Termination by Lessor. In the event Lessor considers that Lessee has not complied with any obligation hereunder, Lessor shall notify Lessee setting out specifically in what respect it is claimed that Lessee has breached this Agreement. If the alleged breach, other than a breach of Lessee’s obligations to pay the Advance Royalty and Production Royalty, is not cured within sixty (60) days after notice is given, or, in the case of Lessee’s failure to timely pay the Advance Royalty, within fifteen (15) days after such notice is given, or if Lessee has not within that time either commenced to cure the alleged breach and does not thereafter diligently complete such cure, or challenges the legitimacy of the allegation, Lessor may terminate this Agreement by delivering to Lessee written notice of such termination; provided, however, that in the event Lessee challenges the legitimacy of the allegation, Lessee may give written notice to Lessor within such 60-day period setting forth such fact. If Lessee breaches its obligation to pay the Advance Royalty, Lessee shall cure such breach within twenty (20) business days following Lessor’s delivery of notice of such breach. If Lessor gives written notice within 15 days of Lessee's notice that Lessor rejects Lessee's position, then this Agreement shall not be terminable by Lessor until there is a final judicial determination by a court of competent jurisdiction that a default exists and shall not be terminated thereafter if Lessee shall satisfy such judgment within 30 days following its entry (or if an appeal of such judgment is taken, following its affirmance by the highest court to which such an appeal is made). The foregoing sentence shall not apply to Lessee’s failure to pay any Advance Royalty payment. Lessor shall not be entitled to terminate this Agreement for any default which by its nature is not retroactively curable if Lessee has used its best efforts to cure such a default to the extent practical or if Lessee has paid Lessor damages for such default where damages are an appropriate remedy. Lessor shall have no right to terminate this Agreement except as expressly provided in this Section 6.A. Notwithstanding the foregoing provisions of this Section 6.A, this Agreement may not be terminated, in whole or in part, by less than all the individuals and/or entities included within the term "Lessor."
Appears in 2 contracts
Samples: Mineral Lease Agreement (Prophecy Development Corp.), Mineral Lease (Prophecy Development Corp.)
Termination by Lessor. In the event Lessor considers that Lessee has not complied with any obligation hereunder, Lessor shall notify Lessee setting out specifically in what respect it is claimed that Lessee has breached this Agreement. If the alleged breach, other than a breach of Lessee’s obligations to pay the Advance Royalty and Production Royalty, is not cured within sixty (60) 60 days after notice is given, or, in the case given of Lessee’s default for failure to timely pay the Advance Royalty, within fifteen (15) make a required cash payment or 90 days after such notice is given, given of any other default or if Lessee has not within that time either commenced to cure the alleged breach (other than a breach for non-payment) and does not thereafter diligently complete such cure, or challenges the legitimacy of the allegation, Lessor may terminate this Agreement by delivering to Lessee written notice of such termination; provided, however, that in the event Lessee challenges the legitimacy of the allegation, allegation Lessee may give written notice to Lessor within such 30-day or 60-day period setting forth such fact. If Lessee breaches its obligation to pay the Advance Royalty, Lessee shall cure such breach within twenty (20) business days following Lessor’s delivery of notice of such breach. If Lessor gives written notice within 15 days of Lessee's notice that Lessor rejects Lessee's position, position then this Agreement shall not be terminable by Lessor until there is a final judicial determination by a court of competent jurisdiction that a default exists and shall not be terminated thereafter if Lessee shall satisfy such judgment within 30 days following its entry (or if an appeal of such judgment is taken, taken following its affirmance by the highest court to which such an appeal is made). The foregoing sentence Failure of Lessor to give such notice shall constitute agreement by Lessor that Lessee is not apply to Lessee’s failure to pay any Advance Royalty paymentin default. Lessor shall not be entitled to terminate this Agreement for any default which by its nature is not retroactively curable if Lessee has used its best efforts to cure such a default to the extent practical or if Lessee has paid Lessor Lessor’s' damages for such default where damages are an appropriate remedy. Lessor shall have no right to terminate this Agreement except as expressly provided in this Section 6.A. Notwithstanding the foregoing provisions 6.A, and termination of this Section 6.A, Agreement shall be the sole remedy of Lessor. Neither the service of any notice nor the performance of any acts by Lessee intended to meet any such alleged breach shall be deemed an admission or presumption that Lessee has failed to perform all of its obligations under this Agreement may not be terminated, in whole or in part, by less than all the individuals and/or entities included within the term "LessorAgreement."
Appears in 2 contracts
Samples: Assignment of Contract (Steele Resources Corp), Assignment of Contract (Steele Resources Corp)
Termination by Lessor. In the event Lessor considers that Lessee has not complied with any obligation hereunder, Lessor shall notify Lessee setting out specifically in what respect it is claimed that Lessee has breached this Agreement. If the alleged breach, other than a breach of Lessee’s obligations to pay the Advance Royalty and Production Royalty, is not cured within sixty (60) 60 days after notice is given, or, in the case of Lessee’s failure to timely pay the Advance Royalty, within fifteen (15) days after such notice is given, or if Lessee has not within that time either commenced to cure the alleged breach and does not thereafter diligently complete such cure, or challenges the legitimacy of the allegation, Lessor may terminate this Agreement by delivering to Lessee written notice of such termination; provided, however, that in the event Lessee challenges the legitimacy of the allegation, Lessee may give written notice to Lessor within such 60-day period setting forth such fact. If Lessee breaches its obligation to pay the Advance Royalty, Lessee shall cure such breach within twenty (20) business days following Lessor’s delivery of notice of such breach. If Lessor gives written notice within 15 days of Lessee's ’s notice that Lessor rejects Lessee's ’s position, then this Agreement shall not be terminable by Lessor until there is a final judicial determination by a court of competent jurisdiction that a default exists and shall not be terminated thereafter if Lessee shall satisfy such judgment within 30 days following its entry (or if an appeal of such judgment is taken, following its affirmance affirmation by the highest court to which such an appeal is made). The foregoing sentence Failure of Lessor to give such notice shall constitute agreement by Lessor that Lessee is not apply to Lessee’s failure to pay any Advance Royalty paymentin default. Lessor shall not be entitled to terminate this Agreement for any default which by its nature is not retroactively curable if Lessee has used its best efforts to cure such a default to the extent practical or if Lessee has paid Lessor damages for such default where damages are an appropriate remedy. Lessor shall have no right to terminate this Agreement except as expressly provided in this Section 6.A. 6.A, and termination of this Agreement shall be the sole remedy of Lessor. Neither the service of any notice nor the performance of any acts by Lessee intended to meet any such alleged breach shall be deemed an admission or presumption that Lessee has failed to perform all of its obligations under this Agreement. Notwithstanding the foregoing provisions of this Section 6.A, this Agreement may not be terminated, in whole or in part, by less than all the individuals and/or MGC-054.doc entities included within the term "“Lessor."” .
Appears in 2 contracts
Samples: Mineral Lease Agreement and Option to Purchase, Mineral Lease Agreement and Option to Purchase (Midway Gold Corp)
Termination by Lessor. a. In the event Lessor considers that Lessee has LESSEE should not complied with any obligation hereunderbe able to obtain a Select Service Hotel franchise agreement prior to commencement of construction, Lessor then the LESSOR shall notify Lessee setting out specifically in what respect it is claimed that Lessee has breached have the option to terminate this Agreement. If At that time, LESSOR shall release the alleged breach, other than a breach of Lessee’s obligations existing Good Faith Security Deposit to pay the Advance Royalty and Production Royalty, is not cured within sixty (60) days after notice is given, orLESSEE.
b. The LESSOR, in the case of Lessee’s failure addition to timely pay the Advance Royaltyany other rights to which it may be entitled by law or otherwise, within fifteen (15) days after such notice is given, or if Lessee has not within that time either commenced to cure the alleged breach and does not thereafter diligently complete such cure, or challenges the legitimacy of the allegation, Lessor may terminate this Agreement by delivering giving LESSEE written notice in the event of default by LESSEE under this Agreement failing to Lessee be resolved in less than sixty (60) calendar days after the LESSEE’s receipt of written notice of such termination; providedevent of default and opportunity to cure from the LESSOR, however, that in upon or after the event Lessee challenges the legitimacy happening of any one of the allegationfollowing events:
1) LESSEE shall file a voluntary petition in bankruptcy or that proceedings in bankruptcy shall be instituted against it and LESSEE is thereafter adjudicated bankrupt pursuant to such proceedings;
2) A court shall take jurisdiction of LESSEE and its assets pursuant to proceedings brought under the provisions of any Federal reorganization act;
3) Receiver of LESSEE’s assets shall be appointed;
4) LESSEE shall be divested of its estate herein by other operation of law;
5) LESSEE shall fail to perform, Lessee keep and observe any of the obligations, terms, warranties or conditions contained in this Agreement that on the part of LESSEE are to be performed, kept or observed.
c. If any such condition or default cannot reasonably be corrected within the sixty (60) calendar day period, and LESSEE has demonstrated due diligence with respect to curing said default, then, at the LESSOR’s sole discretion, such cure period may give written notice to Lessor within be extended for consecutive periods of thirty (30) calendar days, as long as diligent progress is made toward cure, with a reasonably foreseeable resolution date. Under such 60-circumstances, default may be treated as cured until cured. Should diligent progress cease, or the reason for default become apparent as insoluble, then the Term shall cease and expire at the end of the thirty (30) calendar day extension then in effect.
d. Acceptance of rent by LESSOR for any period setting forth such fact. If Lessee breaches its obligation to pay the Advance Royalty, Lessee shall cure such breach within twenty (20) business days following Lessor’s delivery of or periods after a notice of such breach. If Lessor gives written notice within 15 days default is issued by LESSOR of Lessee's notice that Lessor rejects Lessee's positionany of the obligations, then this Agreement terms, warranties and conditions herein contained to be performed, kept and observed by LESSEE shall not be terminable by Lessor until there is deemed a final judicial determination by a court waiver of competent jurisdiction that a default exists and shall not be terminated thereafter if Lessee shall satisfy such judgment within 30 days following its entry (or if an appeal any other right on the part of such judgment is taken, following its affirmance by the highest court to which such an appeal is made). The foregoing sentence shall not apply to Lessee’s failure to pay any Advance Royalty payment. Lessor shall not be entitled LESSOR to terminate this Agreement for failure by LESSEE so to perform, keep and observe any of the obligations, terms, warranties, or conditions hereof to be performed, kept and observed. No waiver of default which by its nature is not retroactively curable if Lessee has used its best efforts LESSOR of any of the obligations, terms, warranties or conditions hereof to cure such be performed, kept and observed by LESSEE, shall be construed to be or act as a waiver of any subsequent default of any of the obligations, terms, warranties or conditions herein contained to the extent practical or if Lessee has paid Lessor damages for such default where damages are an appropriate remedy. Lessor shall have no right to terminate this Agreement except as expressly provided in this Section 6.A. Notwithstanding the foregoing provisions of this Section 6.Abe performed, this Agreement may not be terminated, in whole or in part, kept and observed by less than all the individuals and/or entities included within the term "LessorLESSEE."
Appears in 2 contracts
Samples: Concession and Lease Agreement, Concession and Lease Agreement
Termination by Lessor. In Lessor reserves the event right to terminate this Lease before the end of the primary or any extended term hereof if any of the following acts of default should occur:
(a) Lessee shall fail to make any payment due Lessor considers under this Lease on the date that same is due and such failure shall continue for a period of ten (10) days after receipt of written notice from Lessor advising of such failure. Such notice, if the failure remains uncorrected, shall be sufficient notice of termination of this Lease by Lessor.
(b) Lessee has not complied shall fail to comply with any obligation hereunderterm, Lessor shall notify Lessee setting out specifically in what respect it is claimed that Lessee has breached condition or covenant of this Agreement. If the alleged breachLease, other than one requiring payment to be made when due, and shall not have cured such failure within thirty (30) days after receipt of written notice from Lessor, or if such failure cannot reasonably be cured within the said thirty (30) day period and Lessee shall not have commenced to cure such failure within said thirty (30) days and shall not thereafter, with reasonable diligence and good faith, proceed to cure such failure.
(c) Lessee either shall become insolvent, shall make a breach transfer in fraud of creditors, shall make an assignment for the benefit of creditors, or shall have appointed a receiver or trustee for all or on substantially all of the assets of Lessee’s obligations to pay .
(d) Lessee shall file a voluntary petition under any section or chapter of the Advance Royalty National Bankruptcy Act, as amended, or under any similar law or statute of the United States or any State thereof; or an involuntary petition in bankruptcy is filed against Lessee and Production Royalty, is not cured dismissed within sixty (60) days after notice is given, or, in the case such filing.
(e) The management and/or ownership of Lessee’s failure Lessee should substantially change to timely pay the Advance Royalty, within fifteen (15) days after such notice is given, or if Lessee has not within that time either commenced to cure the alleged breach and does not thereafter diligently complete such cure, or challenges the legitimacy of the allegation, Lessor may terminate this Agreement by delivering to Lessee written notice of such termination; provided, however, that in the event Lessee challenges the legitimacy of the allegation, Lessee may give written notice to Lessor within such 60-day period setting forth such fact. If Lessee breaches its obligation to pay the Advance Royalty, Lessee shall cure such breach within twenty (20) business days following Lessor’s delivery of notice of such breach. If Lessor gives written notice within 15 days of Lessee's notice that Lessor rejects Lessee's position, then this Agreement shall not be terminable by Lessor until there is a final judicial determination by a court of competent jurisdiction that a default exists and shall not be terminated thereafter if Lessee shall satisfy such judgment within 30 days following its entry (or if an appeal of such judgment is taken, following its affirmance by the highest court to which such an appeal is made)extent as to result in unsatisfactory performance under this Lease. The foregoing sentence shall not apply to Lessee’s failure to pay any Advance Royalty payment. Should Lessor shall not be entitled to terminate this Agreement for any default which by exercise its nature is not retroactively curable if Lessee has used its best efforts to cure such a default to the extent practical or if Lessee has paid Lessor damages for such default where damages are an appropriate remedy. Lessor shall have no right to terminate this Agreement except as expressly provided in this Section 6.A. Notwithstanding the foregoing provisions of this Section 6.ASection, this Agreement may not One Aviation shall be terminated, in whole or in part, by less than all the individuals and/or entities included within the term "Lessorso notified."
Appears in 1 contract
Termination by Lessor. In The term of the event lease of GSAT Spectrum pursuant to this Lease Agreement may be terminated by Lessor:
(i) if Lessor considers provides written notice to Lessee that Lessee has not complied with any obligation hereundermaterially breached its representations, Lessor shall notify Lessee setting out specifically warranties, covenants, obligations or other agreements contained in what respect it is claimed this Lease Agreement; provided that Lessee has breached failed to cure such breach within thirty (30) days from the date of its receipt of the notice specified in this Agreement. If subsection (or such longer period to the alleged extent required to effectuate cure if promptly commenced and diligently pursued, but not longer than 90 days); and provided further that Lessor (A) specifies in such notice the representation, warranty, covenant, obligation or other agreement of which it regards Lessee to be in material breach, other than a and (B) is not itself in material breach of Lesseeits representations, warranties, covenants, obligations or agreements contained herein;
(ii) immediately if the Lessee becomes insolvent, makes a transfer in fraud of creditors, or makes an assignment for the benefit of creditors;
(iii) if, following the Lease Commencement Date, the FCC requires alterations to the terms of this Lease Agreement that would materially alter Lessor’s rights or obligations hereunder and the Parties hereto are unable in good faith to pay negotiate substitute terms which provide substantially equivalent rights and obligations as are provided hereunder ;
(iv) if Lessor, in the Advance Royalty exercise of its sole discretion, determines that the System or any part thereof is in material non-compliance with the Communications Laws and Production Royalty, that Lessee is not cured unable or unwilling to remedy such material non-compliance within sixty thirty (6030) days after notice is given, or, in the case of Lessee’s failure to timely pay the Advance Royalty, within fifteen (15) days after such notice is given, or if Lessee has not within that time either commenced to cure the alleged breach and does not thereafter diligently complete such cure, or challenges the legitimacy of the allegation, Lessor may terminate this Agreement by delivering to Lessee written notice of such terminationthereof; provided, however, Lessee hereby agrees that, as an alternative to terminating this Lease Agreement, Lessor may, in its sole discretion, seek to compel Lessee to take such action as is necessary to remedy any such violations that can be remedied with commercially reasonable action and at commercially reasonable expense; or
(v) if Lessee’s technology fails to function for its intended purpose as such purpose is reflected in the event business plan that Lessee challenges has submitted to th RUS or fails to comply in all material respects with the legitimacy Communications Laws at the conclusion of the allegationBeta Test, Lessee may give written notice to Lessor within such 60-day period setting forth such fact. If Lessee breaches its obligation to pay the Advance Royalty, Lessee shall cure such breach within twenty (20) business days following Lessor’s delivery of notice of such breach. If Lessor gives written notice within 15 days of Lessee's notice that Lessor rejects Lessee's position, then this Agreement shall not be terminable by Lessor until there is a final judicial determination by a court of competent jurisdiction that a default exists and shall not be terminated thereafter if Lessee shall satisfy such judgment within 30 days following its entry (or if an appeal of such judgment is taken, following its affirmance by the highest court to which such an appeal is made). The foregoing sentence shall not apply to Lessee’s failure to pay any Advance Royalty payment. Lessor shall not be entitled to terminate this Agreement for any default which by its nature is not retroactively curable if Lessee has used its best efforts to cure such a default to the extent practical or if Lessee is not legally able to use at least [*] MHz of Lessor’s S-band spectrum or the System cannot be operated for its intended purpose due to third party interference; provided that (A) Lessor has paid complied its obligations relating to the Beta Test set forth in Section 10(f), and (B) Lessor damages for such default where damages are an appropriate remedy. Lessor shall have no right notifies Lessee of its intent to terminate this the Lease Agreement except as expressly provided in this Section 6.A. Notwithstanding within 90 days after the foregoing provisions conclusion of this Section 6.A, this Agreement may not be terminated, in whole or in part, by less than all the individuals and/or entities included within the term "LessorBeta Test."
Appears in 1 contract
Samples: Lease Agreement (Globalstar, Inc.)
Termination by Lessor. In the event Lessor considers that Lessee has not complied with any obligation hereunder, Lessor shall notify Lessee setting out specifically in what respect it is claimed that Lessee has breached this Agreement. If the alleged breach, other than a breach of Lessee’s obligations to pay the Advance Royalty and Production Royalty, is not cured within sixty (60) 60 days after notice is given, or, in the case of Lessee’s failure to timely pay the Advance Royalty, within fifteen (15) days after such notice is given, or if Lessee has not within that time either commenced to cure the alleged breach and does not thereafter diligently complete such cure, or challenges the legitimacy of the allegation, Lessor may terminate this Agreement by delivering to Lessee written notice of such termination; provided, however, that in the event Lessee challenges the legitimacy of the allegation, Lessee may give written notice to Lessor within such 60-day period setting forth such fact. If Lessee breaches its obligation to pay the Advance Royalty, Lessee shall cure such breach within twenty (20) business days following Lessor’s delivery of notice of such breach. If Lessor gives written notice within 15 days of Lessee's ’s notice that Lessor rejects Lessee's ’s position, then this Agreement shall not be terminable by Lessor until there is a final judicial determination by a court of competent jurisdiction that a default exists and shall not be terminated thereafter if Lessee shall satisfy such judgment within 30 days following its entry (or if an appeal of such judgment is taken, following its affirmance affirmation by the highest court to which such an appeal is made). The foregoing sentence Failure of Lessor to give such notice shall constitute agreement by Lessor that Lessee is not apply to Lessee’s failure to pay any Advance Royalty paymentin default. Lessor shall not be entitled to terminate this Agreement for any default which by its nature is not retroactively curable if Lessee has used its best efforts to cure such a default to the extent practical or if Lessee has paid Lessor damages for such default where damages are an appropriate remedy. Lessor shall have no right to terminate this Agreement except as expressly provided in this Section 6.A. 6.A, and termination of this Agreement shall be the sole remedy of Lessor. Neither the service of any notice nor the performance of any acts by Lessee intended to meet any such alleged breach shall be deemed an admission or presumption that Lessee has failed to perform all of its obligations under this Agreement. Notwithstanding the foregoing provisions of this Section 6.A, this Agreement may not be terminated, in whole or in part, by less than all the individuals and/or entities included within the term "“Lessor."” .
Appears in 1 contract
Samples: Mineral Lease Agreement and Option to Purchase (Midway Gold Corp)
Termination by Lessor. In the event Lessor considers that Lessee has not complied with any obligation hereunder, Lessor shall notify Lessee setting out specifically in what respect it is claimed that Lessee has breached this Agreement. If the alleged breach, other than a breach of Lessee’s obligations to pay the Advance Royalty and Production Royalty, is not cured within sixty (60) 60 days after notice is given, or, in the case of Lessee’s failure to timely pay the Advance Royalty, within fifteen (15) days after such notice is given, or if Lessee has not within that time either commenced to cure the alleged breach and does not thereafter diligently complete such cure, or challenges the legitimacy of the allegation, Lessor may terminate this Agreement by delivering to Lessee written notice of such termination; provided, however, that in the event Lessee challenges the legitimacy of the allegation, Lessee may give written notice to Lessor within such 60-day period setting forth such fact. If Lessee breaches its obligation to pay the Advance Royalty, Lessee shall cure such breach within twenty (20) business days following Lessor’s delivery of notice of such breach. If Lessor gives written notice within 15 days of Lessee's notice that Lessor rejects Lessee's position, then this Agreement shall not be terminable by Lessor until there is a final judicial determination by a court of competent jurisdiction that a default exists and shall not be terminated thereafter if Lessee shall satisfy such judgment within 30 days following its entry (or if an appeal of such judgment is taken, following its affirmance affirmation by the highest court to which such an appeal is made). The foregoing sentence Failure of Lessor to give such notice shall constitute agreement by Lessor that Lessee is not apply to Lessee’s failure to pay any Advance Royalty paymentin default. Lessor shall not be entitled to terminate this Agreement for any default which by its nature is not retroactively curable if Lessee has used its best efforts to cure such a default to the extent practical or if Lessee has paid Lessor damages for such default where damages are an appropriate remedy. Lessor shall have no right to terminate this Agreement except as expressly provided in this Section 6.A. 6.A, and termination of this Agreement shall be the sole remedy of Lessor. Neither the service of any notice nor the performance of any acts by Lessee intended to meet any such alleged breach shall be deemed an admission or presumption that Lessee has failed to perform all of its obligations under this Agreement. Notwithstanding the foregoing provisions of this Section 6.A, this Agreement may not be terminated, in whole or in part, by less than all the individuals and/or entities included within the term "Lessor."" .
Appears in 1 contract
Samples: Mineral Lease Agreement and Option to Purchase (Midway Gold Corp)
Termination by Lessor. In the event Lessor considers that Lessee has not complied with any obligation hereunder, Lessor shall notify Lessee setting out specifically in what respect it is claimed that Lessee has breached this Agreement. If the alleged breach, other than a breach of Lessee’s obligations to pay the Advance Royalty and Production Royalty, is not cured within sixty (60) 60 days after notice is given, or, in the case of Lessee’s failure to timely pay the Advance Royalty, within fifteen (15) days after such notice is given, or if Lessee has not within that time either commenced to cure the alleged breach and does not thereafter diligently complete such cure, or challenges the legitimacy of the allegation, Lessor may terminate this Agreement by delivering to Lessee written notice of such termination; provided, however, that in the event Lessee challenges the legitimacy of the allegation, Lessee may give written notice to Lessor within such 60-day period setting forth such fact. If Lessee breaches its obligation to pay the Advance Royalty, Lessee shall cure such breach within twenty (20) business days following Lessor’s delivery of notice of such breach. If Lessor gives written notice within 15 days of Lessee's notice that Lessor rejects Lessee's ’s position, then this Agreement shall not be terminable by Lessor until there is a final judicial determination by a court of competent jurisdiction that a default exists and shall not be terminated thereafter if Lessee shall satisfy such judgment within 30 days following its entry (or if an appeal of such judgment is taken, following its affirmance affirmation by the highest court to which such an appeal is made). The foregoing sentence Failure of Lessor to give such notice shall constitute agreement by Lessor that Lessee is not apply to Lessee’s failure to pay any Advance Royalty paymentin default. Lessor shall not be entitled to terminate this Agreement for any default which by its nature is not retroactively curable if Lessee has used its best efforts to cure such a default to the extent practical or if Lessee has paid Lessor damages for such default where damages are an appropriate remedy. Lessor shall have no right to terminate this Agreement except as expressly provided in this Section 6.A. 6.A, and termination of this Agreement shall be the sole remedy of Lessor. Neither the service of any notice nor the performance of any acts by Lessee intended to meet any such alleged breach shall be deemed an admission or presumption that Lessee has failed to perform all of its obligations under this Agreement. Notwithstanding the foregoing provisions of this Section 6.A, this Agreement may not be terminated, in whole or in part, by less than all the individuals and/or entities included within the term "“Lessor."” .
Appears in 1 contract
Samples: Mineral Lease Agreement and Option to Purchase (Midway Gold Corp)
Termination by Lessor. In the event Lessor considers that Lessee has not complied with any obligation hereunder, Lessor shall notify Lessee setting out specifically in what respect it is claimed that Lessee has breached this Agreement. If the alleged breach, other than a breach of Lessee’s obligations to pay the Advance Royalty and Production Royalty, is not cured within sixty (60) 60 days after notice is given, or, in the case of Lessee’s failure to timely pay the Advance Royalty, within fifteen (15) days after such notice is given, or if Lessee has not within that time either commenced to cure the alleged breach and does not thereafter diligently complete such cure, or challenges the legitimacy of the allegation, Lessor may terminate this Agreement by delivering to Lessee written notice of such termination; provided, however, that in the event Lessee challenges the legitimacy of the allegation, Lessee may give written notice to Lessor within such 60-day period setting forth such fact. If Lessee breaches its obligation to pay the Advance Royalty, Lessee shall cure such breach within twenty (20) business days following Lessor’s delivery of notice of such breach. If Lessor gives written notice within 15 days of Lessee's ’s notice that Lessor rejects Lessee's ’s position, then this Agreement shall not be terminable by Lessor until there is a final judicial determination by a court of competent jurisdiction that a default exists and shall not be terminated thereafter if Lessee shall satisfy such judgment within 30 days following its entry (or if an appeal of such judgment is taken, following its affirmance affirmation by the highest court to which such an appeal is made). The foregoing sentence Failure of Lessor to give such notice shall constitute agreement by Lessor that Lessee is not apply to Lessee’s failure to pay any Advance Royalty paymentin default. Lessor shall not be entitled to terminate this Agreement for any default which by its nature is not retroactively curable if Lessee has used its best efforts to cure such a default to the extent practical or if Lessee has paid Lessor damages for such default where damages are an appropriate remedy. Lessor shall have no right to terminate this Agreement except as expressly provided in this Section 6.A. 6.A, and termination of this Agreement shall be the sole remedy of Lessor. Neither the service of any notice nor the performance of any acts by Lessee intended to meet any such alleged breach shall be deemed an admission or presumption that Lessee has failed to perform all of its obligations under this Agreement. Notwithstanding the foregoing provisions of this Section 6.A, this Agreement may not be terminated, in whole or in part, by less than all the individuals and/or MGC-038-1.doc entities included within the term "“Lessor."” .
Appears in 1 contract
Samples: Mineral Lease Agreement and Option to Purchase (Midway Gold Corp)