GROSS OVERRIDING ROYALTY. 4.1 In addition to the consideration provided in Section 5.1, the Optionor reserves for itself and shall be entitled to receive a gross overriding royalty equal to 2.5% of all products mined and removed from the Property, to be calculated and paid in accordance with Schedule B to this Agreement. At the discretion of NAGR, it may buy down 1% of the Gross Overriding Royalty for $2.5 million, leaving a 1.5% Gross Overriding Royalty to the Optionor.
Appears in 3 contracts
Samples: Bay Property Option Agreement (North American General Resources Corp), Wool Bay Property Option Agreement (North American General Resources Corp), Property Option Agreement (North American General Resources Corp)
GROSS OVERRIDING ROYALTY. 4.1 In addition to the consideration provided in Section 5.1, the Optionor reserves for itself and shall be entitled to receive a gross overriding royalty equal to 2.5% of all products mined and removed from the Property, to be calculated and paid in accordance with Schedule B to this Agreement. At the discretion of NAGR, it may buy down 1% of the Gross Overriding Royalty for $2.5 million, leaving a 1.5% Gross Overriding Royalty to the Optionor. 5.
Appears in 1 contract
Samples: Option Agreement (North American General Resources Corp)
