Land and Lease costs Sample Clauses

Land and Lease costs. Participant agrees to pay its Participation Interest share plus an amount equal to fifty percent (50%) of Participant’s share of all costs incurred for the acquisition of the leases and lease options set out on Exhibit “B” attached hereto, including, but not limited to lease bonus, brokerage charges, acquisition title costs and other miscellaneous costs and fees directly attributable to such leases, exclusive of drilling and division order title opinions. It being the intention of the parties that Participant shall pay for the continuing title costs on a promoted basis, only as to those leases listed on Exhibit “B”. In the event of title failure or other reasons that prevent SECI from acquiring a lease described on Exhibit “B”, Participant will be credited for all charges inclusive of the promote. As to those leases committed and acquired after February 16, 2007 and not included on Exhibit “B”, Participant agrees to pay its Participation Interest share plus an amount equal to twenty-five percent (25%) of Participant’s share of all costs incurred for the acquisition of leases and lease options, (excluding those leases listed on Exhibit “B” hereto) including, but not limited to lease bonus, brokerage charges, title costs and other miscellaneous costs and fees directly attributable to the Project Area exclusive of drilling and division order title opinions. Participant will pay its Participation Interest share of all delay rental payments made on leases earned by Participant within the Project Area. For the purposes herein, committed leases are those leases that have been mailed out but not acquired, with the verbal intent of SECI to acquire, and confirmation of lessor to lease, the leasehold on specific lands in the Project Area to SECI. Further, pursuant to Paragraph 2 herein, SECI has estimated the cost of the leases on Exhibit “B” to be $550,000 inclusive of the promote for Participant’s Participation Interest share of expenses associated with the leasehold on Exhibit “B”. The remaining monies in the amount of $50,000 are deemed to be an advance for ongoing leasing.

Land and Lease costs. Participant agrees to pay four and five one-hundredths percent (4.5%) of the actual leasehold costs attributable to the Windsor Project incurred or booked subsequent to April 1, 2009, including the third party cost of due diligence conducted for the acquisition of the Windsor Project, as set forth on SECI’s invoices. Invoices for land and leasehold costs shall be payable within fifteen (15) days of receipt of invoices.