Common use of Real Property Interest Clause in Contracts

Real Property Interest. The Parties intend that the obligations of the Indemnitor Parties to conduct Mining Operations at the Mine in accordance with Mining Industry Best Practices and the Operating Parameters constitute a valuable right, shall continue during the conduct of Mining Operations at the Mine by the Indemnitor Parties, and shall constitute a presently vested interest in and a covenant running with the Mining Property which shall inure to the benefit of and be binding upon the Indemnitor Parties and each Grantor and their respective, successors and assigns. The obligations of the Indemnitor Parties to conduct Mining Operations at the Mine in accordance with Mining Industry Best Practices and the Operating Parameters shall attach to any amendments, relocations or conversions of any Mining Property, or to any renewals or extensions thereof. If the Indemnitor Parties or any successor or assignee of the Indemnitor Parties surrenders, allows to lapse or otherwise relinquishes or terminates its interest in any of the Mining Property, and reacquires a direct or indirect interest in the land or minerals covered by the former Mining Property, then from and after the date of such reacquisition such reacquired properties shall be included in the Mining Property and the obligations of the Indemnitor Parties to conduct Mining Operations at the Mine in accordance with Mining Industry Best Practices and the Operating Parameters shall apply to such interest so acquired. Indemnitor shall give written notice to the Grantor Administrative Agent within 30 days of any acquisition or reacquisition of an interest in the Mining Property. The Parties do not intend that there be any violation of the rule against perpetuities. Accordingly, any right that is subject to such rule shall be exercised within the maximum time periods permitted under applicable Law.

Real Property Interest. The Parties intend that the obligations of the Indemnitor Parties to conduct Mining Operations at the Mine Mines in accordance with Mining Industry Best Practices and the Operating Parameters constitute a valuable right, shall continue during the conduct of Mining Operations at the Mine Mines by the Indemnitor Parties, and shall constitute a presently vested interest in and a covenant running with the Mining Property which shall inure to the benefit of and be binding upon the Indemnitor Parties and each the Grantor and their respective, successors and assigns. The obligations of the Indemnitor Parties to conduct Mining Operations at the Mine Mines in accordance with Mining Industry Best Practices and the Operating Parameters shall attach to any amendments, relocations or conversions of any Mining Property, or to any renewals or extensions thereof. If the Indemnitor Parties or any successor or assignee of the Indemnitor Parties surrenders, allows to lapse or otherwise relinquishes or terminates its interest in any of the Mining Property, and reacquires a direct or indirect interest in the land or minerals covered by the former Mining Property, then from and after the date of such reacquisition such reacquired properties shall be included in the Mining Property and the obligations of the Indemnitor Parties to conduct Mining Operations at the Mine Mines in accordance with Mining Industry Best Practices and the Operating Parameters shall apply to such interest so acquired. Indemnitor shall give written notice to the Grantor Administrative Agent within 30 days of any acquisition or reacquisition of an interest in the Mining Property. The Parties do not intend that there be any violation of the rule against perpetuities. Accordingly, any right that is subject to such rule shall be exercised within the maximum time periods permitted under applicable Law.