Common use of Reserved Royalty Clause in Contracts

Reserved Royalty. (1) To pay lessor a three percent (3%) royalty on all ores, minerals or products (herein called "Production") mined and removed from the Leased Premises. Said royalty shall be calculated based upon the gross value of the Production. In the event Production is removed from the Leased Premises and stockpiled, royalty shall be payable six(6) months after removal and the gross value shall be deemed the highest value received for comparable material sold from the Leased Premises or from the nearest mine or property to the Leased Premises. (2) Production royalty shall be paid within thirty (30) days after receipt of payment for each shipment or when otherwise due, and each payment shall be accompanied by a statement showing the date(s) of shipment(s), quantity and value of each shipmer~, to whom sold and the gross value received, and any cost deductions. Production royalty payments not made when due shall bear interest at the rate of I 1/2% per calendar month or fraction thereof until paid in full. (3) Method of Production royalty payments shall be in U.S. dollars payable by cash or valid check drawn on available funds, and shall be deemed made when deposited at Lessor's single depository at: FIRST UTAH BANK 0000 Xxxxx 0000 Xxxx Xxxx Xxxx Xxxx, Xxxx 00000 phone (000) 000-0000 Lessor may change its single depository at any time by giving written notice to Lessee.

Reserved Royalty. (1) To pay lessor a three percent (3%) royalty on all ores, minerals or products (herein called "Production") mined and removed from the Leased Premises. Said royalty shall be calculated based upon the gross value of the Production. In the event Production is removed from the Leased Premises and stockpiled, royalty shall be payable six(6) months after removal and the gross value shall be deemed the highest value received for comparable material sold from the Leased Premises or from the nearest mine or property to the Leased Premises. (2) Production royalty shall be paid within thirty (30) days after receipt of payment for each shipment or when otherwise due, and each payment shall be accompanied by a statement showing the date(s) of shipment(s), quantity and value of each shipmer~shipment, to whom sold and the gross value received, and any cost deductions. Production royalty payments not made when due shall bear interest at the rate of I 1 1/2% per calendar month or fraction thereof until paid in full. (3) Method of Production royalty payments shall be in U.S. dollars payable by cash or valid check drawn on available funds, and shall be deemed made when deposited at Lessor's single depository at: FIRST UTAH BANK 0000 Xxxxx 0000 Xxxx Xxxx Xxxx Xxxx, Xxxx 00000 phone (000) 000-0000 Lessor may change its single depository at any time by giving written notice to Lessee.

Reserved Royalty. (1) To pay lessor a three percent (3%) royalty on all ores, minerals or products (herein called "Production") mined and removed from the Leased Premises. Said royalty shall be calculated based upon the gross value of the Production. In the event Production is removed from the Leased Premises and stockpiled, royalty shall be payable six(6) months after removal and the gross value shall be deemed the highest value received for comparable material sold from the Leased Premises or from the nearest mine or property to the Leased Premises. (2) Production royalty shall be paid within thirty (30) days after receipt of payment for each shipment or when otherwise due, and each payment shall be accompanied by a statement showing the date(s) of shipment(s), quantity and value of each shipmer~shipment, to whom sold and the gross value Value received, and any cost deductions. Production royalty payments not made when due shall bear interest at the rate of I 1 1/2% per calendar month or fraction thereof until paid in full. (3) Method of Production royalty payments shall be in U.S. dollars payable by cash or valid check drawn on available funds, and shall be deemed made when deposited at Lessor's single depository at: FIRST UTAH BANK 0000 Xxxxx 0000 Xxxx Xxxx Xxxx Xxxx, Xxxx 00000 phone (000) 000-0000 Lessor may change its single depository at any time by giving written notice to Lessee.

Reserved Royalty. (1) To pay lessor a three percent (3%) royalty on all ores, minerals or products (herein called "Production") mined and removed from the Leased Premises. Said royalty shall be calculated based upon the gross value of the Production. In the event Production is removed from the Leased Premises and stockpiled, royalty shall be payable six(6six (6) months after removal and the gross value shall be deemed the highest value received for comparable material sold from the Leased Premises or from the nearest mine or property to the Leased Premises. (2) Production royalty shall be paid within thirty (30) days after receipt of payment for each shipment or when otherwise due, and each payment shall be accompanied by a statement showing the date(s) of shipment(s), quantity and value of each shipmer~shipment, to whom sold and the gross value received, and any cost deductions. Production royalty payments not made when due shall bear interest at the rate of I 1 1/2% per calendar month or fraction thereof until paid in full. (3) Method of Production royalty payments shall be in U.S. dollars payable by cash or valid check drawn on available funds, and shall be deemed made when deposited at Lessor's single depository at: FIRST UTAH BANK 0000 Xxxxx 0000 Xxxx Xxxx Xxxx Xxxx, Xxxx 00000 phone (000) 000-0000 Lessor may change its single depository at any time by giving written notice to Lessee.