OWNERSHIP AND PROCESSING OF GEMS Sample Clauses

OWNERSHIP AND PROCESSING OF GEMS. The diamondiferous kinberlite minerals and their matrix materials to be mined by CMKI (collectively, the "Minerals") will be placed in a "controlled", "secured" and "accountable" inventory by CMKI, and all such Minerals will be assayed to determine the Finder's Royalty due the Seller in any manner it may determine reasonable in the circumstances, provided that, at all times, any such process reasonably complies with standard industry practices in connection with the preparation of polished goods and, provided further, that CMKI uses its reasonably best efforts to seek the maximum yield of gems in connection with any such Minerals. In this regard it is hereby also expressly acknowledged and agreed by the Parties hereto that for purposes of the Finder's Royalty, any "facetable" gemstone greater than one (1) carat in weight or any specimen exceeding U.S. $5,000 in wholesale value, will only be processed in such a manner as may be mutually agreed by both Parties, from time to time, acting reasonably. All such facetable gemstones or specimens will be kept in a mutually acceptable controlled, secure, and accountable storage facility with a dual keyed access, of which each Party will hold one key, and which storage facility will be subject to twenty-four hour video surveillance and such other monitoring as may be necessary and proper.

OWNERSHIP AND PROCESSING OF GEMS. The Benitoite minerals and their matrix material mined by Azco during the Option Period (collectively, the "Minerals") will be placed in inventory by Azco, and should Azco elect to exercise its Option to acquire the Property all such Minerals will be absolutely conveyed to Azco by the Seller at that time. If the Property is not purchased by Azco during the Option Period the Minerals will be returned by Azco to the Seller forthwith. Azco will, during the Option Period and subject to the following restrictions, maintain the sole and absolute right to process any such Minerals in any manner it may determine reasonable in the circumstances, provided that, at all times, any such process reasonably complies with standard industry practices in connection with the preparation of polished goods and, provided further, that Azco uses its reasonably best efforts to seek the maximum yield in connection with any such Minerals. In this regard it is hereby also expressly acknowledged and agreed by the Parties hereto that, during the Option Period, any facetable stone greater than six carats in weight or any specimen exceeding U.S. $5,000 in wholesale value, will only be processed in such a manner as may be mutually agreed by both Parties, from time to time, acting reasonably. All such stones or specimens will be kept in a mutually acceptable storage facility with a dual key access, of which each Party will hold one key.