NJMC’s Initial Contribution Sample Clauses

NJMC’s Initial Contribution. NJMC hereby contributes to the Venture all of its right, title and interest in and to the Properties, together with all of its respective right, title and interest in and to any licenses and permits relating to the Properties and all Existing Data. NJMC hereby also contributes the mineral processing equipment and improvements identified in Exhibit A. The agreed value of NJMC’s initial contribution comprised of its interests in the contributed Properties, Existing Data, milling equipment and improvements listed on Exhibit A is five million dollars ($5,000,000). The parties recognize and understand that the fee land that makes up a part of the Properties has been subject to a lease made on September 15, 1993 between NJMC as lessee and ZECO lessor. Secondly, that some of the claims that constitute the Properties are owned by NJMC without regard to and not subject to the lease referred to in this paragraph. The parties further acknowledge and agree that the Manager is authorized, on or after the Effective Date of this Agreement, to purchase the foregoing leased mining properties from the respective lessors for the total sum of $225,000, and terminate the lease. This purchase shall be charged against the Joint Account. NJMC has furnished to UMS a copy of the transaction documents for its information.