Common use of Grant and Exercise of Option Clause in Contracts

Grant and Exercise of Option. (a) The Optionor hereby grants to the Optionee the sole and exclusive right and option to acquire up to an undivided 100% right, title and interest in and to the Property, free and clear of all charges, encumbrances, claims, liabilities and adverse interests of any nature or kind, except for the Royalty. (b) The Option shall be in good standing and exercisable by the Optionee in regard to the Property by paying the following amounts on or before the dates specified in the following schedule for the Property: (i) paying the Optionor $10,000 within three (3) business days of the date of this Agreement, issuing to the Optionor 100,000 Shares in the capital stock of the Optionee; (ii) on or before the second anniversary of the execution of this Agreement, issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (iii) on or before the third anniversary of the execution of this Agreement, paying to the Optionor $10,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (iv) on or before the third anniversary of the execution of this Agreement, paying to the Optionor $10,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (v) on or before the fourth anniversary of the execution of this Agreement, paying to the Optionor $10,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (vi) on or before the fifth anniversary of the execution of this Agreement, paying to the Optionor $10,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (vii) on or before the sixth anniversary of the execution of this Agreement, paying to the Optionor $20,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (viii) on or before the seventh anniversary of the execution of this Agreement, paying to the Optionor $30,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (ix) on or before the eighth anniversary of the execution of this Agreement, paying to the Optionor $40,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (x) on or before the ninth anniversary of the execution of this Agreement, paying to the Optionor $50,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (xi) on or before the tenth anniversary of the execution of this Agreement, in addition to the payments described in (i) to (x) above, paying to the Optionor $1,000,000, in which case the Optionor shall retain a two percent (2%) Royalty OR, paying to the Optionor $2,000,000, in which case the Optionor shall retain a one percent (1%) Royalty; and (xii) paying all Property maintenance fees and performing all property maintenance obligations as they become due. (c) The Optionor acknowledges and agrees that the Shares will be issued in accordance with all applicable securities laws and will be subject to hold periods and restrictions on resale in accordance with applicable securities laws and it is the Optionor's responsibility to determine what those hold periods and restrictions are before selling or otherwise transferring any Shares.

Grant and Exercise of Option. (a) The Optionor hereby grants to the Optionee the sole and exclusive right and option to acquire up to an undivided 100% right, title and interest in and to the Property, free and clear of all charges, encumbrances, claims, liabilities and adverse interests of any nature or kind, except for the Royalty. (b) The Option shall be in good standing and exercisable by the Optionee in regard to the Property by paying the following amounts on or before the dates specified in the following schedule for the Propertyschedule: (i) paying the Optionor $10,000 within three 7,500 on signing the letter of intent (3paid), (ii) business days of paying the date Optionor $51,150 on or before the execution of this Agreement, Agreement and issuing to the Optionor 100,000 Shares 500,000 common shares in the capital stock of the Optionee;Optionee as soon as practicable following the execution of this Agreement, (iiiii) issuing to the Optionor 150,000 shares in the capital stock of the Optionee on or before the first anniversary of this Agreement, (iv) issuing to the Optionor 150,000 shares in the capital stock of the Optionee on or before the second anniversary of the execution of this Agreement, and (v) issuing to the Optionor 25,000 Shares 200,000 shares in the capital stock of the Optionee; (iii) Optionee on or before the third anniversary of the execution Agreement. (c) The Optionee shall also pay Timber Wolf the following amounts on or before the dates specified in the following schedule, with such amounts and terms as further described in the Timber Wolf Agreement: (i) paying $3,000 on signing of this Agreement, , (ii) paying to an additional $7,500 on or before the Optionor first anniversary of the Agreement, (iii) paying an additional $10,000 and issuing to on or before the Optionor 25,000 Shares in the capital stock second anniversary of the Optionee;Agreement, (iv) paying an additional $12,500 on or before the third anniversary of the execution of this Agreement, paying to the Optionor $10,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee;, (v) paying an additional $25,000 on or before the fourth anniversary of the execution of this Agreement, paying to the Optionor $10,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee;, (vi) paying an additional $25,000 on or before the fifth anniversary of the execution of this Agreement, paying to the Optionor $10,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee;, (vii) paying an additional $50,000 on or before the sixth anniversary of the execution of this Agreement, paying to the Optionor $20,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee;, (viii) paying an additional $200,000 on or before the seventh anniversary of the execution of this Agreement, paying to the Optionor $30,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee;, (ix) paying an additional $200,000 on or before the eighth anniversary of the execution of this Agreement, paying to the Optionor $40,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (x) on or before the ninth anniversary of the execution of this Agreement, paying to the Optionor $50,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (xi) on or before the tenth anniversary of the execution of this Agreement, in addition to the payments described in (i) to (x) above, paying to the Optionor $1,000,000, in which case the Optionor shall retain a two percent (2%) Royalty OR, paying to the Optionor $2,000,000, in which case the Optionor shall retain a one percent (1%) Royalty; and (xii) paying all Property maintenance fees and performing all property maintenance obligations as they become due. (cd) The Optionor acknowledges and agrees that the Shares will be issued in accordance with all applicable securities laws and will be subject to hold periods and restrictions on resale in accordance with applicable securities laws and it is laws. (e) All payments made pursuant to Section 4(b) shall be mad by check or wire transfer delivered to the Escrow Agent or to any single depository as the Optionor may instruct. Upon making payment to the Escrow Agent or depository, the Optionee shall be relieved of any responsibility for such payment to the Optionor's responsibility to determine what those hold periods and restrictions are before selling or otherwise transferring any Shares.