Common use of Maintenance of the Option Clause in Contracts

Maintenance of the Option. In order to maintain in force the Option granted to it, and to exercise the Option, the Optionee must: (a) incur Expenditures in an aggregate amount of $20,000,000 over a period of three (3) years from the execution date of this Agreement as follows: (i) $10,000,000 to be placed in trust with the Optionee for expenditure on the Property within 90 days of execution of this Agreement to be fully expended within eighteen (18) months of the Effective Date of this Agreement; (ii) $10,000,000 to be expended on or before three years from the execution date of this Agreement; (b) during the Option Period, keep the Property in good standing by paying all taxes, assessments and other charges and by doing all other acts and things that may be necessary in that regard, which payments shall be made from the Expenditures as detailed in 3.4 above.