Optionee Obligations Sample Clauses

Optionee Obligations. The Optionee shall be entitled to record the Optionee Transfer with the appropriate government offices to effect transfer of legal title of the Property into its own name upon the full and complete exercise of the Option by the Optionee. The Optionee and Optionor shall be entitled to record notice of the Transfer and NSR interest. The Optionor's surviving rights shall be protected by; (i) Providing the Optionor with proof of payment at least 1 month prior to the due date of all county, state and federal fees and taxes to maintain the Property in good standing at the Optionee's cost (ii) In lieu of Section 7b(i), the Optionee shall offer the Optionor any portion of the Property deemed unsuitable to the Optionee with associated data to allow the Optionor to ascertain its value. The said Property shall be in good standing with all fees and associated filings completed and offered to the Optionor before July 1 of any year. The Optionor shall have 30 days to accept the subject Property. In the event the Optionor accepts the offered property, the Optionee shall provide a quit claim to the subject portions of the property and indemnify and hold harmless the Optionor from any liabilities be it environmental, lien, mortgage, or other liability caused or found during the tenure of the Optionee.

Optionee Obligations. The Optionee shall be required to record the Optionee Transfer with the appropriate government offices to effect transfer of legal title of the Property into its own name upon the full and complete exercise of the Option by the Optionee. The Optionee and Optionor shall be entitled to record notice of the Transfer and NSR interest. The Optionor’s surviving rights shall be protected by; (i) Any transfer of interest by Optionee to an affiliate, assignee successor or other third party interest must agree to and sign an acceptance letter of all terms and conditions within this agreement which will then be transmitted to the Optionor. (ii) Optionee shall provide the Optionor with proof of payment at least 60 days prior to the due date of all county, state and federal claim filing fees and taxes to maintain the Property in good standing at the Optionee’s cost (iii) In lieu of Section 7b(ii), the Optionee shall offer the Optionor any portion of the Property deemed unsuitable to the Optionee before July 1 of any year. In the event the Optionor accepts the offered property, the Optionee shall provide a quit claim to the subject portions of the property, pay all federal, state and local filing fees and/or taxes for the proffered claims for one year in advance, provide all physical and digital data, and indemnify and hold harmless the Optionor from any liabilities be it environmental, lien, mortgage, or other liability caused or found or known about during the tenure of the Optionee. The Optionor shall have 30 days from the time of actual notification to accept the subject Property.

Optionee Obligations