PROPERTY OPTION AGREEMENT AMENDMENT
PROPERTY OPTION AGREEMENT AMENDMENT
THIS AGREEMENT is dated for reference the 30th day of July, 2007.
AMONG:
Xxxxxx Xxxxxxx, geologist, of 0000 Xxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0;
(the "Optionor")
OF THE FIRST PART
AND:
Blue Mountain Resources, Inc, a company duly incorporated under the laws of the State of Nevada and having offices at 000 X 00xx Xxx X.X., Xxxxxxx, Xxxxxxx. X0X 0X0 X0X 0X0;
(the "Optionee")
OF THE SECOND PART
WHEREAS:
A. The Optionor granted an option to the Optionee, pursuant to the terms of a property option agreement dated July 20, 2006 between the parties hereto (the “Agreement”), to purchase a 100% registered and beneficial interest in the mineral claims identified in Schedule A and defined in Article 1 in the Agreement as the "Property";
B. The Optionee requires, and the Optionor has agreed, to extend the time to make certain payments as set forth and required in the Agreement;
IN CONSIDERATION OF the mutual promises set forth below, the Optionor and the Optionee agree as follows:
1. GRANT OF EXTENTION OF TIME.
The Optionor hereby grants to the Optionee a six (6) month extention of time to make the $25,000 payment required to made on the first anniversary of the Agreement, and a six (6) month extention of time to incurr the $250,000 in expenditures required to made by August 31, 2007, all as set forth and described in Section 3 of the Agreement. Provided however, that notwithstanding the foregoing, and in any event, at any time after the 28th day after the date of this Property Option Agreement Amendment the Optionor, on 48 hours notice, may require the $25,000 payment that would have otherwise been required to be made on the first anniversary of the Agreement, and the $250,000 of expenditures that otherwise would have to have been incurred by August 31, 2007, to be made and incurred forthwith, and in default of same the provisions of Section 5.2 of the Agreement shall apply.
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2. FURTHER ASSURANCES
Each of the parties covenants and agrees, from time to time and at all times, to do all such further acts and execute and deliver all such further deeds, documents and assurances as may be reasonably required in order to fully perform and carry out the terms and intent of this Agreement.
3. TIME OF THE ESSENCE
Time shall be of the essence in the performance of this Agreement.
4. ENUREMENT
This Agreement shall enure to the benefit of and be binding upon the parties and their respective successors and permitted assigns.
5. SEVERABILITY
If any one or more of the provisions contained herein should be invalid, illegal or unenforceable in any respect in any jurisdiction, the validity, legality and enforceability of such provisions shall not in any way be affected or impaired thereby in any other jurisdiction and the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.
6. AMENDMENT
This Agreement may not be changed orally but only by an agreement in writing, signed by the party against which enforcement, waiver, change, modification or discharge is sought.
7. GOVERNING LAW
This Agreement shall be governed by and interpreted in accordance with the laws of the State of Nevada, USA.
8. NOTICE
Any notice, direction, or other instrument required or permitted to be given under this Agreement shall be in writing and shall be given by the delivery of same or by mailing same by prepaid registered or certified mail or by sending same by telefacsimile or other similar form of communication, in each case addressed to the intended recipient at the address of the respective party set out on the first page hereof.
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Any notice, direction, or other instrument aforesaid will, if delivered, be deemed to have been given and received on the day it was delivered, and if mailed, be deemed to have been given and received on the fifth business day following the day of mailing, except in the event of disruption of the postal service in which event notice will be deemed to be received only when actually received and, if sent by telefacsimile or other similar form of communication, be deemed to have been given and received on the day it was actually received.
Any party may at any time give notice in writing to the others of any change of address, and from and after the giving of such notice, the address therein specified will be deemed to be the address of such party for the purposes of giving notice hereunder.
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IN WITNESS WHEREOF the parties hereto have duly executed this agreement this 10th day of August, 2007.
BLUE MOUNTAIN RESOURCES LTD.
PER: /S/ XXXXXX XXXXXXX
XXXXXX XXXXXXX, PRESIDENT & CEO
/S/ XXXXXX XXXXXXX
XXXXXX XXXXXXX
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