Real Property Interest. The Parties intend that the obligations of the Indemnitor Parties to conduct Mining Operations at the Mines in accordance with Mining Industry Best Practices and the Operating Parameters constitute a valuable right, shall continue during the conduct of Mining Operations at the Mines by the Indemnitor Parties, and shall constitute a presently vested interest in and a covenant running with the Mining Property which shall inure to the benefit of and be binding upon the Indemnitor Parties and the Grantor and their respective, successors and assigns. The obligations of the Indemnitor Parties to conduct Mining Operations at the Mines in accordance with Mining Industry Best Practices and the Operating Parameters shall attach to any amendments, relocations or conversions of any Mining Property, or to any renewals or extensions thereof. If the Indemnitor Parties or any successor or assignee of the Indemnitor Parties surrenders, allows to lapse or otherwise relinquishes or terminates its interest in any of the Mining Property, and reacquires a direct or indirect interest in the land or minerals covered by the former Mining Property, then from and after the date of such reacquisition such reacquired properties shall be included in the Mining Property and the obligations of the Indemnitor Parties to conduct Mining Operations at the Mines in accordance with Mining Industry Best Practices and the Operating Parameters shall apply to such interest so acquired. Indemnitor shall give written notice to the Administrative Agent within 30 days of any acquisition or reacquisition of an interest in the Mining Property. The Parties do not intend that there be any violation of the rule against perpetuities. Accordingly, any right that is subject to such rule shall be exercised within the maximum time periods permitted under applicable Law.
Real Property Interest. Grantor and each Grantee intend that the Net Smelter Returns Royalty shall be perpetual and, to the extent allowed by law, shall constitute a vested interest in and a covenant running with the Royalty Property of each Grantee and shall inure to the benefit of and be binding upon the parties and their respective, successors and assigns so long as Grantor or any successor or assign of Grantor holds any rights or interests in such Royalty Property. The Parties do not intend that there be any violation of the rule of perpetuities. Accordingly, any right that is subject to such rules shall be exercised within the maximum time periods permitted under applicable law.
Real Property Interest. Grantor and Grantee intend that the Net Smelter Returns Royalty shall be perpetual and, to the extent allowed by law, shall constitute a vested interest in and a covenant running with the Royalty Property and shall inure to the benefit of and be binding upon the parties and their respective, successors and assigns so long as Grantor or any successor or assign of Grantor holds any rights or interests in the Royalty Property. The royalty shall attach to any amendments, relocations or conversions of any mining claim, license, or lease, concession, permit, patent or other tenure comprising the Royalty Property, or to any renewals or extensions thereof. If Grantor or any affiliate or successor or assignee of Grantor surrenders, allows to lapse or otherwise relinquishes or terminates its interest in any of the Royalty Property, and reacquires a direct or indirect interest in the land or minerals covered by the former Royalty Property, then from and after the date of such reacquisition such reacquired properties shall be included in the Royalty Property and the royalty shall apply to such interest so acquired. Grantor shall give written notice to Grantee within thirty (30) days of any acquisition or reacquisition of an interest in the Royalty Property. The Parties do not intend that there be any violation of the rule of perpetuities. Accordingly, any right that is subject to such rules shall be exercised within the maximum time periods permitted under applicable law.
Real Property Interest. Subject to Section 10.1 of the Agreement, Grantors and Grantee intend that the Royalties shall be perpetual and shall constitute a presently vested interest in and a covenant running with the Properties which shall inure to the benefit of and be binding upon the Parties and their respective, successors and assigns so long as Grantors or any successor or assign of Grantors holds any rights or interests in the Properties. The Royalties shall attach to any amendments, relocations or conversions of any mining claim, license, or lease, concession, permit, patent or other tenure comprising the Properties, or to any renewals or extensions thereof. If Grantors or any affiliate or successor or assignee of Grantors surrenders, allows to lapse or otherwise relinquishes or terminates its interest in any of the Properties, and reacquires a direct or indirect interest in the land or minerals covered by the former Properties, then from and after the date of such reacquisition such reacquired properties shall be included in the Properties and the Royalties shall apply to such interest so acquired. Grantors shall give written Notice to Grantee within 30 days of any acquisition or reacquisition of an interest in the Properties. The Parties do not intend that there be any violation of the rule against perpetuities. Accordingly, any right that is subject to such rule shall be exercised within the maximum time periods permitted under applicable law.
Real Property Interest. Nothing in this Article 10 shall be deemed to have granted Seller or any of the Existing Members a real property interest in the Property.
Real Property Interest. The Royalty shall attach to any amendments, relocations and conversions of any Mining Rights, including any tenement, licence, lease, concession, mining claim or right, permit or other tenure comprising the Property or Mining Rights, or to any renewals or extensions thereof. The Royalty shall be a real property interest that runs with the Property and the Mining Rights and shall be binding upon the Payor, its successors and permitted assigns and any other successor in interest or title and other right of ownership of the Property or the Mining Rights or both. Royalty Holder shall be entitled to register this Agreement, or notice thereof, on the title to the Property and Payor shall execute such documents as may be necessary to effect such registration.
Real Property Interest. Licensee hereby acknowledges and agrees that the License granted hereunder does not confer upon Licensee any right, title, or interest in or to the Licensed Area or Property, as tenants or otherwise, and Licensee hereby expressly disclaims any such right, title, or interest in the Licensed Area and the Property.
Real Property Interest. Pavilion Shares are not U.S. real property interests within the meaning of Section 897(c) of the Code.
Real Property Interest. PVFC Shares are not a U.S. real property interest within the meaning of Treasury Department Regulation Sections 1.897-2(b)(1) and (h).
Real Property Interest. The Net Smelter Return Royalty provided in this Royalty Agreement shall attach to (i) any amendments, relocations, adjustments, resurvey, additional locations or conversions of any mining claims comprising the Property; and (ii) to any renewal, amendment or other modification or {00170212;1} extensions of any leases of any real property interests comprising the Property. The Net Smelter Returns Royalty shall continue in perpetuity, it being the intent of the Parties hereto that the Net Smelter Return Royalty shall be a real property interest that runs with the Property and shall burden all interests (whether now owned or hereafter acquired) of the Grantor and its successors and assigns in, to or respecting the Property. If any right, power or interest of either Party pertaining to the Net Smelter Returns Royalty would violate the rule against perpetuities, then such right, power or interest shall terminate at the expiration of 20 years after the death of the last survivor of all the lineal descendants of Her Majesty, Queen Xxxxxxxxx XX of England, living on the date of this Royalty Agreement. Xxxxxxx shall have the right from time to time to register or record notice of the Net Smelter Returns Royalty against title to the Property or elsewhere, and the Grantor shall cooperate with all such registrations and recordings and provide its written consent or signature to any documents and do such other things from time to time as are necessary or desirable to effect all such registrations or recordings or otherwise to protect the interests of Xxxxxxx hereunder.
