Timber Lease Clause Samples
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Timber Lease. If Seller receives any notice from the lessor under the Timber Lease that triggers any right of first offer of Seller thereunder, Seller shall promptly provide Buyer with a copy of such notice. Within fifteen (15) days of Buyer's receipt of such notice, Buyer shall direct Seller whether or not to exercise such offer right, and Seller shall comply with Buyer's direction. If Buyer directs Seller to exercise such offer right, Buyer shall reimburse Seller at Closing for the amount of any purchase price and closing costs paid by Seller to acquire the real property offered by the Timber Lease lessor and such real property shall become subject to the terms and conditions of this Agreement upon Seller's acquisition thereof. If, as a result of any Casualty Loss, Condemnation, force majeure event, drilling for Minerals or other circumstance set forth in the Timber Lease, Seller has the option under the Timber Lease to release all or a portion of the affected Timberlands from the Timber Lease, then Seller shall promptly notify Buyer of the same. Within fifteen (15) days of Buyer's receipt of such notice, Buyer shall direct Seller whether or not to exercise such option, and Seller shall comply with Buyer's direction.
Timber Lease. The interests of Seller in the Timber Lease described in Section 1.2(g) of Seller's Disclosure Letter (the “Timber Lease”), subject only to the Permitted Exceptions;