Excised Property Sample Clauses

Excised Property. (1) The Optionor agrees that any part of the Hoidas Lake Project, as the same may be constituted from time to time, shall at the Optionee’s request at any time after the Effective Date, be excised from and shall cease to constitute part of the Property for the purposes of this Agreement (“Excised Property”) and the Agreement shall be amended to reflect the same. Upon receipt of such request by the Optionee, the Optionor shall have 60 days to elect to continue to hold such Excised Property, transfer such Excised Property to an affiliate of the Optionor or abandon the Excised Property (in accordance with applicable law). If the Optionor elects to continue to hold such Excised Property or transfer such Excised Property to an affiliate, the Optionor shall be solely responsible for and shall assume, indemnify and hold the Optionee harmless in respect of any obligation or liability arising out of or in connection with the Excised Property before and up to the date that the Excised Property became part of the Property and after the Excised Property is no longer part of the Property. If notice to excise part of the Hoidas Lake Project is received by the Optionor within 60 days prior to the due date of any payments or concession patent fees required to be paid to maintain the Hoidas Lake Project in good standing, then the date of excision will be the first Business Day following the due date for any such payment or fee and the Optionee shall fund such payment or fee not later than the applicable due date. For greater certainty, nothing shall excuse the Optionee from liability for the period that the Optionee has an interest in the Excised Property.
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Related to Excised Property

  • Leased Property Upon and subject to the terms and conditions hereinafter set forth, Landlord leases to Tenant and Tenant leases from Landlord all of Landlord's right, title and interest in and to all of the following (collectively, the "Leased Property"):

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