Common use of Interest in the Property Clause in Contracts

Interest in the Property. The Parties intend that the Royalty, to the extent permissible under applicable laws, constitutes an interest in the Property and agree that: 10.2.1 the Royalty will run with the title to the Property, and any disposition or transfer of the Property, or any interest therein, shall be subject to the Royalty; 10.2.2 any sale or other disposition by the Payor of any interest in the Property will be effected only in accordance with Section 8.3 hereof; 10.2.3 the Payor will, upon request by the Recipient, sign and deliver to the Recipient, and the Recipient may register or otherwise record against the Property, this Royalty Agreement or a notice of this Royalty Agreement, that will have the effect of giving notice of the existence of the Royalty to third Persons and protecting the Recipient’s right to receive the Royalty; 10.2.4 the Recipient may at any time require the Payor or its Affiliates to grant to it a mortgage or security interest over the Property or other security interest in Products extracted from the Property to secure the payment of the Royalty and the covenants and obligations under the Royalty Agreement. The mortgage and/or security documents shall be in a form acceptable to the Payor and the Recipient each acting reasonably; and 10.2.5 if any Additional Property is acquired by or is granted to the Payor, or if any renewal, extension, modification, substitution, amalgamation, succession, conversion, demise to lease, renaming or variation of any mining right is granted as contemplated in the definition of Property, the Payor agrees to execute and deliver such document or documents as the Recipient may reasonably request to acknowledge that the Royalty or any mortgage or security interest is applicable thereto including, without limitation, any registration or recording document of any nature whatsoever, inclusive of those contemplated in Subsection 2.2(c).

Interest in the Property. The Parties intend that the Royalty, to the extent permissible under applicable laws, constitutes an interest in the Property and agree that: 10.2.1 (a) the Royalty will run with the title to the Property, and any disposition or transfer of the Property, or any interest therein, shall be subject to the Royalty; 10.2.2 (b) any sale or other disposition by the Payor of any interest in the Property will be effected only in accordance with Section 8.3 hereof; 10.2.3 (c) the Payor will, upon request by the Recipient, sign and deliver to the Recipient, and the Recipient may register or otherwise record against the Property, this Royalty Agreement or a notice of this Royalty Agreement, that will have the effect of giving notice of the existence of the Royalty to third Persons and protecting the Recipient’s 's right to receive the Royalty; 10.2.4 (d) the Recipient may at any time require the Payor or its Affiliates to grant to it a mortgage or security interest over the Property or other security interest in Products extracted from the Property to secure the payment of the Royalty and the covenants and obligations under the Royalty Agreement. The mortgage and/or security documents shall be in a form acceptable to the Payor and the Recipient each acting reasonably; and 10.2.5 (e) if any Additional Property is acquired by or is granted to the Payor, or if any renewal, extension, modification, substitution, amalgamation, succession, conversion, demise to lease, renaming or variation of any mining right is granted as contemplated in the definition of Property, the Payor agrees to execute and deliver such document or documents as the Recipient may reasonably request to acknowledge that the Royalty or any mortgage or security interest is applicable thereto including, without limitation, any registration or recording document of any nature whatsoever, inclusive of those contemplated in Subsection 2.2(c).