Common use of Conservation Easement Clause in Contracts

Conservation Easement. (a) The Parties acknowledge and agree that pursuant to Section 4.8 of the IPO Asset Contribution Agreement, (i) CPCC was in the process of negotiating the granting of a conservation easement and/or the transfer of surface rights with a reservation of an easement by the Owning Parties to be entered into with the Western Pennsylvania Conservancy in connection with Permit No. 30841316 related to the ▇▇▇▇▇▇ Overland Belt (the “Conservation Easement”) and (ii) to avoid delaying the negotiation and/or execution of the Conservation Easement, the Owning Parties did not assign to CTH any rights in the Conservation Easement (nor, if applicable, any interest in any properties that will be servient to the Conservation Easement following its execution (collectively, the “Conservation Easement Properties”)). The Parties further agree that as of the Effective Date, CPCC is still in the process of negotiating the execution of the Conservation Easement. (b) In lieu of the Owning Parties taking such actions as required under Section 4.8 of the IPO Asset Contribution Agreement, the Parties acknowledge and agree that following execution of the Conservation Easement, the Owning Parties shall each (i) promptly assign to CTH an undivided 25% of their right, title and interest in and to all of the Conservation Easement Properties using a form of deed substantially in the form of the Deed and/or a form of assignment substantially in the form of the Assignment, as applicable, and (ii) upon assignment of the Permits as provided in Section 4.2 of the IPO Asset Contribution Agreement, assign to CTH all of their right, title and interest in and to the Conservation Easement, save and except a beneficial interest retained by each of the Owning Parties in an amount equal to the percentage ownership interest of each such Party in the Pennsylvania Mine at such time.