Common use of Abandonment during Option Clause in Contracts

Abandonment during Option. During the currency of the Option, the Optionee may at any time and from time to time abandon any one or more of the claims which comprise the Property. In such event, the Optionee shall give the Optionor notice in writing of such abandonment and the abandoned claims shall be free and clear of any and all defects, charges, liens and encumbrances of any nature and kind whatsoever and shall be in good standing for a period of not less than three years from the date of receipt by the Optionor of the notice of abandonment.

Abandonment during Option. During the currency of the Option, the Optionee may at any time and from time to time abandon any one or more of the claims which comprise the Property. In such event, the Optionee shall give the Optionor 60 days notice in writing of such abandonment and the abandoned claims shall be free and clear of any and all defects, charges, liens and encumbrances of any nature and kind whatsoever and shall be in good standing for a period of not less than three years from at the date of receipt by the Optionor time of the notice of abandonment.