Common use of AREA OF COMMON INTEREST Clause in Contracts

AREA OF COMMON INTEREST. 17.1 There shall exist an area of common interest within the area included within five (5) miles of the boundaries of the Property (as detailed in the specific description of the mineral Leases attached hereto as Schedule “A”), but excluding any third party mineral claims in good standing as of the date of this Agreement. If either Party (or permitted assignee) beneficially acquires any interest in mineral claims within such area they shall, at the election of the other party (made by it within 10 days of written notice), be made part of the Property for all purposes and may be referred to as Additional Property. That is, if acquired by the Optionee, such additional claims shall be transferred to the Optionor on termination hereof without additional cost and if acquired by the Optionor shall be optioned to the Optionee as if part of the Property (and without additional consideration being demanded from the Optionee, save and except reimbursement of the stating costs).