Option Lands definition

Option Lands means the lands described as such in Schedule “A”;

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Option Lands means the areal, stratigraphic and substance rights described as “Option Lands” in Schedule “A” of the Agreement or so much of those rights as remain subject to the Agreement and the Title Documents, excluding any Reserved Formations;

Option Lands means the lands as described in Schedule “A”, together with the rights to explore for and recover the Petroleum Substances within, upon or under such lands, insofar only as such rights are granted by the Leases;

Examples of Option Lands in a sentence

• During the term of this Agreement, no party shall do or cause to be done any act nor make or cause to be made any omission whereby the Farmout Lands or Option Lands become encumbered in such a way as to adversely affect the interests of the other parties, or become subject to termination or forfeiture.

• Upon Fellows Energy electing to exercise the Option and concurrently with Fellows Energy paying the Purchase Price 2, Quaneco will deliver the assignments and other conveyances of the Assets in the Option Lands to Fellows Energy within ten business days, and Fellows Energy and Quaneco will thereafter participate in all future work on the Option Lands and Leases at their respective working interests, subject to the Operating Agreement, with Fellows Energy named as operator therein.

• The Grantor makes no representation or warranties as to its or Farmor's title to the Farmout Lands and Option Lands but covenants that they are encumbered only to the extent noted in the Farmout Agreement.

• Failure by Farmee to elect to drill an Option Well in accordance with the provisions of subclause (a) or (b) above shall be deemed to be an election to surrender its rights to drill an Option Well and to earn an interest in the unearned Farmout Lands and Option Lands.

• In the event Fellows Energy does not elect to exercise the Option to pay Purchase Price 2 and to acquire the Assets in the Option Lands, then Fellows Energy’s right to acquire the Assets will terminate, Fellows Energy will no longer be the operator of any of the Option Lands and the Option Payment and any other payments and all information from the Drilling Program will be retained by Quaneco.

More Definitions of Option Lands

Option Lands means the Woking Expansion Land, the Croydon Expansion Land and/or the Watford Expansion Land (and includes part or parts thereof);

Option Lands means those lands that BioAmber Sarnia Inc. has an option to acquire from LANXESS Inc. pursuant to the Purchase and Sale Agreement.

Option Lands has the meaning set out in Recital A above;

Option Lands means lands and all Substances within upon or thereunder covered by the Title Documents (having the rights and subject to the restrictions therein) listed in Schedule "B" of this Farmout Agreement;

Option Lands means all lands within and subject to the Marauder Licence and/or the Marconi Licence, if applicable;

Option Lands means the portion of the Landlord’s Lands represented diagrammatically as the area outlined in red on the drawing attached as Schedule “C”, which area comprises approximately 10.92 acres. 2.1.4. the drawing attached to this Agreement as Appendix “A” is added to the Lease as Schedule “C”. 2.1.5. Sub-clause 23.2.1 is deleted in its entirety and replaced with the following: 23.2.1. The Landlord hereby reserves the right to further charge the Landlord’s Lands or any part of them, by way of easement, right of way, or restrictive covenant in favour of a Crown corporation or agency, a municipality, a regional district, or other government agency or authority, provided that any such easement, right of way or restrictive covenant may not prohibit, restrict or interfere with the Tenant’s use and enjoyment of the Lands (which shall for purposes of this sub-clause 23.2.1 be deemed to include the Option Lands for so long as the Option to Lease has not expired without being exercised in the time and manner stated in sub-clause 35.1.1 or has not been terminated or surrendered) in accordance with this Lease or the enjoyment of the easements, rights and privileges granted to the Tenant pursuant to this Lease, and the Tenant agrees, at the request of the Landlord, promptly to execute and deliver to the Landlord such instruments as may be necessary to subordinate the Tenant’s right and interest in the Lands under this Lease to such charge subject always to the foregoing proviso. Hut 8 Holdings Inc. 3 2.1.6. the following provisions are added to the Lease after subsection 34.12.1:

Option Lands means the Block A-1 Lands Rights, Encumbrances and Title Documents as set forth in Schedule “A” attached hereto and so titled, excluding Coalbed Methane;