Common use of Reservation of Minerals Clause in Contracts

Reservation of Minerals. 2.3.1 The Lessor reserves all Minerals on the Lands and retains the right, subject to reasonable prior notice being provided to the Lessee, to enter the Premises to prospect for, drill for, work, extract, and produce Minerals and to lay pipeline and build such tanks, stations, improvements, and roads as may be reasonably necessary, on the condition that the activity has no material adverse effect on the Authorized Uses. 2.3.2 If there is any interference with the Lessee’s rights under this Lease due to the exercise of the Lessor’s rights under section 2.3.1 that is less than a material adverse effect on the Authorized Uses, then the Lessor will determine the amount of any compensation and provide notice to the Lessee of such amount. Such interference is not a default of the Lessor’s covenant of quiet enjoyment. 2.3.3 If the Lessee disagrees with the compensation determined by the Lessor under section 2.3.2, then the Lessee may, within 60 days of delivery of the notice referred to in section 2.3.2, refer the matter to Federal Court for a review of the determination of compensation. If the Lessee fails to refer the matter to Federal Court within the specified time, then the compensation set out in the Lessor’s notice will be final and binding on the Parties.

Reservation of Minerals. 2.3.1 The Lessor reserves all Minerals on the Lands and retains the right, subject to reasonable prior notice being provided to the Lessee, to enter the Premises to prospect for, drill for, work, extract, and produce Minerals and to lay pipeline and build such tanks, stations, improvements, and roads as may be reasonably necessary, on the condition that the activity has no material adverse effect on the Authorized Uses.Uses.49‌ 2.3.2 If there is any interference with the Lessee’s rights under this Lease due to the exercise of the Lessor’s rights under section 2.3.1 that is less than a material adverse effect on the Authorized Uses, then the Lessor will determine the amount of any compensation and provide notice to the Lessee of such amount. Such interference is not a default of the Lessor’s covenant of quiet enjoyment. 2.3.3 If the Lessee disagrees with the compensation determined by the Lessor under section 2.3.2, then the Lessee may, within 60 days of delivery of the notice referred to in section 2.3.2, refer the matter to Federal Court for a review of the determination of compensation. If the Lessee fails to refer the matter to Federal Court within the specified time, then the compensation set out in the Lessor’s notice will be final and binding on the Parties.

Reservation of Minerals. 2.3.1 The Lessor reserves all Minerals on the Lands and retains the right, subject to reasonable prior notice being provided to the Lessee, to enter the Premises to prospect for, drill for, work, extract, and produce Minerals and to lay pipeline and build such tanks, stations, improvements, and roads as may be reasonably necessary, on the condition that the activity has no material adverse effect on the Authorized Uses.Uses.‌ 2.3.2 If there is any interference with the Lessee’s rights under this Lease due to the exercise of the Lessor’s rights under section 2.3.1 that is less than a material adverse effect on the Authorized Uses, then the Lessor will determine the amount of any compensation and provide notice to the Lessee of such amount. Such interference is not a default of the Lessor’s covenant of quiet enjoyment. 2.3.3 If the Lessee disagrees with the compensation determined by the Lessor under section 2.3.2, then the Lessee may, within 60 days of delivery of the notice referred to in section 2.3.2, refer the matter to Federal Court for a review of the determination of compensation. If the Lessee fails to refer the matter to Federal Court within the specified time, then the compensation set out in the Lessor’s notice will be final and binding on the Parties.