Common use of Area of Interest Clause in Contracts

Area of Interest. At its option, either the Vendor, on the one hand, or Stone, on the other hand, may acquire any interest in real property wholly or partially situate within the Area of Interest, in its own name and on such terms and conditions as the acquirer (in its sole discretion) deems acceptable. Within fifteen (15) days after any such acquisition is consummated, the acquirer shall give notice thereof to Stone or the Vendor, as the case may be, and the notice shall be accompanied by copies of all instruments documenting the acquisition. The other party shall have a period of fifteen (15) days after its receipt of such notice and accompanying materials to make the interest in real property described therein part of the Properties and subject to this Agreement by giving the acquirer notice of its decision to do so. If the Vendor are the acquirer and Stone gives the Vendor the fifteen (15) days notice of Stone’s decision to make the interest in real property acquired by the Vendor part of the Properties and subject to this Agreement, then Stone’s notice to the Vendor of that decision shall be accompanied by payment to the Vendor of one hundred percent (100%) of the Vendor’ actual out-of-pocket cash acquisition costs and the payment by Stone to the Vendor shall constitute a Earning Cost. If the acquirer is Stone and the Vendor give Stone the fifteen (15) days notice of the Vendor’ decision to make the interest in real property acquired by Stone part of the Properties and subject to this Agreement, then the acquisition by Stone shall have been made at the sole cost and expense of Stone but all of Stone’s actual out-of-pocket cash acquisition costs shall constitute Earning Costs. No acquisition by either the Vendor or Stone pursuant to the provisions of this Section 15 shall operate to enlarge the Area of Interest, and all interests in real property so acquired. Any such acquisitions shall form part of the Property and be subject to the provisions of this Agreement. Stone’s obligations under this Section shall survive Stone’s exercise and closing of the option granted to Stone under Section 5.

Area of Interest. At its optionOwner and Sterling agree that, either during the Vendorterm of this Agreement, on an Area of Interest will be established around each claim group that constitutes the Property. The Area of Interest shall be defined as that area within one handmile of the exterior boundaries of the groups of unpatented mining claims described in Exhibit “A”. Any property or interests therein (“Additional Lands”) acquired (whether by staking, leasing, purchase or Stone, on the other hand, may acquire any interest in real property wholly or partially situate otherwise) by Sterling within the Area of InterestInterest during the term of this Agreement, in its own name and on such terms and conditions as the acquirer (in its sole discretion) deems acceptable. Within fifteen (15) days after any such acquisition is consummated, the acquirer shall give notice thereof to Stone or the Vendor, as the case may be, and the notice shall be accompanied by copies of all instruments documenting the acquisition. The other party shall have a period of fifteen (15) days after its receipt of such notice and accompanying materials to make the interest included in real property described therein part of the Properties and subject to this Agreement by giving as if the acquirer notice of its decision to do so. If the Vendor are the acquirer newly acquired property was listed in Exhibit “A” and Stone gives the Vendor the fifteen (15) days notice of Stone’s decision to make the interest in real property acquired by the Vendor thereafter shall be part of the Properties Property under this Agreement. Promptly following any such acquisition, Sterling shall give written notice to Owner of the acquisition, which notice shall include a true and subject complete copy of all documents (including all documents relating to or evidencing the acquisition [“Acquisition Documents”]) and data relating to the Additional Lands. In the event that Owner or its affiliates (including, but not limited to, any person or entity controlling or under common control with Owner) acquires (whether by staking, leasing, purchase or otherwise) any Additional Lands within the Area of Interest during the term of this Agreement, then Stone’s Owner shall give written notice to Sterling of the Vendor acquisition, which notice shall include a true and complete copy of that decision shall be accompanied by payment all Acquisition Documents and data relating to the Vendor Additional Lands. Sterling may elect, by written notice to Owner within sixty (60) days following receipt of one hundred percent (100%) of Owner’s notice, whether to include the Vendor’ actual out-of-pocket cash acquisition costs and the payment by Stone to the Vendor shall constitute a Earning CostAdditional Lands under this Agreement. If Sterling timely elects to include the acquirer is Stone and the Vendor give Stone the fifteen (15) days notice of the Vendor’ decision to make the interest in real property Additional Lands acquired by Stone part of the Properties and subject to Owner under this Agreement, then the acquisition by Stone Additional Lands shall have been made at be included in and subject to this Agreement as if the sole cost Additional Lands were listed in Exhibit “A” and expense thereafter shall be part of Stone but all the Property under this Agreement. Following the inclusion of Stone’s actual out-of-pocket cash acquisition costs shall constitute Earning Costs. No acquisition by either Additional Lands in the Vendor or Stone Property pursuant to this Section 1, the provisions Parties shall take such actions and execute such instruments (including, without limitation, an amendment to this Agreement) as either Party may desire or as may be required under the terms of the Acquisition Documents or applicable law to subject the Additional Lands and the Acquisition Documents to the terms of this Section 15 Agreement. Nothing in this Agreement shall operate be construed to enlarge limit either Party’s right to apply for or otherwise acquire, on its own behalf and without any obligation whatsoever to the other, any right, title or interest whatsoever in or to any real property or mineral interests situated outside of the Area of Interest, and all interests in real property so acquired. Any such acquisitions right, title and interest shall form part of the Property and not be subject to the provisions of this Agreement. Stone’s obligations under this Section shall survive Stone’s exercise and closing of the option granted to Stone under Section 5.

Area of Interest. At its optionOwner and Sterling agree that, either during the Vendorterm of this Agreement, on an Area of Interest will be established around each claim group that constitutes the Property. The Area of Interest shall be defined as that area within one handmile of the exterior boundaries of the groups of unpatented mining claims described in Exhibit “A”. Any property or interests therein (“Additional Lands”) acquired (whether by staking, leasing, purchase or Stone, on the other hand, may acquire any interest in real property wholly or partially situate otherwise) by Sterling within the Area of InterestInterest during the term of this Agreement, in its own name and on such terms and conditions as the acquirer (in its sole discretion) deems acceptable. Within fifteen (15) days after any such acquisition is consummated, the acquirer shall give notice thereof to Stone or the Vendor, as the case may be, and the notice shall be accompanied by copies of all instruments documenting the acquisition. The other party shall have a period of fifteen (15) days after its receipt of such notice and accompanying materials to make the interest included in real property described therein part of the Properties and subject to this Agreement by giving as if the acquirer notice of its decision to do so. If the Vendor are the acquirer newly acquired property was listed in Exhibit “A” and Stone gives the Vendor the fifteen (15) days notice of Stone’s decision to make the interest in real property acquired by the Vendor thereafter shall be part of the Properties Property under this Agreement. Promptly following any such acquisition, Sterling shall give written notice to Owner of the acquisition, which notice shall include a true and subject complete copy of all documents (including all documents relating to or evidencing the acquisition [“Acquisition Documents,]) and data relating to the Additional Lands. In the event that Owner or its affiliates (including, but not limited to, any person or entity controlling or under common control with Owner) acquires (whether by staking, leasing, purchase or otherwise) any Additional Lands within the Area of Interest during the term of this Agreement, then Stone’s Owner shall give written notice to Sterling of the Vendor acquisition, which notice shall include a true and complete copy of that decision shall be accompanied by payment all Acquisition Documents and data relating to the Vendor Additional Lands. Sterling may elect, by written notice to Owner within sixty (60) days following receipt of one hundred percent (100%) of Owner’s notice, whether to include the Vendor’ actual out-of-pocket cash acquisition costs and the payment by Stone to the Vendor shall constitute a Earning CostAdditional Lands under this Agreement. If Sterling timely elects to include the acquirer is Stone and the Vendor give Stone the fifteen (15) days notice of the Vendor’ decision to make the interest in real property Additional Lands acquired by Stone part of the Properties and subject to Owner under this Agreement, then the acquisition by Stone Additional Lands shall have been made at be included in and subject to this Agreement as if the sole cost Additional Lands were listed in Exhibit “A” and expense thereafter shall be part of Stone but all the Property under this Agreement. Following the inclusion of Stone’s actual out-of-pocket cash acquisition costs shall constitute Earning Costs. No acquisition by either Additional Lands in the Vendor or Stone Property pursuant to this Section 1, the provisions Parties shall take such actions and execute such instruments (including, without limitation, an amendment to this Agreement) as either Party may desire or as may be required under the terms of the Acquisition Documents or applicable law to subject the Additional Lands and the Acquisition Documents to the terms of this Section 15 Agreement. Nothing in this Agreement shall operate be construed to enlarge limit either Party’s right to apply for or otherwise acquire, on its own behalf and without any obligation whatsoever to the other, any right, title or interest whatsoever in or to any real property or mineral interests situated outside of the Area of Interest, and all interests in real property so acquired. Any such acquisitions right, title and interest shall form part of the Property and not be subject to the provisions of this Agreement. Stone’s obligations under this Section shall survive Stone’s exercise and closing of the option granted to Stone under Section 5.

Area of Interest. At its optionIf, either during the VendorOption Period, on the one hand, Optionors or Stone, on the other hand, may acquire any of their respective Affiliates (an “Acquiring Party”) records or otherwise acquires any interest in real property Mineral Claims located wholly or partially situate partly within the Area of Interest, in its own name and on such terms and conditions as Interest (the acquirer (in its sole discretion) deems acceptable. Within fifteen (15) days after any such acquisition is consummated“AOI Rights”), the acquirer Acquiring Party shall forthwith give notice thereof to Stone or the Vendor, as the case may be, and the notice shall be accompanied by copies of all instruments documenting the acquisition. The other party shall have a period of fifteen (15) days after its receipt of such notice and accompanying materials to make the interest in real property described therein part of the Properties and subject to this Agreement by giving the acquirer notice of its decision to do so. If the Vendor are the acquirer and Stone gives the Vendor the fifteen (15) days notice of Stone’s decision to make the interest in real property acquired by the Vendor part of the Properties and subject to this Agreement, then Stone’s notice to the Vendor Optionee of that decision shall be accompanied by payment such recording or acquisition, the costs thereof and all details in its possession with respect to the Vendor of one hundred percent (100%) nature of the Vendor’ actual out-of-pocket cash acquisition costs Mineral Claims and the payment known mineralization thereon. Upon delivery of such notice, the Optionee may elect, by Stone notice to the Vendor shall constitute a Earning Cost. If the acquirer is Stone Acquiring Party, to require that such AOI Rights be included in and the Vendor give Stone the fifteen (15) days notice of the Vendor’ decision to make the interest in real property acquired by Stone part of the Properties and subject to this Agreement, then the acquisition by Stone shall have been made at the sole cost and expense of Stone but all of Stone’s actual out-of-pocket cash acquisition costs shall constitute Earning Costs. No acquisition by either the Vendor or Stone pursuant to the provisions of this Section 15 shall operate to enlarge the Area of Interest, and all interests in real property so acquired. Any such acquisitions shall thereafter form part of the Property and the Acquiring Party shall be reimbursed its recording or acquisition costs by the Optionee, which costs will be payable in cash by the Optionee to the Acquiring Party on or before the expiry of the Option Period. If, during the Option Period, the Optionee or any of its Affiliates contemplates recording or otherwise acquiring any interest in AOI Rights, prior to staking such AOI Rights, the Optionee shall forthwith give notice to the Optionors of such potential recording or acquisition, the costs thereof and all details in its possession with respect to the nature of the Mineral Claims and the known mineralization thereon. Upon delivery of such notice, the Optionors may elect, by notice to the Optionee, to record such AOI Rights and those AOI Rights will then be included in and thereafter form part of the Property and the Optionors shall be reimbursed their staking or acquisition costs by the Optionee, which costs will be payable in cash on or before the expiry of the Option Period. If, however, the Optionors, after notice by the Optionee, do not stake the AOI Rights named in the notice then the Optionee will have the option of recording those rights and they will not form part of the Property. Notwithstanding the foregoing, the area of Mineral Claim No. 1032543 currently adjoining the Property and owned by Xxxx Xxxxxxx shall not be subject to the provisions of this Agreement. Stone’s obligations under this Section shall survive Stone’s exercise and closing of the option granted to Stone under Section 5any AOI Rights for so long as it remains in good standing.