Advance Minimum Royalty Payments. Until production is achieved from the Property, Lessee shall make the following advance minimum royalty payments to Owner:
Advance Minimum Royalty Payments. Lessee shall pay to Owner, Advance Minimum Royalty Payments in the amounts and on or before the dates described below: Date of Payment Amount On Signing $40,000.00 On or Before 6 Months after signing $60,000.00 On or Before 1 year after signing $100,000.00 On or Before 2 year after signing $100,000.00 On or Before 3 year after signing $100,000.00 On or Before 4 year after signing $200,000.00 Each yearly anniversary thereafter until the total purchase price of Five Million Dollars, ($5,000,000.00) has been paid, unless terminated or canceled. $200,000.00 Timely payment in the manner provided herein, mailed to the address as listed, shall maintain this Agreement in full force and effect: IMA-1, LLC 0000 Xxxxxxxx Xxxxx Missoula, MT 59803 Lessee shall be obligated to deliver only one (1) check or payment, and Lessee shall have no responsibility for disbursement or distribution of any such payment after receipt by Owner.
Advance Minimum Royalty Payments. Lessee shall pay to Owner, Annual Advance Minimum Royalty Payments in the amounts and on or before the dates described below: Date of Payment Amount Upon contract Effective Date $ 50,000.00 I st anniversary, 2012 $ 50,000.00 The Anniversary Date, each year of lease thereafter $ 75,000.00 the above payments may be recouped by Lessee by crediting Advance Minimum Royalty Payments against production royalty payments due the same calendar year in which the minimum royalty payments were paid. After the third Anniversary Date, and after each Anniversary Date thereafter, Advance Minimum Royalty Payments shall be adjusted to proportionally reflect any net increase or decrease in the Producer Price Index for Mining and Quarrying of Non-Metallic Minerals, Except Fuels, Not Seasonably Adjusted, since the Effective Date and each proceeding Anniversary Date as applicable.
Advance Minimum Royalty Payments. As retribution for the granting of this Exploration and Exploitation Agreement and, in its case, as advance minimum royalty ("Advance Minimum Royalty") on the dates hereinbelow mentioned, for so long as this Agreement remains in effect and there will not be production or it will not be sufficient to pay royalties, THE COMPANY will pay THE CONCESSIONAIRE the following amounts in dollars of the United States of America or its equivalent in national currency, plus the 15% Aggregate Value tax (IVA):
Advance Minimum Royalty Payments. Upon exercise of its Option and each year thereafter on or before the anniversary date of such exercise for so long as any of the mining claims (or any amendments, relocations or replacements thereof) or other tracts constituting the Property (including any Additional Lands acquired pursuant to Section 1.2 above) are owned by TRC or its successors, TRC shall pay Owner (allocating 85% to Xxxxxx Van Ert and 15% to Xxxx Xxxxxxx) the sum of One Hundred Fifty Thousand Dollars ($150,000), which amount shall be a credit against any MISC-035-2.doc Royalty owing on production of Minerals during such year. This amount shall be a minimum royalty and shall not be credited against Royalty on production for subsequent years. If TRC desires to abandon or relinquish any of the mining claims (or any amendments, relocations or replacements thereof) or other tracts constituting the Property (including any Additional Lands acquired pursuant to Section 1.2 above), then the provisions of Section 1.4 above shall apply.
Advance Minimum Royalty Payments. During the Initial Term of this Sublease, Sublessee shall pay to Sublessor a total recoupable Advance Minimum Royalty of $1,500,000, payable as follows: a) upon execution of this Sublease, the sum of $100,000; b) upon the first anniversary date of this Sublease, the sum of $200,000; c) upon the second anniversary date of this Sublease, the sum of $300,000; d) upon the third anniversary date of this Sublease, the sum of $400,000; e) and upon the fourth anniversary date of this Sublease, the sum of $500,000. Such recoupable Advance Minimum Royalty payments due during the Initial Term shall not be delayed or avoided because of force majeure or surrender or termination of the Sublease, unless this Sublease is terminated pursuant to Section 3 above. During the Extended Term of this Sublease, Sublessee shall pay unto Sublessor, beginning on the first day of the Extended Term and continuing on each anniversary date thereafter, an annual recoupable Advance Minimum Royalty in the amount of $300,000 for each year of the Extended Term that this Sublease continues in effect. Upon commencement of mining operations hereunder, Sublessee shall have the right to reimburse itself, from the applicable Earned Royalty (but not from wheelage payments due to the Lessors under the Lease), for all such recoupable Advance Minimum Royalty payments theretofore accumulated and carried forward, by mining free from Earned Royalty, a sufficient quantity of coal so as to recoup all such Advance Minimum Royalty payments. It is understood that Sublessee shall not be entitled to a refund of Advance Minimum Royalty payments if for any reason Sublessee does not exhaust its credit for Advance Minimum Royalty hereunder. If, at any time prior to the expiration or termination of this Sublease, Sublessee shall have paid unrecouped Advance Minimum Royalty in an aggregate amount which exceeds the Earned Royalty which would be due on the merchantable and mineable Pittsburgh coal then remaining in place in the Sublease Premises, then Sublessee shall be relieved from the obligation of continuing to make Advance Minimum Royalty payments for so long as the aggregate unrecouped Advance Minimum Royalty payments exceed the Earned Royalty due, at their applicable rates, on the remaining unmined merchantable and mineable Pittsburgh coal.
