Provision Regarding Ongoing Harvests Sample Clauses

Provision Regarding Ongoing Harvests. Purchaser acknowledges and agrees that Seller may continue to conduct ongoing timber harvesting operations until Closing on the sale areas and on the terms described on Exhibit I attached hereto (the “Ongoing Harvest Operations”). In the event Seller is unable, for any reason in Seller’s sole discretion, to complete such Ongoing Harvest Operations by Closing, Seller may reserve the remaining timber on such sale areas and on the terms described on Exhibit I together with the right to enter upon that portion of the Timberlands by means of access routes approved by Purchaser in its reasonable discretion in order for Seller to complete its Ongoing Harvest Operations no later than twelve (12) months after Closing pursuant to the terms of a harvesting agreement to be executed and delivered by the Parties at Closing substantially in the form attached hereto as Exhibit I-1 (the “Harvesting Agreement”). Seller shall be entitled to receive all proceeds from the sale of the timber harvested pursuant to the Ongoing Harvest Operations and there shall be no adjustment of the Purchase Price due to the removal of such timber pursuant to Seller’s Ongoing Harvest Operations. Seller shall (i) remain liable for any severance taxes arising out of such Ongoing Harvest Operations, and (ii) indemnify, hold harmless and defend Purchaser, its successors and assigns from and against any loss, cost, claim or liability, including, without limitation, reasonable attorney’s fees and court costs and liabilities related to personal injury, damage and fire, all as associated with Seller’s Ongoing Harvest Operations on the Timberlands after Closing and in accordance with the Harvesting Agreement. Seller’s reservations, rights and obligations arising under this Section 1.9 shall be reflected in the Deeds and/or Assignment and Assumption of Timberland Leases. Seller will conduct harvesting operations on the Ongoing Harvest Tracts consistent with industry standards in the applicable region and consistent with Seller’s standards on other similarly situated tracts harvested by Seller, to the extent in accordance with the terms of the Harvesting Agreement.
Sample 1
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