Common Contracts
1 similar Mineral Property Option Agreement contracts
Tay-LP Property Option AgreementMineral Property Option Agreement • November 10th, 2017
In consideration of the Tay-LP Option Agreement, Coronet has agreed to pay $10,000 to Long and Associates (the “Optionor”). Further consideration consists of cash payment of $10,000 by February 3, 2018, and a further $30,000 on or before December 30, 2018, and further cash payments of $60,000 on or before December 30, 2019; $80,000 on or before December 30, 2020; and $160,000 on or before December 30, 2021. Work commitments are $150,000 in 2018; $250,000 in 2019; $500,000 in 2020; and $1,000,000 in 2021. The Optionor will retain a two (2) percent net smelter return upon completion of the terms to acquire 100% of the property, with a $20,000 per year pre-production Royalty paid on or before December 30, of each year. This is repayable to Optionee upon commencement of production and sale of product. In the event the Option is cancelled, at any time, the Optionee must insure all claims will have at least one year’s assessment work or will pay cash-in-lieu to the Optionor.
