Common use of VERTICAL BOUNDARY PLANES Clause in Contracts

VERTICAL BOUNDARY PLANES. In consideration of Lessee's execution of this mining lease, and the reciprocal benefits received by reason of the terms of this Article by the Lessor and the Lessee, Lessor and Lessee hereby agree with each other that any and all ores and minerals within the surface boundaries extended downward vertically of any claim within the area of influence so held under lease and herein defined as Leased Premises shall belong to such claim. It is understood that the concept of vertical boundaries applies only as between Lessor and Lessee, and that neither party intends to, or will, give up any extralateral rights to third parties. In the case of extralateral rights extending from the Leased Premises, then Lessee will either lease the adjacent property or mine it by exercising extralateral rights. In the event the Lessee leases or acquires fee simple or patented lands from another landowner within the area of influence, the Lessor shall retain a 1% NSR on all ores mined from the newly acquired land in accordance with Article 8.

VERTICAL BOUNDARY PLANES. In consideration of Lessee's execution of this mining lease, and the reciprocal benefits received by reason of the terms of this Article by the Lessor and the Lessee, Lessor and Lessee hereby agree with each other that any and all ores and minerals within the surface boundaries extended downward vertically of any claim within the area of influence so held under lease and herein defined as Leased Premises shall belong to such claim. It is understood that the concept of vertical boundaries applies only as between Lessor and Lessee, and that neither party intends to, or will, give up any extralateral extra lateral rights to third parties. In the case of extralateral extra lateral rights extending from the Leased Premises, then Lessee will either lease the adjacent property or mine it by exercising extralateral extra lateral rights. In the event the Lessee leases or acquires fee simple or patented lands from another landowner within the area of influence, the Lessor shall retain a 1% NSR on all ores mined from the newly acquired land in accordance with Article 8.