Common use of Mineral Properties Clause in Contracts

Mineral Properties. (i) The Mineral Properties are held by Grandview under valid, subsisting and enforceable documents or recognized and enforceable agreements or instruments that are sufficient to permit the Purchaser to conduct exploration, development and exploitation activities thereon, subject to applicable permitting requirements; (ii) All Mineral Properties have, to Grandview’s best knowledge, been validly located, staked and recorded in accordance with all applicable laws and are valid and subsisting; and (iii) The Mineral Properties are in good standing with respect to all filings, fees, rents, Taxes, assessments, work commitments and other similar matters required with respect thereto, and there are no adverse claims or challenges outstanding or, to Grandview’ knowledge, threatened against Grandview’ right, title and interest in and to the Mineral Properties; At Closing, Grandview shall have performed all required work that is required in respect of the claims comprising the Mineral Properties or shall have paid the dollar value of the unperformed required work to the recorder and shall have filed all required reports in relation to the required work, all in accordance with The Mines and Minerals Act (Manitoba) for the period ended December 31, 2010, and required to renew the claims for the period ending December 31, 2010.