Common use of Quitclaim Deed Clause in Contracts

Quitclaim Deed. Upon full satisfaction of the terms and conditions of the Option Agreement and exercise of the Option by Assignee, Assignor shall cause the original signature Quitclaim Deed and Reservation of Royalty Interest (a copy of which is attached to the Option Agreement) (the “Southwest Quitclaim Deed”) held by Southwest for the benefit of Assignor to be recorded in favor of Assignor by Southwest, and immediately thereafter, Assignor shall cause a Quitclaim Deed (the “Assignor Quitclaim Deed”) to be recorded in favor of Assignee by Assignor to effect the transfer of the Property to Assignee.