Grant of Primary Option Sample Clauses
Grant of Primary Option. In consideration of the covenants and agreements of Sphere, Camp McMan hereby grants to Sphere the Primary Option, subject only to a 3½% NSR to Camp McMan. In addition, Camp McMan hereby agrees to transfer to Sphere the residue of the surface rights over the Property, as held by Camp McMan, at such time as Sphere has earned its 100% interest in the Property pursuant to this Agreement.
Grant of Primary Option. HI hereby grants to TRC an option (the "Primary Option") to purchase 40,200 shares of the Class H Stock (the "Primary Option Shares") for the price and upon the terms and conditions set forth below in this Section 3.