Common use of Option Termination Clause in Contracts

Option Termination. If Optionee fails to make the cash payments, issue the JKR Shares or incur the Exploration Expenditures by the Deadline (or pay the amount equivalent to the amount not expended to Optionor) or within 15 business days following receipt of a written notice of default from Optionor, the Option shall terminate and be of no further force or effect. In the event of any lapse, termination or surrender of the Option, Optionee shall: 2.8.1 Ensure that the Leases and underlying claims are in good standing for a period of not less than six months from the lapse, termination or surrender of the Option; 2.8.2 Ensure that the Leases and underlying claims are in at least the same state concerning environmental and hazardous conditions as they were on the date of this Agreement and that they are free and clear of all Encumbrances that may have been created by Optionee; and 2.8.3 Deliver to Optionor any and all reports, maps, assessment reports and maps, samples, assay results, drill cores, data and other information of any kind whatsoever pertaining to the leases or underlying claims or Optionee’s work thereon which have not been previously delivered to Optionor. Notwithstanding the foregoing, Optionee may, at any time during the Option Period in its discretion, elect to release one or more claims from the provisions of this Agreement and the Leases upon written notice to Optionor and the underlying lessor provided that such released claims or leases are in good standing for a period of not less than six months from the date of the notice.

Option Termination. If Optionee Optionor fails to make the cash payments, issue the JKR Shares or incur the Exploration Expenditures by the Deadline (or pay the amount equivalent to the amount not expended to Optionor) or within 15 5 business days following receipt of a written notice of default from OptionorOptionee, the Option shall terminate and be of no further force or effect. In the event of any lapse, termination or surrender of the Option, Optionee Optionor shall:: 2. 2.8.1 8.1 Ensure that the Leases and underlying claims are in good standing for a period of not less than six months from the lapse, termination or surrender of the Option;; 2. 2.8.2 8.2 Ensure that the Leases and underlying claims are in at least the same state concerning environmental and hazardous conditions as they were on the date of this Agreement and that they are free and clear of all Encumbrances that may have been created by OptioneeOptionor; andand 2. 2.8.3 8.3 Deliver to Optionor Optionee any and all reports, maps, assessment reports and maps, samples, assay results, drill cores, data and other information of any kind whatsoever pertaining to the leases or underlying claims or OptioneeOptionor’s work thereon which have not been previously delivered to OptionorOptionee. Notwithstanding the foregoing, Optionee Optionor may, at any time during the Option Period in its discretion, elect to release one or more claims from the provisions of this Agreement and the Leases upon written notice to Optionor Optionee and the underlying lessor provided that such released claims or leases are in good standing for a period of not less than six months from the date of the notice.