Common use of Title to Unpatented Mining Claims Clause in Contracts

Title to Unpatented Mining Claims. Regarding the Claims which constitute a portion of the Property, except as otherwise set forth in the Title Reports and Opinions listed on Exhibit D, Mortgagor covenants, represents and warrants that: (a) to its knowledge, the Claims were properly located in accordance with applicable federal and state laws and regulations; (b) all assessment work requirements for the Claims have been performed and all filings and recordings of proof of performance have been made properly and all federal annual unpatented mining claim maintenance and rental fees have been paid properly and timely (in each case, save for where the non-compliance does not constitute, and could not reasonably be expected to constitute, a Material Adverse Effect); (c) the Claims are in good standing (save for where lack of good standing does not constitute, and could not reasonably be expected to constitute, a Material Adverse Effect), and Mortgagor owns its interest in the Claims, free and clear of all Encumbrances, subject only to the paramount title of the United States, Permitted Encumbrances, and the Encumbrances identified in Exhibit A; and (d) Mortgagor has good right and full power to assign, convey, grant and transfer the interests described in this Mortgage. Mortgagor makes no representation or warranty concerning the discovery or presence of valuable minerals on the Claims which comprise all or a portion of the Property, or as to the maintenance of pedis possessio rights with respect to any of the Claims or as to the nature or extent of its rights to use the surface of the Claims.

Title to Unpatented Mining Claims. Regarding the Claims unpatented mining claims which constitute all or a portion of the PropertyClaims, except as otherwise set forth in the Title Reports and Opinions listed on Exhibit D, Mortgagor covenants, represents and warrants thatto Trustor’s actual knowledge: (a) to its knowledgeduring the time period that Trustor has held or had control of the Claims, the Claims were properly located in accordance with applicable federal and state laws and regulations; (b) all assessment work requirements for the Claims have been performed and all filings and recordings of proof of performance have been made properly and all federal annual unpatented mining claim maintenance and rental fees required to be paid under federal law in lieu of the performance of assessment work, in order to maintain the Claims through the assessment year ending on September 1, 2014, have been paid properly and timely timely; (b) such Claims are in each case, save for where the non-compliance does not constitute, and could not reasonably be expected to constitute, a Material Adverse Effect)good standing; (c) the Claims are in Trustor has good standing (save for where lack of good standing does not constitute, title to and could not reasonably be expected to constitute, a Material Adverse Effect), owns the entire undivided legal and Mortgagor owns its equitable interest in the Claims designated on Exhibit A as “Owned Claims, free ” and clear of all Encumbranceshas a valid and subsisting leasehold interest in the Claims designated on Exhibit A as “Leased Claims”, subject only to Permitted Liens, the paramount title of the United StatesStates of America, Permitted Encumbrancesother matters of title disclosed in this Agreement, and the Encumbrances identified in Exhibit Arights of third parties to the lands within such Claims pursuant to the Multiple Mineral Development Act of 1954 and the Surface Resources and Multiple Use Act of 1955; and (d) Mortgagor Trustor has good right and full power to assign, convey, grant mortgage, pledge, sell and transfer Trustor’s interest in the interests described Claims; and (e) the Claims are free and clear of all Liens, except Permitted Liens. Trustor represents that each Lease of Claims to which Trustor is a party is in this Mortgagefull force and effect and Trustor is not aware of any act or omission, nor has Trustor received notice from any third party of any act or omission, which would constitute a breach, default or violation of any such Lease. Mortgagor makes no Trustor expressly disclaims any representation or warranty concerning the existence or proof of a discovery or presence of valuable locatable minerals on the Claims which comprise all or a portion of the Property, or as to the maintenance of pedis possessio rights with respect to any of the Claims or as to the nature or extent of its rights to use the surface of the Claims.unpatented mining claims described in Exhibit A.