Common use of Lapse of Time Clause in Contracts

Lapse of Time. By the Board of Directors of Cedar Mountain or Tarus if the Effective Date has not occurred on or prior to August 31, 2000; provided, however, that such date shall be extended for up to twenty-five (25) days in the event an order restraining or prohibiting the Exchange has been issued by any public authority or court. The power of abandonment provided for by this Section 7.3 may be exercised by Cedar Mountain or Tarus only by their respective Boards of Directors and will be effective only after written notice thereof, signed on behalf of the party for which it is given by its Chairman of the Board or President, shall have been given to the other. If the Exchange shall be abandoned, no articles of exchange or certificates relating to the Exchange shall be filed by the officers of any such party in the States of Nevada and Kansas. Abandonment shall not effect any rights theretofore accruing hereunder.

Lapse of Time. By the Board of Directors of Cedar Mountain Empire or Tarus Omega if the Effective Date has not occurred on or prior to August 31February 29, 2000; provided, however, that such date shall be extended for up to twenty-five (25) days in the event an order restraining or prohibiting the Exchange has been issued by any public authority or court. The power of abandonment provided for by this Section 7.3 may be exercised by Cedar Mountain Empire or Tarus Omega only by their respective Boards of Directors and will be effective only after written notice thereof, signed on behalf of the party for which it is given by its Chairman of the Board or President, shall have been given to the other. If the Exchange shall be abandoned, no articles of exchange or certificates relating to the Exchange shall be filed by the officers of any such party in the States of Nevada and KansasUtah. Abandonment shall not effect affect any rights theretofore accruing hereunder.