice of such deposit to Lessor In the event of a dispute as to ownership of the Property, the Minerals, the surface of the Property, or the Net Proceeds, payment of Net Proceeds may be deferred until twenty (20) days after Lessee is furnished satisfactory evidence that such dispute has been finally settled, and all provisions as to keeping this Agreement in force shall relate to such extended time for payment.