Common use of Memorandum of Option Clause in Contracts

Memorandum of Option. Optionor and BPI shall execute a memorandum of this option and record the same in the County Clerk and Recorder's Office in the county where the Minerals are located. All parties dealing with Optionor with respect to the Minerals shall deal and take any interest subject to the rights of BPI and the obligations of Optionor as set forth herein.