Common use of Representations, Warranties and Covenants of Grantors Clause in Contracts

Representations, Warranties and Covenants of Grantors. As a material inducement to Optionee to enter into this Option Agreement and to consummate the transactions contemplated hereby, each Grantor hereby severally makes to Optionee each of the representations, warranties and covenants set forth in this Article III, which representations and warranties are true to such Grantor’s knowledge as of the date hereof and as of the date of the Final Closing. As a condition to Optionee’s obligation to complete the purchase of such Grantor’s Contributed Interest after the exercise of the Purchase Option, (i) such representations and warranties (as so qualified) must continue to be true as of the date of the Initial Closing and as of the date of the Final Closing and (ii) such Grantor shall have complied with all of the covenants contained herein.