Common use of Stockpiling Clause in Contracts

Stockpiling. The rights of Operator to stockpile, store or place Precious Metals or Other Minerals off of the Property pursuant to any of the provisions of this Agreement shall not be exercisable until Operator has first secured from the property owner where such stockpiling, storage or placement is to occur a written agreement in recordable form which provides that Franco's rights to the Precious Metals and Other Minerals shall be preserved. Such agreement shall provide, inter alia, that (a) Franco's rights pursuant to this Agreement, insofar as they are applicable, shall continue in full force and effect with respect to Precious Metals and Other Minerals from the Property; (b) Franco's rights in and to the Precious and Other Minerals shall be the same as if the Precious Metals and Other Minerals were situate on the Property; (c) Franco's rights set forth in this Section 7 shall have precedence over the rights to the Precious Metals and Other Minerals of the property owner where the Precious Metals and Other Minerals are stockpiled, stored or placed, as well as the creditors of the said property owner; and (d) the agreement shall be irrevocable as long as the Precious Metals and Other Minerals from the Property, or any part thereof, remain on the property not part of the Property. The provisions of this Section 7 shall not be applicable to Precious Metals or Other Minerals which at any given point in time do not exceed a value of contained minerals in excess of Five Million Dollars ($5,000,000).