Common use of Power to charge Clause in Contracts

Power to charge. At any time prior to the exercise of the Option by the Optionee the Optionee may grant mortgages, charges or liens (each of which is herein called a "mortgage") of and upon the interest of the Optionee in and to any of the mineral property interests comprising the Assets, upon any mill or other fixed assets located thereon and on any or all of the tangible personal Assets located on or used in connection with any of the mineral property interests comprising the Assets, to secure only the financing of development of any of the mineral property interests comprising the Assets; provided that, unless otherwise agreed to by the Optionor, it shall be a term of each mortgage that the mortgagee or any person acquiring title to any mineral property interest comprising the Assets, or to any mill or other fixed assets or tangible personal Assets located on or used in connection with any mineral property interest comprising the Assets upon enforcement of the mortgage, shall hold the same subject to the rights of the Optionor hereunder as if the mortgagee or any such person had executed this Agreement as party of the first part.

Power to charge. At any time prior to the exercise of the Option by the Optionee the Optionee may grant mortgages, charges or liens (each of which is herein called a "“mortgage"”) of and upon the interest of the Optionee in and to any of the mineral property interests comprising the Assets, upon any mill or other fixed assets property located thereon and on any or all of the tangible personal Assets property located on or used in connection with any of the mineral property interests comprising the Assets, to secure only the financing of development of any of the mineral property interests comprising the Assets; provided that, unless otherwise agreed to by the OptionorOptionors, it shall be a term of each mortgage that the mortgagee or any person acquiring title to any mineral property interest comprising the Assets, or to any mill or other fixed assets property or tangible personal Assets property located on or used in connection with any mineral property interest comprising the Assets upon enforcement of the mortgage, shall hold the same subject to the rights of the Optionor Optionors hereunder as if the mortgagee or any such person had executed this Agreement as party of the first part.