Assessment Work. The Annual Rental Assessment Fee or sometimes referred a Annual Maintenance Fee required by Federal Law shall be paid and an Affidavit filed with the appropriate County while this Agreement is in effect by Gentor before August 1st of each lease year. Gentor shall prepare evidence of the proper recordation and filing, and shall timely record and/or file such evidence in the appropriate Federal, State and Local offices as required by applicable Federal, and State Laws, before August 1st of each lease year. If Gentor elects to terminate this Agreement, it shall notify Owner before August 1st of any lease year, Gentor shall then have no further obligation hereunder to file and pay the required annual rental assessment fees and prepare, record and file evidence of the same. However, if Gentor terminates this Agreement after August 1st of any lease year, Gentor agrees to file and pay the required annual rental assessment fees and prepare, record and file evidence of the same.
Appears in 3 contracts
Sources: Mining Exploration and Option Agreement (Gentor Resources, Inc.), Mining Exploration and Option Agreement (Gentor Resources, Inc.), Mining Exploration and Option Agreement (Gentor Resources, Inc.)