Common use of Owner of Property Clause in Contracts

Owner of Property. Except as disclosed in the Public Record, no property rights are necessary for the conduct of the business of the Company as currently conducted, the Company is not aware of any claim or the basis for any claim that might or could adversely affect the right thereof to use, transfer or otherwise exploit such property rights once acquired and the Company does not have any responsibility or obligation to pay any commission, royalty, licence fee or similar payment to any Person with respect to the property rights thereof.