Mineral Claims definition
Examples of Mineral Claims in a sentence
To this end, Optionor specifically grants a security interest to Optionee in the Mineral Claims comprising the Property to protect its right to the Option based on the terms and conditions set forth in this Agreement, and Optionee specifically grants a security interest to Optionor in the Mineral Claims comprising the Property to protect Optionor’s right to a reconveyance of the Property in the event the Deferred Consideration is not timely tendered.
The parties hereby grant security interests in the Mineral Claims comprising the Property to each other to protect their rights and obligations hereunder against third parties.
Subject to Closing and the Optionee commencing commercial production on any Mineral Claims, the Optionee, its successors and assignees shall pay to the Optionor a royalty (the “NSR”) calculated at one percent (1.0%) of the Net Smelter Returns as defined, calculated and set forth in Schedule “B” to this Agreement.