Common use of Lesser Interest Clause in Contracts

Lesser Interest. All payments payable to Lessor hereunder (including the Purchase Price) are based upon Lessor’s warranted ownership of the entire undivided interest in minerals included within the boundaries of the Premises. If Lessor is found to own less than 100% of the mineral interest in the Premises (i.e., if Lessor’s interest is the same in all claims or parcels included in the Premises but less than 100%), then Lessor’s actual interest shall be its actual percentage interest in the Premises. If Lessor’s interest varies as to separate portions of the Premises, then Lessor’s actual interest shall be determined on a net acreage basis by multiplying the acreage in each distinct claim or parcel within the Premises by Lessor’s fractional interest therein and then computing Lessor’s interest on the net acres actually owned by Lessor as a proportion of the total acreage originally warranted to be owned by Lessor. In either of such events, all payments payable to Lessor hereunder other than production royalty payments shall be reduced accordingly. If MGC-038-1.doc Lessor’s title to any of the Premises from which production is made is less than 100%, then the production royalty payable pursuant to Section 3.B shall be reduced to the same proportion as the undivided right and title actually owned by Lessor bears to the entire undivided right and title to the portion of the Premises from which such production is made. Such reductions in payments shall not waive or eliminate any other rights or remedies Lessee may have in connection with the extent of Lessor’s actual interest in the Premises.

Lesser Interest. All payments payable to Lessor hereunder (including the Purchase Price) are based upon Lessor’s 's warranted ownership of the entire undivided interest in minerals included within the boundaries of the Premises. If Lessor is found to own less than 100% of the mineral interest in the Premises (i.e., if Lessor’s 's interest is the same in all claims or parcels included in the Premises but less than 100%), then Lessor’s 's actual interest shall be its actual percentage interest in the Premises. If Lessor’s 's interest varies as to separate portions of the Premises, then Lessor’s 's actual interest shall be determined on a net acreage basis by multiplying the acreage in each distinct claim or parcel within the Premises by Lessor’s 's fractional interest therein and then computing Lessor’s 's interest on the net acres actually owned by Lessor as a proportion of the total acreage originally warranted to be owned by Lessor. In either of such events, all payments payable to Lessor hereunder other than production royalty payments shall be reduced accordingly. If MGC-038-1.doc Lessor’s 's title to any of the Premises from which production is made is less than 100%, then the production royalty payable pursuant to Section 3.B shall be reduced to the same proportion as the undivided right and title actually owned by Lessor bears to the entire undivided right and title to the portion of the Premises from which such production is made. Such reductions in payments shall not waive or eliminate any other rights or remedies Lessee may have in connection with the extent of Lessor’s 's actual interest in the Premises.

Lesser Interest. All payments payable to Lessor hereunder (including the Purchase Price) are based upon Lessor’s warranted ownership of the entire undivided interest in minerals included within the boundaries of the Premises. If Lessor is found to own less than 100% of the mineral interest in the Premises (i.e., if Lessor’s interest is the same in all claims or parcels included in the Premises but less than 100%), then Lessor’s actual interest shall be its actual percentage interest in the Premises. If Lessor’s interest varies as to separate portions of the Premises, then Lessor’s actual interest shall be determined on a net acreage basis by multiplying the acreage in each distinct claim or parcel within the Premises by Lessor’s fractional interest therein and then computing Lessor’s interest on the net acres actually owned by Lessor as a proportion of the total acreage originally warranted to be owned by Lessor. In either of such events, all payments payable to Lessor hereunder other than production royalty payments shall be reduced accordingly. If MGC-038-1.doc Lessor’s title to any of the Premises from which production is made is less than 100%, then the production royalty payable pursuant to Section 3.B shall be reduced to the same proportion as the undivided right and title actually owned by Lessor bears to the entire undivided right and title to the portion of the Premises from which such production is made. Such reductions in payments shall not waive or eliminate any other rights or remedies Lessee may have in connection with the extent MGC-041.doc of Lessor’s actual interest in the Premises.

Lesser Interest. All payments payable to Lessor hereunder (including the Purchase Price) are based upon Lessor’s warranted ownership of the entire undivided interest in minerals included within the boundaries of the Premises. If Lessor is found to own less than 100% of the mineral interest in the Premises (i.e., if Lessor’s interest is the same in all claims or parcels included in the Premises but less than 100%), then Lessor’s actual interest shall be its actual percentage interest in the Premises. If Lessor’s interest varies as to separate portions of the Premises, then Lessor’s actual interest shall be determined on a net acreage basis by multiplying the acreage in each distinct claim or parcel within the Premises by Lessor’s fractional interest therein and then computing Lessor’s interest on the net acres actually owned by Lessor as a proportion of the total acreage originally warranted to be owned by Lessor. In either of such events, all payments payable to Lessor hereunder other than production royalty payments shall be reduced accordingly. If MGC-038-1.doc Lessor’s title to any of the Premises from which production is made is less than 100%, then the production royalty payable pursuant to Section 3.B shall be reduced to the same proportion as the undivided right and title actually owned by Lessor bears to the entire undivided right and title to the portion of the Premises from which such production is made. Such reductions in payments shall not waive or eliminate any other rights or remedies Lessee may have in connection with the extent of Lessor’s 's actual interest in the Premises.