Right and Option to Earn a 100% Interest Sample Clauses

Right and Option to Earn a 100% Interest. The further sole and exclusive right and option to earn on or before December 31, 2002, a 100% undivided interest subject to the Royalty provided in Section 4.9 and the Earn Back Option, in the Properties free of all other liens, charges, encumbrances and conflicting claims (the "Option"), by (i) completing by December 31, 1999 the Initial Program and incurring Expenditures of $500,000; (ii) incurring an aggregate of not less than $2,500,000 in Expenditures (in addition to the amount set out in paragraph (i)) prior to December 31, 2002; and (iii) thereafter giving the Optionor notice of exercise as provided in Section 4.4, all upon and subject to the terms and conditions of this Agreement.
Sample 1
AutoNDA by SimpleDocs

Related to Right and Option to Earn a 100% Interest

  • Extension Right Tenant shall have 1 right (the “Extension Right”) to extend the term of this Lease for 3 years (the “Extension Term”) on the same terms and conditions as this Lease (other than Base Rent) by giving Landlord written notice of its election to exercise each Extension Right at least 12 months, and no earlier than 18 months, prior to the expiration of the Base Term of the Lease.

  • Expiration Date; Automatic Exercise This Warrant shall expire at the close of business on the date five years after issuance, and shall be void thereafter. Notwithstanding the foregoing, this Warrant shall automatically be deemed to be exercised in full pursuant to the provisions of Section 4 hereof, without any further action on behalf of the Holder, immediately prior to the time this Warrant would otherwise expire pursuant to the preceding sentence.

  • Obligation to Purchase (a) The Subscriber agrees to purchase from the Company convertible notes ("Put Notes") in up to the principal amount set forth on the signature page hereto for up to the aggregate amount of Put Note principal ("Put Purchase Price") designated on the signature page hereto (the "Put"). Collectively the Put Notes, Warrants issuable in connection with the Put, and Common Stock issuable upon conversion of the Put Notes and exercise of the Warrants are referred to as the "Put Securities".) The Warrants issuable in connection with the Put Notes are referred to herein as Warrants or Put Warrants. Except as described in Section 11.1(c) hereof, each Put Note will be identical to the Note except that the Maturity Date will be two years from each Put Closing Date (as hereinafter defined). The Holders of the Put Securities are granted all the rights, undertakings, remedies, liquidated damages and indemnification granted to the Subscriber in connection with the Note, including but not limited to, the rights and procedures set forth in Section 9 hereof and the registration rights described in Section 10 hereof.

  • Extension Rights Tenant shall have 2 consecutive rights (each, an “Extension Right”) to extend the term of this Lease for 5 years each (each, an “Extension Term”) on the same terms and conditions as this Lease (other than with respect to Base Rent and the Work Letter) by giving Landlord written notice of its election to exercise each Extension Right at least 12 months prior to the expiration of the Base Term of the Lease or the expiration of any prior Extension Term.

  • No Obligation to Exercise Options Notwithstanding any provision in this Agreement to the contrary, nothing in this Agreement shall obligate Stockholder to exercise any stock option of the Company or other right to acquire shares of Common Stock.

  • Rights and Obligations Survive Exercise of Warrant Unless otherwise provided herein, the rights and obligations of the Company, of the holder of this Warrant and of the holder of the Shares issued upon exercise of this Warrant, shall survive the exercise of this Warrant.

  • No Obligation to Exercise Option The grant and acceptance of this option imposes no obligation on the Optionee to exercise it.

  • Refusal to Transfer The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

  • Rights and Obligations Survive Exercise of the Warrant Except as otherwise provided herein, the rights and obligations of the Company and the Holder under this Warrant shall survive exercise of this Warrant.

  • Expansion Rights RIDER No. 3 attached to and made a part of the Lease dated March 21, 2003, between FIRST INDUSTRIAL, L.P., as Landlord, and THE WORNICK COMPANY, as Tenant, for Premises located at 4732, 4744 and 0000 Xxxxx Xxxx, Xxxxxxxxxx, Ohio. During such time as this Lease is in effect and provided that Tenant is not in default under this Lease (and no event has occurred with the passage of time or the giving of notice, or both, would constitute a default under this Lease), Tenant shall have the right to lease the immediately adjacent approximately 12,696-25,392 square feet of the Building, as labeled “Expansion Premises” on attached Exhibit A-2 (referred to in this Rider as the “Adjacent Space”), on the terms set forth in this Rider. If an event has occurred that with the passage of time or the giving of notice, or both, would constitute an uncured default under this Lease and Tenant has exercised its expansion option under the terms of this Rider No. 3, Landlord, in its sole discretion, shall have the right to declare such exercise voidable if such event ripens into an uncured default. Tenant’s rights under this Rider are subordinate to any leases of the Adjacent Space (including any rights of first offer and other expansion rights) and options to renew or extend the lease term or any purchase options or agreements concerning the Building or Property that Landlord has entered into as of the Date of Lease. This limited right to expand space shall operate as follows: (i) if and when Landlord receives a bona fide third-party written offer to lease all or any part of the Adjacent Space on terms and conditions that Landlord has determined it is prepared to accept, Landlord shall, prior to accepting such offer, notify Tenant in writing of such offer, together with a statement of the terms and conditions of such offer; (ii) Tenant shall have five (5) days from receipt of Landlord’s notice in which to deliver to Landlord Tenant’s written, unconditional election and agreement to lease the entire Adjacent Space (x) at a base rental rate equal to the base rental rate set forth in the third-party offer; (y) for a term equal to the longer of the then remaining term under this Lease or the term set forth in the third party offer, and (z) otherwise on all the same terms and conditions of this Lease; (iii) if Tenant duly delivers its written, unconditional election and agreement to lease the Adjacent Space, then effective on the first day of the first calendar month immediately following delivery by Tenant of its agreement to lease: (a) the Adjacent Space will be deemed to be added to and become a part of the Premises for all purposes under this Lease (and the term “Premises” shall be redefined to include the Adjacent Space); (b) Tenant’s Proportionate Share shall increase to reflect the addition of the entire Adjacent Space to the Premises; (c) Base Rent for the Adjacent Space (which shall be in addition to the Base Rent due under this Lease for the then existing Premises) shall be due from Tenant at the rate established by clause (ii)(x) above; and (d) Tenant will not be entitled to any allowance or other incentive or abatement with regard to the Adjacent Space and will accept the Adjacent Space in its as-is condition, without representation or warranty, and without any improvements, installations or other work items to be performed by Landlord except those that would have been available to the third-party who made the bona fide third-party written offer, which the Tenant is matching. Tenant shall promptly upon request of Landlord execute and deliver to Landlord an amendment to this Lease consistent with the foregoing and otherwise containing such provisions as are, in Landlord’s reasonable judgment, necessary to evidence this expansion of Tenant’s occupancy of the Building, with the execution and delivery by Tenant of such Lease amendment constituting a condition precedent to Tenant’s right to occupy the Adjacent Space as contemplated by this Rider (but not as a condition precedent to commencement of the lease term (and Tenant’s resulting Rent payment and other obligations) for the Adjacent Space). RIDER NO. 4 Renewal Option RIDER No. 4 attached to and made a part of the Lease dated March 21, 2003, between FIRST INDUSTRIAL, L.P., as Landlord, and THE WORNICK COMPANY, as Tenant, for Premises located at 4732, 4744 and 0000 Xxxxx Xxxx, Xxxxxxxxxx, Xxxx. Provided that this Lease is in full force and effect and Tenant is not in default of its obligations hereunder (beyond any applicable notice or cure period) at the time the Renewal Option (defined below) is exercised and at the commencement of the Renewal Term (defined below), Landlord hereby grants to Tenant the option to extend the initial Term of this Lease (“Renewal Option”) for one (1) additional period of two (2) years (the “Renewal Term”), upon the same terms and conditions as are contained in this Lease, except as provided below. Landlord shall have no obligation to make any improvements, decorations, repairs, alterations or additions to the Premises as a condition to Tenant’s obligation to pay Rent for the Renewal Term. The Renewal Option granted herein shall be exercised, if at all, by written notice (the “Renewal Notice”) to Landlord given not later than 270 days prior to the Expiration Date. In the event that Tenant fails to deliver the Renewal Notice on a timely basis, Tenant shall have no further right to extend the Term. Base Rent payable for the Premises during the Renewal Term shall be in an amount equal to one hundred five percent (105%) of the amount of the Base Rent payable for the Premises during the period immediately prior to the commencement of the Renewal Term. EXHIBIT A-1 CREEK ROAD BUSINESS CENTER Situate in Section 00, Xxxx 0, Xxxxxx Xxxxx 0, Xxxxxxxx Xxxxxxxx, Xxxx of Blue Ash, Xxxxxxxx County, Ohio and being more particularly described as follows: Beginning at the intersection of the centerlines of Creek Road and Kenwood Road, the centerline of Kenwood Road also being the east line of Section 17; Thence along said centerline of Creek Road, North 81°15’40” West, 1072.48 feet to a point; Thence North 08°44’20” East, 30.00 feet to a point in the northerly right-of-way line of Creek Road and the real point of beginning for this description; Thence from said REAL POINT OF BEGINNING, North 08°44’20” East, 667.28 feet to a point; Thence South 81°15’40” East, 970.64 feet to a point in the westerly right-of-way line of Kenwood Road; Thence along said westerly line of Kenwood Road, South 03°4l’00” West, 653.50 feet to a point; Thence along an arc deflecting to the right, having a radius of 15.00 feet, a distance of 24.89 feet, the chord of said arc bears South 51°12’40” West 22.13 feet to a point in the aforesaid northerly right-of-way of Creek Road; Thence along said northerly line of Creek Road, North 81°15’40” West, 1013.28 feet to the real point of beginning.

Time is Money Join Law Insider Premium to draft better contracts faster.