Common use of Subsequently Acquired AMI Interests Clause in Contracts

Subsequently Acquired AMI Interests. Any Party acquiring a Subsequently Acquired AMI Interest, directly or indirectly, shall notify the other Parties hereto. Such notice shall set forth (i) a description of the interest acquired, (ii) the total cost of the interest, including all land and legal costs associated with the acquisition thereof, (iii) the Proportionate Share of the notified Party and its cost therein, and (iv) any other pertinent terms of such acquisition, including, but not limited to, copies of the instruments of conveyance, copies of leases, assignments, subleases, farmout and other contracts affecting the AMI Interests, copies of paid drafts or checks, itemized invoices of actual costs incurred by the acquiring Party. Parties shall have fifteen (15) days from the receipt of this notice to acquire their Proportionate Share of the Subsequently Acquired AMI Interest. A Party's election to acquire shall be given in writing and accompanied by Party's payment of its total cost for such interest. If a Party's election and payment are not received within such fifteen (15) day period, it shall be conclusively presumed that such Party has elected not to acquire its Proportionate Share of the Subsequently Acquired AMI Interest and has forfeited its right thereto. A Party's failure to exercise its option as to any particular notice shall not constitute a waiver or release of its right to acquire any interest described in any subsequent notice delivered hereunder.

Subsequently Acquired AMI Interests. Any Party acquiring a Subsequently Acquired AMI Interest, directly or indirectly, shall notify the other Parties hereto. Such notice shall set forth (i) a description of the interest acquired, (ii) the total cost of the interest, including all land and legal costs associated with the acquisition thereof, (iii) the Proportionate Share of the notified Party and its cost therein, and (iv) any other pertinent terms of such acquisition, including, but not limited to, copies of the instruments of conveyance, copies of leases, assignments, subleases, farmout and other contracts affecting the AMI Interests, copies of paid drafts or checks, itemized invoices of actual costs incurred by the acquiring Party. Parties shall have fifteen (15) days from the receipt of this notice to acquire their Proportionate Share of the Subsequently Acquired AMI Interest. A Party's election to acquire shall be given in writing and accompanied by Party's payment of its total cost for such interest. If a Party's election and payment are not received within such fifteen (15) day period, it shall be conclusively presumed that such Party has elected not to acquire its Proportionate Share of the Subsequently Acquired AMI Interest and has forfeited its right thereto. A Party's failure to exercise its option as to any particular notice shall not constitute a waiver or release of its right to acquire any interest described in any subsequent notice delivered hereunder. Subsequently acquired AMI Interests shall not be construed to include oil and gas leases acquired under Article 4 hereof.