Common use of Reacquisition Clause in Contracts

Reacquisition. If any part of the Property is abandoned or surrendered under the provisions of this Article 14, then, unless this Agreement is earlier terminated, no Participant (except a Participant that has objected to an abandonment or surrender) nor any Affiliate thereof shall acquire any interest in such Property for a period of three years following the date of such abandonment or surrender. If a Participant reacquires any Property in violation of this Section 14.2, the other Participant may elect by notice to the reacquiring Participant within 45 days after actual notice of such reacquisition, to have such properties made subject to the terms of this Agreement. In the event such an election is made, the acquired properties shall thereafter be treated as the Property, and the costs of reacquisition shall be borne solely by the reacquiring Participant and shall not be included for purposes of calculating the Participant’s respective Participating Interest.

Appears in 1 contract

Samples: Property Option Agreement

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Reacquisition. If any all or part of the Property is abandoned or surrendered under the provisions of this Article 1415 to a third party, then, then unless this Agreement is earlier terminated, no Participant (and except a Participant that has objected as provided for assignment to an abandonment or surrender) objecting Member in Section 15.2, neither Member nor any Affiliate thereof shall acquire any interest in such Property for a period of three two years following the date of such abandonment or surrender. If a Participant Member reacquires any the Property in violation of this Section 14.215.3, the other Participant Member may elect by notice to the reacquiring Participant Member, within 45 days after it has actual notice of such reacquisition, to have such properties made subject to the terms of this Agreement. In the event such an election is made, the acquired reacquired properties shall will thereafter be treated as part of the Property, and the costs of reacquisition shall be borne solely by the reacquiring Participant Member and shall not be included for purposes of calculating the Participant’s Members' respective Participating InterestInterests.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Minera Andes Inc /Wa)

Reacquisition. If any part of the Property is abandoned or surrendered under the provisions of this Article 1413, then, unless this Agreement is earlier terminated, no Participant (except a Participant that has objected to an abandonment or surrender) nor any Affiliate thereof shall acquire any interest in in--such Property for a period of three years one year following the date of such abandonment or surrender. If a Participant reacquires any Property in violation of this Section 14.213.02, the other Participant may elect by notice to the reacquiring Participant within 45 days after actual notice of such reacquisition, to have such properties made subject to the terms of this Agreement. In the event such an election is made, the acquired properties shall thereafter be treated as the Property, and the costs of reacquisition shall be borne solely by the reacquiring Participant and shall not be included for purposes of calculating the Participant’s 's respective Participating InterestInterests.

Appears in 1 contract

Samples: Subscription & Option Agreement (Fronteer Development Group)

Reacquisition. If any part of the Property is Properties are abandoned or surrendered under ------------- the provisions of this Article 14XIV, then, unless this Agreement is earlier terminated, no neither Participant (except a Participant that has objected to an abandonment or surrender) nor any Affiliate thereof shall acquire any interest in such Property Properties or a right to acquire such Properties for a period of three years one year following the date of such abandonment or surrender. If a Participant reacquires any Property Properties in violation of this Section 14.2, the other Participant may elect by notice to the reacquiring Participant within 45 days after it has actual notice of such reacquisition, to have such properties made subject to the terms of this Agreement. In the event such an election is made, the acquired reacquired properties shall thereafter be treated as the PropertyProperties, and the costs of reacquisition shall be borne solely by the reacquiring Participant and shall not be included for purposes of calculating the Participant’s Participants' respective Participating Interest.Interests. ARTICLE XV ---------- TRANSFER OF INTEREST --------------------

Appears in 1 contract

Samples: Mining Venture Agreement (Western Goldfields Inc)

Reacquisition. If any part of the Property is Properties are abandoned or surrendered under the provisions of this Article Section 14, then, unless this Agreement is earlier terminated, no Participant (except a Participant that has objected to an abandonment or surrender) nor any Affiliate thereof shall acquire any interest in such Property Properties for a period of three years one year following the date of such abandonment or surrender. If a Participant reacquires any Property Properties in violation of this Section 14.2, the other Participant Participants may elect by notice to the reacquiring Participant within 45 days after actual notice of such reacquisition, to have such properties made subject to the terms of this Agreement. In the event such an election is made, the acquired properties shall thereafter be treated as the PropertyProperties, and the costs of reacquisition shall be borne solely by the reacquiring Participant and shall not be included for purposes of calculating the Participant’s Participants” respective Participating InterestInterests.

Appears in 1 contract

Samples: Option Agreement (Radius Gold Inc.)

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Reacquisition. If any part of the Property is abandoned or surrendered under the provisions of this Article 1413, then, unless this Agreement is earlier terminated, no Participant (except a Participant that has objected to an abandonment or surrender) nor any Affiliate thereof shall acquire any interest in such Property for a period of three years one year following the date of such abandonment or surrender. If a Participant reacquires any Property in violation of this Section 14.213.02, the other Participant may elect by notice to the reacquiring Participant within 45 days after actual notice of such reacquisition, to have such properties made subject to the terms of this Agreement. In the event such an election is made, the acquired properties shall thereafter be treated as the Property, and the costs of reacquisition shall be borne solely by the reacquiring Participant and shall not be included for purposes of calculating the Participant’s 's respective Participating InterestInterests.

Appears in 1 contract

Samples: Joint Venture Agreement (Fronteer Development Group Inc)

Reacquisition. If any part of the Property is Properties are abandoned or surrendered under the provisions of this Article 14, then, unless this Agreement is earlier terminated, no Participant (except a Participant that has objected to an abandonment or surrender) nor or any Affiliate thereof shall acquire any interest in such Property Properties for a period of three years one year following the date of such abandonment or surrender. If a Participant reacquires any Property Properties in violation of this Section 14.2, the other Participant Participants may elect by notice Notice to the reacquiring Participant within 45 days after actual notice Notice of such reacquisition, to have such properties made subject to the terms of this Agreement. In the event such an election is made, the acquired properties are included in the Properties. The reacquiring Participant shall thereafter be treated as the Property, and the solely bear all costs of reacquisition shall be borne solely by the reacquiring Participant and shall such costs are not be included for purposes of calculating the Participant’s Participants' respective Participating InterestInterests.

Appears in 1 contract

Samples: Joint Venture Agreement

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