VESTING OF INTEREST Sample Clauses

VESTING OF INTEREST. 6.1 Forthwith upon the Optionee exercising the Option by performing the requirements of Sections 3.1 and 3.2, an undivided one hundred percent (100%) interest in and to the Property shall vest, and shall be deemed for all purposes hereof to have vested, in the Optionee. Thereafter, the Optionor shall take all steps necessary to cause ONM to transfer the Permit to the Optionee as soon as practicable. 6.2 The parties acknowledge the right and privilege of the Optionor and Optionee to file, register and/or to otherwise deposit a copy of this Agreement in the appropriate recording office for the jurisdiction in which the Property is located and with any other governmental agencies to give third parties notice of this Agreement, and hereby agree, each with the others, to do or cause to be done all acts or things reasonably necessary to effect such filing, registration or deposit.
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VESTING OF INTEREST. 6.1 Forthwith upon the Optionee exercising the Option by performing the requirements of Sections 3.1 and 3.2, an undivided one hundred percent (100%) interest in and to the Property shall vest, and shall be deemed for all purposes hereof to have vested, in the Optionee. 6.2 The parties acknowledge the right and privilege of the Optionor and Optionee to file, register and/or to otherwise deposit a copy of this Agreement in the appropriate recording office for the jurisdiction in which the Property is located and with any other governmental agencies to give third parties notice of this Agreement, and hereby agree, each with the others, to do or cause to be done all acts or things reasonably necessary to effect such filing, registration or deposit.
VESTING OF INTEREST. 6.1 Forthwith upon Spey exercising the Option by performing the requirements of Subsection 3.1 hereof, an undivided 100% interest in and to the Property shall vest, and shall be deemed for all purposes hereof to have vested, in Spey. 6.2 Xxxxx covenants and agrees to, on or before 15 days following the Approval Date, to appoint Spey as its agent to record such documents as necessary from time to time to facilitate assessment related filings and taxes with any office of the Mineral Titles Branch of the Ministry of Energy, Mines and Resources or Land Titles in British Columbia, with regards to the Property pursuant only to the terms of this Agreement. 6.3 The parties acknowledge the right and privilege of Spey to file, register or to otherwise deposit a copy of this Agreement with the Vancouver office of the Mineral Titles Branch, and with any other governmental agencies to give third parties notice of this Agreement, and hereby agree, each with the others, to do or cause to be done all acts or things reasonably necessary to effect such filing, registration or deposit. 6.4 Xxxxx covenants and agrees that, except in accordance with Article 9 hereof, until the Option is exercised or terminated in accordance with the terms of this Agreement, it shall not sell, assign, transfer, convey, mortgage, grant an option in respect of, or grant a right to purchase or in any manner whatsoever transfer, alienate or otherwise dispose of, all or any part of its interest in and to the Property except as provided in this Agreement. 6.5 Upon Spey exercising the Option, the underlying 2.0% Net Smelter Return will be payable from the proceeds of Commercial Production on the Property. Any and all Net Smelter Return payments hereunder shall be made pursuant to the payment requirements of Schedule “A” hereto. 6.6 Spey shall have the right at any time prior to and after the commencement of Commercial Production, to purchase up to eighty percent (80.0%) of the underlying Net Smelter Return for $2,000,000, pursuant to the terms as set out in Schedule “A” to this Agreement.
VESTING OF INTEREST. 8.1 Upon NAGR satisfying the conditions in Section 5.2 and giving notice to the Optionor, NAGR shall without any further payment or action be deemed to have exercised the Option and it will thereupon acquire and be deemed to have acquired and be vested with a 70% undivided right, title and interest in the Property free and clear of all liens, charges, encumbrances, security interests and adverse claims, except as provided in Section 2.1. 8.2 Upon receipt of notice from NAGR stating that NAGR has incurred Exploration Expenditures required per section 5.
VESTING OF INTEREST. 5.1 Upon CRL exercising the First Option by incurring $100,000 in Expenditures in accordance with Section 3.1, an undivided fifty percent (50%) interest in and to the Property shall vest, and shall be deemed for all purposes hereof to have vested, in CRL. 5.2 Upon CRL exercising the Second Option by incurring $100,000 in Expenditures in accordance with Section 3.4, an additional undivided fifty percent (50%) interest in and to the Property shall vest, and shall be deemed for all purposes hereof to have vested, in CRL. For greater certainty, upon exercising the Second Option, CRL shall hold a one hundred percent (100%) interest in and to the Property, subject to the BHPB Gold Royalty. 5.3 At any time after exercising the First or the Second Option, CRL may request that BHPB deliver to CRL, a recordable transfer, xxxx of sale or other instrument required, to facilitate the transfer of the interest in the Property acquired by CRL into the name of CRL. 5.4 CRL may at any time, file, register or otherwise deposit a copy of this Agreement in the office of the Mining Recorder, Nunavut Region, Iqaluit, Nunavut, for the purpose of providing third parties with notice of this Agreement and the rights thereunder. 5.5 CRL covenants and agrees that, notwithstanding Article 10, until the First Option is exercised in accordance with the terms of this Agreement, CRL shall not sell, assign, transfer, convey, mortgage, grant an option in respect of, or grant a right to purchase or in any manner whatsoever transfer, alienate or otherwise dispose of, all or any part of its interest in and to the Property except as provided in this Agreement.
VESTING OF INTEREST. Forthwith upon the Optionee exercising the Option by performing the requirements of Section 3 hereof, a 100% interest in and to the Property shall vest, and shall be deemed for all purposes hereof to have vested, in the Optionee.
VESTING OF INTEREST. 3.1 Upon complying with all of the requirements set forth in §2.2, the Optionee will immediately be vested in and be deemed to legally and beneficially own a 50% interest in the Property, and a Joint Venture between the Optionors and the Optionee will be deemed to have been formed with terms and conditions of a Joint Venture Agreement to be negotiated in good faith upon terms and conditions as described in Part 6. 3.2 Upon the Optionee satisfying only the obligations set forth in §2.2(a) and§2.2(b) above, the Optionee will immediately be vested in and be deemed to legally and beneficially own a 25% interest in the Property, and a Joint Venture between the Optionors and the Optionee will be deemed to have been formed with terms and conditions of a Joint Venture Agreement to be negotiated in good faith upon terms and conditions as described in Part 6.
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VESTING OF INTEREST. 8.1. Upon the Optionee complying with the provisions of Article 5 and the Optionee delivering to the Optionor not later than the Sixth Anniversary a notice in writing stating that the Optionee wishes to acquire a 100% undivided interest in the Property, subject to the 21/2% NSR in favour of the Optionor, the Optionee shall without any further payment or action be deemed to have exercised the Option and it will thereupon acquire and be deemed to have acquired and be vested with a 100% undivided right, title and interest in the Property free and clear of all liens, charges, encumbrances, security interests and adverse claims except for the 21/2% NSR in favour of the Optionor. 8.2. If the Optionee, having the right to give notice to the Optionor under Section 8.1, fails to do so within the time provided, the Optionor will give the Optionee notice of such failure and the date on or before which the Optionee must give notice to the Optionor under Section 8.1, to exercise the Option. The Option will be extended to the date which is 30 days after receipt by the Optionee of such notice from the Optionor.
VESTING OF INTEREST. 5.1 Upon ODE earning a 50% interest in the Property, WKR, WKG and ODE will enter into a joint venture agreement (the “Joint Venture Agreement”) covering further activities at the Property. The formal Joint Venture Agreement will generally follow the form of the Model Joint Venture Agreements (Forms 5 and 5A) published by the Rocky Mountain Mineral Law Foundation, and will contain the terms and provisions set forth in this Section 5, and such other terms and conditions as are usual and customary for a transaction of this nature and mutually agreeable (subject to an obligation on the part of each party to negotiate such other terms and conditions in good faith) to the parties. Until the Joint Venture Agreement is executed and delivered, the parties agree that they will be legally bound by the provisions of this Section 5. ODE will be the Manager of the business relationship between the parties (the “Venture”) under the Joint Venture Agreement and will be compensated with a management fee calculated as defined in the Joint Venture Agreement (and set at 10% during the exploration phase, 3% during the development phase, and 1% during the mining phase). Decisions of the Venture will be made by a Management Committee consisting of two representatives appointed by each of the Participants, and the vote of the Manager shall control. 5.2 Upon ODE earning a 50% interest in the Property, ODE will have 60 days to elect to either: (a) fund its 50% share under the terms of a joint venture to be formed at that time pursuant to the Joint Venture Agreement; or (b) enter into a further option to earn an additional 10% interest (to 60% total) (the “Additional Interest”) in the Property by completing a Feasibility Study (as defined in Exhibit C) on the Property. 5.3 If ODE does not timely notify WKG of ODE’s desire to earn the Additional Interest during the 60-day time period referred to above, ODE shall have waived its right to earn the Additional Interest, and the Venture will continue on a 50%-ODE/50%-WKG basis. If ODE makes the election in paragraph 5.2(b), ODE must complete or arrange for the completion of a Feasibility Study (as defined in the attached Exhibit C) at any time prior to the date three years after the effective date of the Joint Venture Agreement (subject to force majeure, including economic force majeure for any period(s) of time where the average London P.M. fix for gold for any 60-day period is less than $290 per ounce, provided that in any event the peri...
VESTING OF INTEREST. 6.1 Forthwith upon the Optionee exercising the Option by performing the requirements of Section 3.1, an undivided sixty percent (60%) interest in and to the Property shall vest, and shall be deemed for all purposes hereof to have vested, in the Optionee and the interest of the parties shall be as follows; Optionee 60% Almaden 16% Xxxxxx 24% 6.2 The parties acknowledge the right and privilege of each of Almaden, Xxxxxx and Optionee to file, register and/or to otherwise deposit a copy of this Agreement in the appropriate recording office for the jurisdiction in which the Property is located and with any other governmental agencies to give third parties notice of this Agreement, and hereby agree, each with the others, to do or cause to be done all acts or things reasonably necessary to effect such filing, registration or deposit; 6.3 Upon the exercise of the Option, the parties shall associate and shall be deemed to have associated themselves as a single purpose joint venture pursuant to the terms of the Joint Venture Agreement, a copy of which is attached hereto as Schedule “B”, and the parties shall be deemed to have executed and delivered the Joint Venture Agreement for the purpose of continuing exploration and development of the Property with a view to placing the Property or a portion thereof into Commercial Production. 6.5 The initial joint venture interests of the parties under the Joint Venture Agreement shall be equal to their respective interests in the Property at the date upon which the Optionee's interest vests under Section 6.1.
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