Lesser Interest. If Owner owns an interest in the Property which is less than the entire and undivided estate in the Property, the Minimum Payments and the Purchase Price shall not be reduced, however, the Royalty payments shall be reduced proportionately in accordance with the nature and extent of Owner’s interest such that the Royalty payments shall be paid to Owner only in the proportion that Owner’s interest bears to the entire and undivided estate in the portion of the Property from which Minerals are produced.
Appears in 3 contracts
Samples: Definitive Agreement (Nevada Canyon Gold Corp.), Exploration Lease and Option to Purchase Agreement (Nevada Canyon Gold Corp.), Exploration Lease Agreement Lazy Claims (Nevada Canyon Gold Corp.)
Lesser Interest. If Owner owns an interest in the Property which is less than the entire and undivided estate in the Property, the Minimum Payments and the Purchase Price shall not be reduced, however, the Royalty payments shall be reduced proportionately in accordance with the nature and extent of Owner’s interest such that the Royalty payments shall be paid to Owner only in the proportion that Owner’s interest bears to the entire and undivided estate in the portion of the Property from which Minerals are produced.
Appears in 1 contract
Samples: Purchase Agreement Chucker Claims
