Common use of Termination Prior to Operative Date Clause in Contracts

Termination Prior to Operative Date. At any time prior to the Operative Date, AUC may terminate this Agreement and the Option so long as it is not in default of any of its obligations under this Agreement, by giving thirty (30) days written notice to that effect to Strathmore and on receipt of such notice by Strathmore, or if the Option is terminated pursuant to Section 3.2, this Agreement will be of no further force or effect provided, however, that AUC will: (a) have the right and obligation to remove from the Property within six (6) months of the effective date of termination, all equipment erected, installed or brought upon the Property by or at the instance of AUC, unless such equipment was erected, installed or brought upon the Property in satisfaction of AUC’s obligations to contribute Expenditure Costs as set out in Section 3.1(b)(iv); (b) pay for any environmental clean-up or remediation costs or liability which have been incurred or arise from Mining Operations between the Effective Date up to the date this Agreement is terminated; (c) return any shares or other property which represents its Interest to Strathmore (excluding any Interest which AUC may have already earned pursuant to Section 6.1); and (d) deliver to Strathmore all technical information, surveys, data, reports, and other documents relating to the Property. Notwithstanding a termination pursuant to this Section 3.3, AUC will continue to own any Interest that has vested pursuant to Section 6.1 prior to the date of termination.

Termination Prior to Operative Date. 5.1 At any time prior to the Operative Date, AUC the Optionee may terminate this Agreement and the Option so long as it is not in default of any of its obligations under this Agreement, by giving thirty (30) 30 days written notice in writing to that effect to Strathmore the Optionor and on receipt of such notice by Strathmorethe Optionor, or if the Option is terminated pursuant to Section 3.2paragraph 4.1, this Agreement will be of no further force or effect provided, however, that AUC the Optionee will: (a) have the right and obligation to remove from the Property within six (6) months of the effective date of termination, all equipment erected, installed or brought upon the Property by or at the instance of AUCthe Optionee, unless such equipment was erected, installed or brought upon the Property in satisfaction of AUCthe Optionee’s obligations to contribute Expenditure Costs as set out in Section 3.1(b)(iv)subparagraph 3.2; (b) pay for any environmental clean-up or remediation costs or liability which have been incurred or arise from Mining Operations between the Effective Date up to the date this Agreement is terminated; (c) return quitclaim any shares or other property which represents its Interest to Strathmore (excluding any Interest which AUC may have already earned pursuant to Section 6.1)interest in the Property; and (d) deliver to Strathmore the Optionor all technical information, surveys, data, reports, and other documents relating to the Property. Notwithstanding a termination pursuant to this Section 3.3, AUC will continue to own any Interest that has vested pursuant to Section 6.1 prior to the date of termination.

Termination Prior to Operative Date. 5.1 At any time prior to the Operative Date, AUC the Optionee may terminate this Agreement and the Option so long as it is not in default of any of its obligations under this Agreement, by giving thirty (30) 30 days written notice in writing to that effect to Strathmore the Optionor and on receipt of such notice by Strathmorethe Optionor, or if the Option is terminated pursuant to Section 3.2paragraph 4.1, this Agreement will be of no further force or effect provided, however, that AUC the Optionee will: (a) have the right and obligation to remove from the Property within six (6) months of the effective date of termination, all equipment erected, installed or brought upon the Property by or at the instance of AUCthe Optionee, unless such equipment was erected, installed or brought upon the Property in satisfaction of AUCthe Optionee’s obligations to contribute Expenditure Costs as set out in Section 3.1(b)(iv)subparagraph 3.2; (b) pay for any environmental clean-up or remediation costs or liability which have been incurred or arise from Mining Operations between the Effective Date up to the date this Agreement is terminated; (c) return any shares or other property which represents its Interest to Strathmore (excluding quitclaim any Interest which AUC may have already earned pursuant to Section 6.1)in the Property; and (d) deliver to Strathmore the Optionor all technical information, surveys, data, reports, and other documents relating to the Property. Notwithstanding a termination pursuant to this Section 3.3, AUC will continue to own any Interest that has vested pursuant to Section 6.1 prior to the date of termination.

Termination Prior to Operative Date. 6.1 At any time prior to the Operative Date, AUC the Optionee may terminate this Agreement and the Option so long as it is not in default of any of its obligations under this Agreement, by giving thirty (30) 30 days written notice in writing to that effect to Strathmore the Optionor and on receipt of such notice by Strathmorethe Optionor, or if the Option is terminated pursuant to Section 3.2paragraph 5.1, this Agreement will be of no further force or effect provided, however, that AUC the Optionee will: (a) have the right and obligation to remove from the Property within six (6) months of the effective date of termination, all equipment erected, installed or brought upon the Property by or at the instance of AUCthe Optionee, unless such equipment was erected, installed or brought upon the Property in satisfaction of AUCthe Optionee’s obligations to contribute Expenditure Exploration Costs as set out in Section 3.1(b)(ivsubparagraph 4.1(c); (b) pay for any environmental clean-up or remediation costs or liability which have been incurred or arise from Mining Operations between the Effective Date up to the date this Agreement is terminated; (c) return quit claim any shares or other property which represents its Interest interest in the Property to Strathmore (excluding any Interest which AUC may have already earned pursuant to Section 6.1)the Optionor; and (d) deliver to Strathmore the Optionor all technical information, surveys, data, reports, and other documents relating to the Property. Notwithstanding a termination pursuant to this Section 3.3, AUC will continue to own any Interest that has vested pursuant to Section 6.1 prior to the date of termination.