ASSIGNMENT OF LEASE
Exhibit 10.9
ASSIGNMENT OF LEASE
THIS ASSIGNMENT made the 15th day of August 2003.
BETWEEN:
INDUSTRIAL MINERALS INCORPORATED
(the “Assignor”)
and
INDUSTRIAL MINERALS CANADA INC.
(the “Assignee”)
WHEREAS:
| 1. | By a lease dated September 10th, 1993 and registered on October 1, 1993 as Instrument Number 364704 in the Land Registry office of the County of Renfrew (the “Lease”). Her Majesty The Queen In Right Of The Province Of Ontario (the “Lessor”), leased under the Mining Act to Consolidated North Coast Industries Ltd. the premises (the “Premises”) known as Schedules “A-1" and “A-2” attached hereto, for a term of 21 years and subject to the terms and conditions set out therein. |
| 2. | By Assignment of Lease dated December 21st, 2001 and registered in the Land Registry of the County of Renfrew on January 22, 2002 as Instrument No. R0429883, Great Basin Gold Ltd., as successor in interest to Consolidated North Coast Industries Ltd., assigned its interest in said lease to Xxxx X. XxXxxx, Estate of Xxxxxx X. Xxxxxxx and Xxxxx X. Xxxxxxxxxxx, as owners of the premises as set out in Schedule “A” attached hereto, free of encumbrance; |
| 3. | By Assignment of Lease dated January 31, 2002 and registered in the Land Registry Office of the County of Renfrew on March 4, 2002 as Instrument No. R429007, Xxxx X. XxXxxx, Estate of Pierre G, Xxxxxxx and Xxxxx X. Tagliamnote, assigned their interest in said Lease to Westland Capital Inc., as owner of the premises as set out in Schedule “A” attached hereto, free of encumbrance. |
| 4. | By Assignment of Lease dated January 31, 2002 and registered in the Land Registry Office of the County of Renfrew on March 4, 2002 as Instrument No. R429008, Westland Capital Inc., assigned its interest in said Lease to Industrial Minerals Incorporated, as owner of the premises as set out in Schedule “A” attached hereto, free of encumbrance. |
| 5. | The Assignee has requested the Assignor to transfer the residue of the term of years and assign to it the lease: |
NOW THEREFORE:
In consideration of $1.00, paid by the Assignee to the Assignor (the receipt of which is hereby acknowledged) the Assignor as beneficial owner hereby assigns to the Assignee the Assignor’s interest in the Premises together with the unexpired residue of the term of the Lease and all benefits to be derived form it subject to the payment of the renst and the observance and performance of the covenants, provisos, and conditions on the part of the lessee contained in the Lease.
WITNESS our hands and seals.
SIGNED, SEALED AND DELIVED
in
the presence of:
| Industrial Minerals Incorporated Per: /s/ Xxxx Xxxxxx Xxxx Xxxxxx Industrial Minerals Canada Inc. Per: /s/ Xxxx Xxxxxx Xxxx Xxxxxx |
303373.1
