Option to Purchase Royalty. In the event that Lessee has established a binary power plant utilizing hot water and/or steam at temperatures less than 355°F, then Landowner grants to Lessee the right to buy down the Royalty by 1%, leaving a 2½% Royalty for the purchase price of $500,000 United States currency, plus an additional sum equal to 3% of the purchase price for each year following the first anniversary of commencement of use of Geothermal Resources from the Property for commercial purposes (the "Production Date") until the date of exercise of the option. Lessee may exercise the option to buy down the Royalty at any time not later than 36 months following the Production Date. Lessee shall deliver written notice of its election to exercise the option. On Lessee's exercise of the option, the parties shall make a diligent effort to close Lessee's purchase of the Royalty within 30 days following Lessee's delivery of its notice. On closing of the Option, Landowner shall execute and deliver a conveyance of the Royalty in form acceptable for recording and Lessee shall pay the purchase price for the Royalty to Landowner by cashier's check or wire transfer to an account designated by Landowner. Lessee shall pay all of the costs of closing, including the costs of escrow, recording and real property transfer taxes. Lessee shall remain obligated to pay the Royalty for all Geothermal Resources produced before the closing.
Option to Purchase Royalty. Landowner grants to Lessee the right to buy down the Royalty by one and one half percent (1½%), leaving a one and one-half percent (1 ½ %) Royalty for the purchase price of Two Hundred Thousand Dollars ($200,000.00) United States currency. Lessee may exercise the option to purchase the Royalty at any time not later than six (6) months following Lessee’s commencement of use of Geothermal Resources from the Property for commercial purposes, including the production of electrical energy, non-electric commercial purposes and by-products derived from the production of Geothermal Resources. Lessee shall deliver written notice of its election to exercise the option. On Lessee’s exercise of the option, the parties shall make a diligent effort to close Lessee’s purchase of the Royalty within thirty (30) days following Lessee’s delivery of its notice. On closing of the Option, Landowner shall execute and deliver a conveyance of the Royalty in form acceptable for recording and Lessee shall pay the purchase price for the Royalty to Landowner by cashier’s check or wire transfer to an account designated by Landowner. Lessee shall pay all of the costs of closing, including the costs of escrow, recording and real property transfer taxes. On closing of Lessee’s purchase of the Royalty, Lessee shall have no obligation to pay the Royalty for any Geothermal Resources produced before or after the closing, however, Lessee shall remain obligated to pay the Royalty for all Geothermal Resources produced before the closing.
Option to Purchase Royalty. During the term of this Agreement or after the exercise of the Option by the Optionee, the Optionee shall have, and the Optionor hereby grants to the Optionee, an option to purchase from the Optionor one-half of the Royalty for the sum of $1,000,000.
Option to Purchase Royalty. NLRC grants to Lessee the right to purchase the Royalty for the purchase price of One Million Dollars ($1,000,000.00) United States currency. Lessee may exercise the option to purchase the Royalty at any time not later than six (6) months following Lessee's commencement of use of Geothermal Resources from the Property for commercial purposes, including the production of electrical energy, non-electric commercial purposes and by-products derived from the production of Geothermal Resources. Lessee shall deliver written notice of its election to exercise the option. On Lessee's exercise of the option, the parties shall make a diligent effort to close Lessee's purchase of the Royalty within thirty (30) days following Lessee's delivery of its notice. On closing of the Option, NLRC shall execute and deliver a conveyance of the Royalty in form acceptable for recording and Lessee shall pay the purchase price for the Royalty to NLRC by cashier's check or wire transfer to an account designated by NLRC. Lessee shall pay all of the costs of closing, including the costs of escrow, recording and real property transfer taxes. On closing of Lessee's purchase of the Royalty, Lessee shall have no obligation to pay the Royalty for any Geothermal Resources produced before or after the closing, however, Lessee shall remain obligated to pay the Royalty for all Geothermal Resources produced before the closing.
Option to Purchase Royalty. 7.1 The Optionee shall have the right to purchase up to 50% of the Royalty retained by the Optionor on the Property for a purchase price of $2,000,000. The Royalty purchase option may be exercised at any time prior to the Commercial Production Date, provided however royalty payments which are made from commercial production shall not be credited towards the purchase price of the Royalty interest.
7.2 In the event that the Optionee purchases 50% of the Royalty pursuant to paragraph 7.1 hereof, the Optionor hereby grants the Optionee the right of first refusal to purchase the remaining 50% interest in the Royalty.
Option to Purchase Royalty. Owners grant to Lessee the exclusive right and option to purchase a portion of Owners’ Reserved Royalty prior to commencement of commercial production from the Property. Lessee may purchase one-third of the Reserved Royalty (i.e., 1% NSR) for ONE MILLION DOLLARS ($1,000,000.00). Lessee may purchase a second one-third of the Reserved Royalty (i.e., 1% NSR) for an additional FOUR MILLION DOLLARS ($4,000,000.00). If Lessee gives notice of its intention to purchase a portion of the Reserved Royalty, Owners will convey the applicable portion of the Reserved Royalty to Lessee by way of a Quitclaim Deed, and Lessee shall simultaneously pay the royalty purchase price to Owners.
Option to Purchase Royalty. BEI has the right to acquire the Royalty from PPR or any subsequent transferee thereof at any time after closing upon SIXTY days notice and the payment of ONE MILLION UNITED STATES DOLLARS as adjusted. Option Payments shall be adjusted upwards and downwards, as the case may be, on their respective due dates. Adjustments shall be by the same percentage as the percentage change, if any, in the United States Department of Labor, All Items (the “CPI”), published by the BLS for the most recent month immediately preceding a payment date for which a preliminary figure is then available using as a base the final figure (or preliminary figure if the final figure is not yet available) for December 2006. Within THIRTY days following BLS publication of the final figure for the most recent month prior to a payment date, the applicable purchase price shall be adjusted upwards or downwards as described above, but utilizing the final figures and, if different, then the difference shall be promptly paid to or refunded, as the case may be. The Quitclaim Deed and Royalty Agreement shall be recorded in the Clerk and Recorder office of the Teller County, Colorado and in any other notice or public filling regarding ownership of the Claims.
Option to Purchase Royalty. At any time after the acceptance for filing of this Agreement by the Exchange the Purchasers shall have, and the Vendor hereby grants to the Purchasers, an option to purchase from the Vendor one-third of the Royalty (equal to a one percent NSR) for the sum of $1,000,000.
