THIS LABRADOR URANIUM CLAIMS AGREEMENT is made as of the 18th day of January,
2007.
BETWEEN:
XXXXXXXXX XXXXXX & R. XXXXX XXXXX (The Xxxxxx & Xxxxx Group)
(hereinafter collectively called the "Optionor")
AND:
GLOBAL GOLD URANIUM, LLC, a corporation incorporated pursuant to
the laws of Delaware.
(hereinafter called the "Optionee")
RECITALS:
A. Optionor owns certain Mineral License Rights pursuant to various mineral
licenses which mineral licenses are more particularly identified in Schedule "A"
attached hereto which licenses are situate at or near Grand Lake, in the
Province of Newfoundland and Labrador (hereinafter referred to as the "Grand
Lake Licenses") and those mineral licenses more particularly identified in
Schedule "B" attached hereto which Licenses are situate near Shallow Lake, in
the Province of Newfoundland and Labrador (hereinafter referred to as the
"Shallow Lake Licenses"). (The Grand Lake Licenses and the Shallow Lake Licenses
shall be collectively referred to as the "Licenses");
B. Optionee is interested in acquiring a One Hundred (100%) per cent interest in
such Licenses and all Mineral License Rights and Property associated thereto.
C. Optionor is prepared to grant Optionee an option to acquire a One Hundred
(100%) per cent interest in such Licenses and Property on the terms and
conditions hereinafter set forth.
NOW THEREFORE THIS AGREEMENT WITNESSETH, in consideration of
the premises and the mutual obligations hereinafter described, and intending to
be legally bound, the parties agree as follows:
ARTICLE I
INTERPRETATION AND DEFINITIONS
Section 1.01 Definitions
Words not otherwise defined in the body of this Agreement shall have the
following meanings:
(a) "Affiliate" means any person, partnership, limited liability company,
joint venture, corporation, or other form of enterprise which controls,
is controlled by, or is under common control with a party to this
Agreement.
(b) "Agreement" has the meaning set forth in Section 1.03.
(c) "Force Majeure" means any event beyond a party's reasonable control
including laws which prohibit a party's ability to comply with its
obligations; action or inaction of civil or military authority; mining
casualty; damage to or destruction of mine, plant or facility, fire,
explosion, flood, insurrection, riot, labour disputes, and acts of God,
but does not include a party's inability to make any payments required
under this Agreement.
(d) "Mineral License Rights" means all mineral exploration and extraction
rights coincident with the Licenses and the Property.
(e) "Option Period" means the period of time from the execution of this
Agreement to the exercise, abandonment or termination of the Option in
accordance with the terms and conditions of this Agreement.
(f) "Property" means the mineral claims and properties associated with the
Mineral License Rights.
Section 1.02 Schedules
The following schedules are attached to and form part of this Agreement:
(a) Schedule "A" - List of Mineral Licenses - Grand Lake (b) Schedule "B" - List
of Mineral Licenses - Shallow Lake (c) Schedule "C" - Net Smelter Royalty
Section 1.03 Entire Agreement
This Agreement and the attached Schedules and all properly executed amendments
are hereinafter collectively referred to as this "Agreement". This Agreement
constitutes the entire agreement between the parties and supersedes all previous
agreements and undertakings relating to the subject matter. The parties
acknowledge that there are no agreements, undertakings, representations,
warranties or conditions collateral to this Agreement except as specifically
stated otherwise in this Agreement.
Section 1.04 Caption and Headings
The division of this Agreement into articles and sections and the insertion of
headings are for convenience of reference only and shall not affect the
interpretation of this Agreement. Any reference to a section or article shall be
a reference to a section or article of this Agreement unless specifically stated
otherwise.
Section 1.05 Extended Meanings
In this Agreement, where the context so requires or permits, the masculine
gender shall include the feminine and neuter genders, the plural shall include
the singular and vice versa, and the words "person" and "persons" shall include
corporations, partnerships, and all other entities of whatever description.
Section 1.06 Currency
In this Agreement all statements of and references to dollar amounts shall mean
Canadian dollars.
Section 1.07 Governing Law
This Agreement shall be interpreted in accordance with the laws of the Province
of Newfoundland and Labrador and the federal laws of Canada as applicable
therein.
Section 1.08 Severability
If any provision of this Agreement is found invalid, illegal, or incapable of
enforcement by any Court of competent jurisdiction, such provision and the
remaining provisions of the Agreement shall continue to be enforceable to the
extent permitted by such Court against any person(s) and in any circumstance(s)
other than those to whom it has been found invalid, illegal or incapable of
enforcement.
Section 1.09 Amendments
No amendments to this Agreement shall be of any force and effect unless executed
in writing by the parties to this Agreement.
ARTICLE II
GRANT AND EXERCISE OF OPTION
Section 2.01 Option
Optionee will earn a One Hundred Percent (100%) option (subject to Clause 2.02
herein) in the Licenses by paying cash and issuing of common shares in Optionee
and expending monies as work commitments as follows:
1) FIRST OPTION PERIOD (January 1, 2007 to September 30, 2008), at the
commencement of the First Option period a) cash payment of $27,000.00 to
Optionor to be allocated as $17,000.00 to the Grand Lake Licenses and $10,000.00
to the Shallow Lake Licenses, and b) issuing of 20,000 common shares in Optionee
to Optionor to be allocated as 10,000 common shares to the Grand Lake Licenses
and 10,000 common shares to the Shallow Lake Licenses;
In the event the average price for the 30 days prior to expiration of the
Restriction Period is less than One Dollar ($1.00) the Optionee shall issue to
the Optioner and additional 5000 common shares to the Optioner at which time the
Optioner shall confirm to the Optionee the allocation of the additional shares.
2) SECOND OPTION PERIOD, (October 1, 2008 to September 30, 2009) at the
commencement of the Second Option Period a) cash payment of $25,000.00 to
Optionor to be allocated as $15,750.00 to the Grand Lake Licenses and $9,250.00
to the Shallow Lake Licenses, and b) issuing of 50,000.00 common shares in
Optionee to Optionor allocated as 25,000 common shares to Grand Lake License and
25,000 common shares to Shallow Bay Licenses;
3) THIRD OPTION PERIOD (October 1, 2009 to September 30, 2010) a) cash payment
of $50,000.00 to Optionor to be allocated as $31,500.00 to Grand Lake Licenses
and $18,500.00 to the Shallow Lake Licenses, and b) issuing of 50,000 common
shares in Optionee to Optionor allocated as 25,000 common shares to Grand Lake
Licenses and 25,000.00 to Shallow Bay Licenses;
In accordance with security regulations in the jurisdiction of the Optionee the
common shares referred to herein in each of the three option periods are
restricted and can not be sold to a third party for a period of One (1) year
from the date of the applicable common shares being issued to the Optionor.
If the common shares of Optionee are consolidated, subdivided or redivided or
other material change to the common shares has occurred before the issuance of
shares referred to above, the number of common shares to be issued after such
consolidation, subdivision, redivision, or other changes has occurred shall be
adjusted to ensure that the holder receives an equivalent to that which would
have applied if no such consolidation, subdivision, redivision, or other change
had occurred, so that neither the Optionor nor Optionee is prejudiced by same.
Section 2.02 Net Smelter Return
Upon the Optionee exercising either option on the Grand Lake Licenses or the
Shallow Lake Licenses or both the Optionor is entitled to a One point Five
percent (1.5 %) Net Smelter Return royalty ("NSR" as defined in Schedule "C")
derived from commercial production on the Property as the Property is
constituted at the time production begins on the Property. The Optionee shall
have the right to purchase the NSR from the Optionor for a cash payment of
$2,000,000.00 per property to the Optionor.
The Optionor has the right to elect to have 25%, 50% or 100% of the NSR paid in
restricted shares of the Optionee's common stock.
Section 2.08 Conduct of Exploration
During the Option Period, Optionee shall in its sole discretion, be responsible
for proposing, carrying out and administering exploration and development work
upon the Property, and have exclusive charge of all operations thereon and have
quiet and exclusive possession of the Property and have the exclusive right to
conduct exploration and therefrom for the purposes of assays and tests, and to
erect, bring and install all such buildings , machinery, equipment and supplies
thereon as Optionee in its sole discretion may deem necessary and proper.
Section 2.10 Area of Interest
An Area of Interest shall be established around the Licenses and shall extend a
distance of two kilometres outward from the outer perimeter of the Licenses in
perpendicular distance and further extending the ends of those extended boundary
lines until they first meet another extended boundary line and any additional
claims acquired by or on behalf of either party within the Area of Interest
shall be included in and shall form part of the Licenses and this Agreement.
Section 2.11 Title to Property
Optionee shall hold the Property during the currency of this agreement in trust
for the parties as their interests may appear under this agreement provided,
however, that should Optionee terminate this agreement at any time prior to its
100% earn in, the Property shall be transferred forthwith back to Optionor at
the expense of Optionor.
Section 2.12 Abandonment of Property
Optionee may at any time abandon all or any part of the Licenses and Property
and shall ensure that, if it should wish to abandon any of the Licenses
comprising the Property, it shall give Optionor thirty (30) days notice of its
intention to do so and Optionor may give notice to Optionee within such thirty
(30) day period electing to have such Licenses transferred to Optionor, in which
event:
a) Optionee shall forthwith execute and deliver to Optionor all necessary
documentation to effect such transfers, and Optionee shall provide
Optionor with a report on work done, if any, on the abandoned Licenses,
b) Optionor shall incur the expenses in respect of fees or other
government charges necessary to record or register such transfers and
Optionee shall provide to Optionor all material information in the
possession of Optionee,
c) The definition of Licenses and Property shall thereafter exclude such
Licenses and Optionee shall have no further obligations or
responsibilities in respect of such Licenses, except for obligations
and responsibilities arising from Optionee's activities prior to the
date of transfer or abandonment, as the case may be.
Section 2.13 Deposits
Any deposits made on the Licenses which are returned by the Mineral Recorder's
Office shall be for the benefit of Optionor.
ARTICLE III
REPRESENTATIONS AND WARRANTIES
Section 3.01 Representations and Warranties
Optionor represents and warrants that:
(a) to the best of Optionor's knowledge the location of each license
comprising the Mineral License Rights conforms to the description
appearing on records in the appropriate records office, and the Mineral
License Rights were properly located according to the laws of the
Province of Newfoundland and Labrador and will be in good standing for
at least ninety (90) days after the execution of this Agreement;
(b) Optionor has not received notice of any violation of or investigation
relating to any federal, provincial or local environmental or pollution
law, regulation or ordinance with respect to the Mineral License Rights
or Property;
(c) to the best of Optionor's knowledge there are no reclamation
liabilities in connection with the Property and, in particular, there
are no obligations to monitor or clean up any pre-existing mine sites
or mine waste dumps or tailings;
(d) its interest in the Mineral License Rights is free and clear of any
mortgages, liens, charges, pledges, security interests, encumbrances or
other claims of any description;
(e) no person has any right or agreement, option, understanding, prior
commitment or privilege capable of becoming an agreement for the
purchase or acquisition from Optionor of any interest in the Mineral
License Rights or Property;
(f) all assessment work required to maintain the Mineral License Rights in
full force and effect has been performed as of the execution of this
Agreement; and
(g) there are no royalties or other latent interests in the Mineral License
Rights owing to any parties.
Section 3.02 Survival
Optionor acknowledges that Optionee is relying on the representations and
warranties contained in Section 3.01 in entering into this Agreement and that
such representations and warranties are continuing and shall survive the
execution and termination of this Agreement.
Section 3.03 Representations and Warranties by Optionee
Optionee represents and warrants that:
(a) it has been duly formed and is a validly subsisting limited liability
company under the laws of the State of Delaware and will be duly
registered and authorized in the Province of Newfoundland and Labrador
to conduct business and has all corporate power and authority to
perform its obligations under this Agreement and, prior to commencing
any operations on the Mineral License Rights, it will be properly
registered to carry on business in the Province of Newfoundland and
Labrador;
(b) all necessary corporate action has been taken by Optionee to authorize
the execution, delivery and performance of this Agreement, and this
Agreement constitutes a valid and binding obligation of the Optionee,
enforceable in accordance with its terms;
(c) the common shares, as applicable, will be validly issued, outstanding,
fully paid and free and clear of all liens, charges and encumbrances
and will be subject to a maximum hold-period of 12 months from each
date of issuance;
(d) there is no order made against Optionee ceasing the trading of its
common shares and no such order or any actions, proceedings or
investigations which may adversely affect the common shares or
Optionor's ability to trade the same on the Exchange are in effect,
pending or threatened, or will be in effect, pending or threatened at
such time as the common shares are issued to the Optionor.
Section 3.04 Survival
Optionee acknowledges that Optionor is relying on the representations and
warranties contained in Section 3.03 in entering into this Agreement and that
such representations and warranties are continuing and shall survive the
execution and termination of this Agreement.
Section 3.05 Indemnity
Each party will indemnify and save the other party and its directors, officers,
employees, agents, representatives, subcontractors and Affiliates harmless from
all losses, damages, costs, actions, and suits arising out of or in connection
with any breach by that party of any representation, warranty, covenant or
agreement contained in this Agreement. This indemnity shall survive the
termination of this Agreement.
ARTICLE IV
OPTIONEE'S OBLIGATIONS
Section 4.01 Environmental Matters
During the Option Period Optionee shall at all times occupy, manage and use the
Mineral License Rights in full compliance with all Environmental Laws. In this
Agreement, "Environmental Laws" means all applicable federal, provincial,
municipal, regional or foreign laws, statutes or rules, regulations, bylaw or
orders (having the force of law) or environmental permits relating to the
environment, including, without limitation, those pertaining to reporting,
licensing, permitting, investigation, remediation and clean up in connection
with any presence, release, discharge, escape or disposal of contaminants (being
any substance or material that is prohibited, controlled or regulated pursuant
to any applicable Environmental Laws) or relating to the manufacture,
processing, distribution, use, treatment, storage, disposal, transport or
handling of contaminants.
Section 4.02 Filing of Assessment Work
During the Option Period Optionee shall submit all assessment eligible work
completed on the Property for assessment credits and the credits will be applied
to these Mineral License Rights and shall otherwise maintain the Mineral License
Rights in good standing unless it is agreed in writing that certain claims can
be dropped.
ARTICLE V
ASSIGNMENT
Section 5.01 Assignment
In the event Optionee assigns its rights and obligations under this Agreement,
Optionee shall enter into an agreement with such assignee in favour of Optionor
in which such assignee shall be bound by all of the terms and conditions of this
Agreement.
In the event of any sale, assignment, transfer, pledge, hypothecation or
disposition of any legal or equitable interest of any nature or kind whatsoever
by Optionor of this Agreement or the Mineral License Rights or any interest
therein or any part thereof to a party other than Optionee (a "Third Party
Purchaser"), the Optionor shall:
(a) furnish to the Third Party Purchaser a true copy of this
Agreement;
(b) procure the Third Party Purchaser's written novation
agreement in favour of Optionee that the Third Party Purchaser
shall be bound by the terms, rights, obligations and burdens
of this Agreement as if it were a party thereto in the place
and stead of the Third Party Purchaser; and
(c) ensure that in any agreement and deed of sale, assignment
or disposition of any nature to a Third Party Purchaser a
covenant to the same obligation and effect as this Section
5.01 which would oblige the Third Party Purchaser and its
successors and assigns is contained therein and that any such
agreement, deed of sale, assignment or disposition is
registered at the public registries in which it is required or
customary to register mining agreements pertaining to land.
ARTICLE VI
TERMINATION
Section 6.01 Optionee's Right to Terminate
Optionee shall have the right to terminate this Agreement and its interest in
the Mineral License Rights at any time during either Option Period upon written
notice to Optionor thirty (30) days prior to the contemplated termination date.
In the event that a payment by Optionee is required to be made to Optionor
pursuant to this Agreement during the 30 day notice period then the parties
hereto shall waive the requirement for such payment to be made and each party
releases and discharges any liability or damage of any kind which may flow from
such non-payment.
Upon termination Optionor shall be entitled to retain all monies paid to
Optionor to such date, whether or not paid in trust, and Optionee shall provide
Optionor with all originals and copies of data, maps, assays and reports and
other materials whatsoever pertaining to the Mineral License Rights and
Property.
Section 6.02 Termination for Default
Subject to Section 6.01 if at any time during the Option Period, Optionee fails
to duly pay or cure any default in the performance of any obligation of this
Agreement within a period of thirty (30) days after receipt of a default notice
from Optionor, Optionor may terminate this Option. Exercise of such right by
Optionor shall be without prejudice to any other rights or remedies that
Optionor may have at law or in equity as a result of such default of this
Agreement by Optionee.
ARTICLE VII
FORCE MAJEURE
Section 7.01 Suspension of Obligation
If Optionee is prevented by Force Majeure from timely performance of any of its
obligations under this Agreement (other than the payment of any of the Option
Payments), such failure shall be excused and the period for performance and the
Option Period shall be extended for an additional period of time equal to the
duration of such Force Majeure. Upon the occurrence and upon the termination of
a Force Majeure, Optionee shall promptly notify Optionor in writing. Optionee
shall use reasonable efforts to remedy any Force Majeure, but shall not
hereunder be obligated to contest the validity of any law or regulation, nor any
action or inaction of any civil or military authority.
ARTICLE VIII
MISCELLANEOUS
Section 8.01 Notices
Any notice under this Agreement will be given in writing, by delivery in person
to a named representative or by mail or facsimile, properly addressed to each
party. A notice given will be deemed given only when received by the party to
whom such notice is directed; except that any notice given by facsimile properly
addressed to the party, to whom given, shall be deemed given to and received by
the party, to whom directed, 48 hours after such notice is successfully faxed or
ten days after it is mailed, provided there is no postal disruption at the time.
Each party's address will be the following until such party specifies another
address by written notice:
To the Optionor at: R. Xxxxx Xxxxx
0 Xxxxxxxxx Xxxxxx
Xx. Xxxx'x, XX X0X 0X0
Tel.: (000) 000-0000
Facsimile:
To the Optionee at: Global Gold Uranium LLC
00 Xxxx Xxxxxx Xxxxxx
Xxxxxxxxx,XX 00000
Tel.: (000) 000-0000
Facsimile: (000) 000-0000
Section 8.02 Relationship of Parties
This Agreement is not intended to create any partnership or agency relationship
between the parties or fiduciary obligations of any description, and this
Agreement shall not be construed so as to render the parties liable as partners
or as creating a partnership, and no party shall be or shall be deemed to be, or
shall hold itself out to be an agent of any other party.
Section 8.03 Successors and Assigns
This Agreement shall be binding upon and enure to the benefit of the respective
successors and permitted assigns of the parties.
Section 8.04 Counterparts
This Agreement may be executed in counterparts, all of which taken together
shall constitute one and the same instrument and any of the parties hereto may
execute this Agreement by signing any such counterpart.
Section 8.05 Structure
The Parties agree to use their best efforts to structure the transactions
contemplated herein in the most tax efficient manner, which structure is not
prejudicial to the interest of either party.
Section 8.06 Revenue Canada Issue
The Parties agree that the within transaction is made in contemplation of
Section 85 of the Income Ta Act and that in the event that any governmental
taxing authority having jurisdiction shall assert by assessment, re-assessment
or otherwise, that the fair market value of the purchased Licenses as of the
date hereof is an amount different from the purchase price, or issues or
proposes to issue assessments or reassessments of additional liability for taxes
or any other subject by reason of asserting that the fair market value of the
purchased Licenses is greater than or less than the purchase price, then the
purchase price shall be increased or decreased by the difference so determined.
The parties covenant and agree to make all adjustments necessary to reflect such
adjustment.
Section 8.07 Dispute Resolution
In the event there is a dispute between the Parties on the interpretation or
meaning of any terms or terms of this agreement then the Parties agree to have
the provisions of the Arbitration Act of Newfoundland and Labrador shall be
applicable.
IN WITNESS WHEREOF the parties make this Agreement effective
as of the date first above written.
----------------------------------------------
R. Xxxxx Xxxxx,
----------------------------------------------
Xxxxxxxxx X. Xxxxxx
GLOBAL GOLD URANIUM LLC
Per:
----------------------------------------------------------
Van X. Xxxxxxxxx, Manager
SCHEDULE "A"
List of Mineral License Rights
Grand Lake Mineral Claim, Goose Bay Area
License Mineral Rights Status Units Staking Date NTS
011756M Xxxxx, X. Xxxxx Recorded 30 24/01/2006 13F/09
SCHEDULE "B"
Shallow Lake Mineral Claims, West Central Mineral Belt
License Mineral Rights Status Units Staking Date NTS
011717M Xxxxxx, Xxxx Recorded 30 15/01/2006 13L/01,02
011716M Xxxxxx, Xxxxxxxxx X. Recorded 30 15/01/2006 13L/02
011718M Xxxxxx, Xxxxxxxxx X. Recorded 33 15/01/2006 13L/02
Detailed written descriptions of each claim license can be obtained online using
the following URL and completing it with the mineral license number:
xxxx://xxx.xxxxxxx.xxx.xx.xx/xxxxxxxxx/xxxxxxx.xxx?xxxxxxxx
SCHEDULE "C"
NET SMELTER RETURN ROYALTY
Interpretation
1. Where used here or in the Agreement:
(a) "Agreement" shall mean the attached agreement, including
any amendments thereto or renewals or extensions thereof.
(b) "Property " shall mean that property and those mineral
claims or interests which are listed in Schedules "A" and "B"
to the Agreement.
(c) "Fiscal Period" shall mean each calendar year or other
period of twelve consecutive months adopted for tax purposes
during the terms of the Agreement.
(d) "NSR Royalty" shall mean 1.5% of the Net Smelter Returns
payable under this Agreement.
(e) "Commercial Production" shall mean such date as the mine
situated on the Subject Claims and any treatment plant related
thereto has operated for a period of ninety (90) consecutive
days at an average rate of at least eighty percent (80%) of
designed capacity.
(f) "Net Smelter Returns" means the value of the actual
proceeds received from any mint, smelter, refinery or other
purchaser for the sale of the Minerals, other than Minerals
sold for the purpose of bulk sampling, produced from the
Subject Claims after commencement of Commercial Production and
sold, after deducting from such proceeds the following charges
to the extent that they were not deducted by the purchaser in
computing payment: smelting and refining charges; penalties;
smelter assay costs and umpire assay costs; cost of freight
and handling of the Minerals from the Subject Claims to any
mint, smelter, refinery, or other purchaser; marketing costs;
insurance on the minerals; customs duties; mineral taxes or
the like and export and import taxes or tariffs payable in
respect of the Minerals. Any charges to be deducted hereunder
which are made to Universal must be on commercially reasonable
terms or must be approved in writing by the Vendor.
2. (a) The NSR Royalty shall be paid on a quarterly basis within
forty-five days after the end of each fiscal quarter in
respect of the actual proceeds received in such fiscal
quarter.
(b) Each payment shall be accompanied by a statement
indicating the calculation of Net Smelter Returns hereunder.
Optionor shall be entitled to audit, during normal business
hours, such books and records as are necessary to determine
the correctness of the payment of the NSR Royalty, provided,
however that such audit shall be made only on an annual basis
and within 12 months of the end of the fiscal period in
respect of which such audit is made.
(c) The determination of Net Smelter Returns hereunder is
based on the premise that production will be developed solely
on the Subject Claims. If other properties are incorporated in
a single mining project and the Minerals pertaining to each
are not readily segregated on a practical or equitable basis,
the allocation of actual proceeds received and deductions
therefrom shall be negotiated between the parties and, if the
parties fail to agree on such allocation, shall be referred to
a single arbitrator to be appointed in accordance with the
Newfoundland Arbitrations Act and the arbitrator shall have
reference first to this agreement, and then, if necessary, to
practices used in mining operations that are of a similar
nature. The arbitrator shall be entitled to retain such
independent mining consultants as he considers necessary. The
decision of the arbitrator shall be final and binding on the
Parties hereto and shall not be subject to appeal.
(d) If Optionor desires to sell any of its right, title and
interest hereunder, including, but not restricting the
foregoing, all or part of the NSR Royalty, it may only sell
its whole interest and not a part thereof. Subject to the
foregoing, if Optionor desires to sell its interest hereunder
it shall first offer in writing to sell for cash such interest
to Optionee, stating the terms on which it desires to sell and
providing all information in its possession related to the
Subject Claims not previously furnished to Optionee. In the
case of Optionor having received an offer from a potential
purchaser, the name of that potential purchaser shall also be
provided to Optionee. Optionee shall have 90 days from the
receipt of such notice to accept such offer in writing. If
such interest so offered is not accepted for purchase, then
Optionor shall be free to sell such interest to any other
person, firm or corporation, on terms and conditions not more
favourable to Optionee than were offered to Optionee, for a
period of 60 days after the end of such 90 day period;
provided that any person, firm or corporation acquiring such
interest from Optionor must agree in writing with Optionee
that it shall be bound by all the terms and conditions of this
Agreement as if it were an original party thereto. If no sale
is effected in such 60 day period, then the provisions of this
clause shall again apply.
