Payment of Royalty. TOGI shall calculate and pay the Royalty monthly in accordance with the provisions of Exhibit 1. If TOGI does not timely pay the Royalty, Owner may give written notice to TOGI that TOGI is in default of its obligations under this Deed, and unless within five (5) business days following receipt by TOGI of such notice Owner receives the delinquent Royalty payment, then TOGI shall pay interest on the delinquent payment at the rate of ten percent (10%) per annum which shall accrue from the day the delinquent Royalty payment was due to the date of payment of the Royalty and accrued interest. TOGI shall pay all of Owner's attorney's fees and all other costs incurred by Owner to collect the delinquent Royalty payment.
Appears in 3 contracts
Samples: Mining Lease and Option to Purchase (Tornado Gold International Corp), Mining Lease and Option to Purchase Agreement (Tornado Gold International Corp), Mining Lease and Option to Purchase Agreement (Tornado Gold International Corp)
Payment of Royalty. TOGI shall calculate and pay the Royalty monthly in accordance with the provisions of Exhibit 1. If TOGI does not timely pay the Royalty, Owner may give written notice to TOGI that TOGI is in default of its obligations under this Deed, and unless within five (5) business days following receipt by TOGI of such notice Owner receives the delinquent Royalty payment, then TOGI shall pay interest on the delinquent payment at the rate of ten percent (10%) per annum which shall accrue from the day the delinquent Royalty payment was due to the date of payment of the Royalty and accrued interest. TOGI shall pay all of Owner's attorney's fees and all other costs incurred by Owner to collect the delinquent Royalty payment.. EXHIBIT B
Appears in 1 contract
Samples: Lease and Option to Purchase Agreement (Tornado Gold International Corp)
