VESTING OF INTEREST. 6.1 Forthwith upon the Optionee exercising the Option by performing the requirements of Sections 3.1 and 3.2, an undivided one hundred percent (100%) interest in and to the Property shall vest, and shall be deemed for all purposes hereof to have vested, in the Optionee.
VESTING OF INTEREST. 8.1 Upon NAGR satisfying the conditions in Section 5.2 and giving notice to the Optionor, NAGR shall without any further payment or action be deemed to have exercised the Option and it will thereupon acquire and be deemed to have acquired and be vested with a 70% undivided right, title and interest in the Property free and clear of all liens, charges, encumbrances, security interests and adverse claims, except as provided in Section 2.1.
VESTING OF INTEREST. 5.1 Upon CRL exercising the First Option by incurring $100,000 in Expenditures in accordance with Section 3.1, an undivided fifty percent (50%) interest in and to the Property shall vest, and shall be deemed for all purposes hereof to have vested, in CRL.
VESTING OF INTEREST. Forthwith upon the Optionee exercising the Option by performing the requirements of Section 3 hereof, a 100% interest in and to the Property shall vest, and shall be deemed for all purposes hereof to have vested, in the Optionee.
VESTING OF INTEREST. 5.1 Upon ODE earning a 50% interest in the Property, WKR, WKG and ODE will enter into a joint venture agreement (the “Joint Venture Agreement”) covering further activities at the Property. The formal Joint Venture Agreement will generally follow the form of the Model Joint Venture Agreements (Forms 5 and 5A) published by the Rocky Mountain Mineral Law Foundation, and will contain the terms and provisions set forth in this Section 5, and such other terms and conditions as are usual and customary for a transaction of this nature and mutually agreeable (subject to an obligation on the part of each party to negotiate such other terms and conditions in good faith) to the parties. Until the Joint Venture Agreement is executed and delivered, the parties agree that they will be legally bound by the provisions of this Section 5. ODE will be the Manager of the business relationship between the parties (the “Venture”) under the Joint Venture Agreement and will be compensated with a management fee calculated as defined in the Joint Venture Agreement (and set at 10% during the exploration phase, 3% during the development phase, and 1% during the mining phase). Decisions of the Venture will be made by a Management Committee consisting of two representatives appointed by each of the Participants, and the vote of the Manager shall control.
VESTING OF INTEREST. 8.1. Upon the Optionee complying with the provisions of Article 5 and the Optionee delivering to the Optionor not later than the Sixth Anniversary a notice in writing stating that the Optionee wishes to acquire a 100% undivided interest in the Property, subject to the 21/2% NSR in favour of the Optionor, the Optionee shall without any further payment or action be deemed to have exercised the Option and it will thereupon acquire and be deemed to have acquired and be vested with a 100% undivided right, title and interest in the Property free and clear of all liens, charges, encumbrances, security interests and adverse claims except for the 2'/2% NSR in favour of the Optionor.
VESTING OF INTEREST. 5.1 Upon the Optionee complying with the requirements to exercise the Option set forth in Part 4, the Optionee may elect within the time required for such Option, to provide a written notice to the Optionor exercising the Option.
VESTING OF INTEREST. 3.1 Upon complying with all of the requirements set forth in §2.2, the Optionee will be deemed to have exercised the Option and immediately be vested in and be deemed to legally and beneficially own a 50% interest in the Property, and a Joint Venture between the Optionors and the Optionee will be deemed to have been formed with terms and conditions of a Joint Venture Agreement to be negotiated in good faith upon terms and conditions as described in Part 6.
VESTING OF INTEREST. 7.1 Forthwith upon the Optionee exercising the Option by its performance of all of the requirements of Section 3.2 an undivided one hundred percent (100%) interest in and to the Property, subject only to the NSR Royalty, shall vest, and shall be deemed for all purposes hereof to have vested, in the Optionee.
VESTING OF INTEREST. 12 5.1 Vesting of 50% Interest 12 5.2 Expenditure Default Notice 12 5.3 Purchase of Underlying Royalty 13
