Vesting of 100% Interest. Should the Optionee take all actions and do all things necessary to exercise the 100% Option in accordance with Section 3.1 within the time periods provided for therein, then:
Vesting of 100% Interest. During the Option Period, once all of the required payments have been made under the Cxxxxx Option Agreement, and the probate proceedings with respect to the estate of Mx. Xxxxxx have been completed and are not subject to appeal, GMC Mexico shall exercise its option to acquire the Concessions covered thereby. If those probate proceedings are not completed by the last day of the Option Period, then the Option Period shall be extended until the earlier of (a) the third anniversary of the Closing Date, or (b) the date that is 30 days after the date on which those probate proceedings are completed. Upon Fabled satisfying the requirements of Sections 4.2-4.9, if it desires to exercise the Option, Fabled shall provide notice to GMC of its decision to exercise the Option at any time during the Option Period, and the date of GMC’s receipt of such notice shall be the “Exercise Date.” Upon timely receipt of Fabled’s notice of its desire to exercise of the Option, GMC Mexico shall promptly exercise the option under the Cxxxxxxxx Option Agreement, and upon its receipt of a conveyance of the Concessions covered by the Cxxxxxxxx Option Agreement, GMC Mexico will then convey all of the Concessions and any other interest it owns in the Property to Fabled Mexico, all in accordance with the provisions of Section 5.2, and Fabled Mexico will thereupon acquire and be deemed to have acquired and be vested, in consideration making the payments and granting the GMC NSR Royalty, with a 100% ownership interest in the Concessions, free and clear of all Encumbrances other than Permitted Encumbrances.
