Common use of Property Interest Clause in Contracts

Property Interest. This Deed shall constitute a security agreement for purposes of the Uniform Commercial Code. In addition, Grantor and Grantees intend that the Royalty will be perpetual and will constitute a presently vested interest in and a covenant running with the Royalty Property which will inure to the benefit of and be binding upon the Parties and their respective successors and assigns so long as Grantor or any successor or assign of Grantor holds any rights or interests in the Royalty Property. The Royalty shall attach to any amendments, relocations or conversions of any mining claim, license, or lease, concession, permit, patent or other tenure comprising the Royalty Property or the Mining Property on which the Royalty Property is located, or to any renewals or extensions thereof. If Grantor or any affiliate or successor or assignee of Grantor surrenders, allows to lapse or otherwise relinquishes or terminates its interest in any of the Royalty Property or the Mining Property on which the Royalty Property is located, and reacquires a direct or indirect interest in the land or minerals covered by the former Royalty Property or Mining Property on which the Royalty Property is located, then from and after the date of such reacquisition the Royalty will apply to the Royalty Property so affected. Grantor will give written Notice to the Administrative Agent within 30 days of any such acquisition or reacquisition. The Parties do not intend that there be any violation of the rule against perpetuities. Accordingly, any right that is subject to such rule shall be exercised within the maximum time periods permitted under applicable law.

Property Interest. This Deed shall constitute a security agreement for purposes of the Uniform Commercial Code. In addition, Grantor and Grantees Grantee intend that the Royalty will be perpetual and will constitute a presently vested interest in and a covenant running with the Royalty Property which will inure to the benefit of and be binding upon the Parties and their respective successors and assigns so long as Grantor or any successor or assign of Grantor holds any rights or interests in the Royalty Property. The Royalty shall attach to any amendments, relocations or conversions of any mining claim, license, or lease, concession, permit, patent or other tenure comprising the Royalty Property or the Mining Property on which the Royalty Property is located, or to any renewals or extensions thereof. If Grantor or any affiliate or successor or assignee of Grantor surrenders, allows to lapse or otherwise relinquishes or terminates its interest in any of the Royalty Property or the Mining Property on which the Royalty Property is located, and reacquires a direct or indirect interest in the land or minerals covered by the former Royalty Property or Mining Property on which the Royalty Property is located, then from and after the date of such reacquisition the Royalty will apply to the Royalty Property so affected. Grantor will give written Notice to the Administrative Agent Grantee within 30 days of any such acquisition or reacquisition. The Parties do not intend that there be any violation of the rule against perpetuities. Accordingly, any right that is subject to such rule shall be exercised within the maximum time periods permitted under applicable law.

Property Interest. This Deed shall constitute a security agreement for purposes of the Uniform Commercial Code. In addition, Grantor and Grantees Grantee intend that the Royalty will be perpetual and will constitute a presently vested interest in and a covenant running with the Royalty Property which will inure to the benefit of and be binding upon the Parties and their respective successors and assigns so long as Grantor or any successor or assign of Grantor holds any rights or interests in the Royalty Property. The Royalty shall attach to any amendments, relocations or conversions of any mining claim, license, or lease, concession, permitperm it, patent or other tenure comprising the Royalty Property or the Mining Property on which the Royalty Property is located, or to any renewals or extensions thereof. If Grantor or any affiliate or successor or assignee of Grantor surrenders, allows to lapse or otherwise relinquishes or terminates its interest in any of the Royalty Property or the Mining Property on which the Royalty Property is located, and reacquires a direct or indirect interest in the land or minerals covered by the former Royalty Property or Mining Property on which the Royalty Property is located, then from and after the date of such reacquisition the Royalty will apply to the Royalty Property so affected. Grantor will give written Notice to the Administrative Agent Grantee within 30 days of any such acquisition or reacquisition. The Parties do not intend that there be any violation of the rule against perpetuities. Accordingly, any right that is subject to such rule shall be exercised within the maximum time periods permitted under applicable law.