Real Property Interest in the Property Sample Clauses

Real Property Interest in the Property. The Parties agree as follows: (a) that the Royalty is a real property right and creates and constitutes the grant of a vested present interest in the Real Property and covenant that runs with the land and all successions thereof, overriding and prior to all other present or future interests in the Real Property to the extent permitted by law, whether created privately or through government action; (b) Holder shall have all of the rights and incidents of ownership of a non-participating royalty owner, which incidents are covenants running with the Real Property and include: (a) the ownership of the non-participating royalty interests which are interests in real property; (b) the right to receive, free of expenses, the Royalty payments; and (c) the obligation of Grantor, its successors or assigns, to make the Royalty payments, which obligation shall run with the land. Holder, however, shall not have or claim any incidents of the fee simple ownership in the Real Property, which incidents include: (i) the right to enter, explore, develop or mine the claims; (ii) the right to execute leases, operating agreements, or similar instruments with respect to the Real Property; (iii) the right to share in bonus payments made as the consideration for the execution of leases or other instruments; and (iv) except as expressly provided herein, the right to participate in any manner in the decisions concerning, or the conduct of, operations on the Real Property. Grantor shall have sole responsibility for compliance with Applicable Law respecting existing conditions and its operations and activities on or relating to the Real Property. Holder shall not otherwise be considered an owner, operator, or arranger with respect to any and all actions, claims, costs, damages, expenses (including attorneys’ fees and legal costs), liabilities and responsibilities arising from or relating to activities or operations on or relating to the Real Property, including without limitation those under Applicable Law intended to protect or preserve the environment or reclaim the Real Property, to the extent raised against Holder based on this Agreement or Holder’s ownership of and interest in the Royalty. (c) H▇▇▇▇▇’s interest in Products on account of the Royalty shall become the property of Holder at the time of production of the Products and shall be held by Grantor in trust for Holder until the Royalty in respect of such Products are paid to Holder; and (d) the Royalty will run with the title...
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Real Property Interest in the Property. The Owner hereby acknowledges and agrees that the Royalty is a direct real property interest in the Property and the Products (while contained in the Property), and in the Owner’s estate, right, title and interest therein granted by the Owner, in favour of the Holder, provided that such interest shall be satisfied in respect of any particular Product by the payment to the Holder of the Royalty in respect thereof. The Royalty shall continue in perpetuity, it being the intent of the Parties that the Royalty will constitute a covenant running with the Property and the Products (while contained in the Property) and all successions thereof (whether created privately or through governmental action), and will be binding upon and enure to the benefit of the Parties and their respective successors and assigns.
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Related to Real Property Interest in the Property

  • Real Property (a) With respect to the real property owned by Parent or any Parent Subsidiary at which the material operations of Parent and the Parent Subsidiaries are conducted as of the date hereof (such property collectively, the “Parent Owned Real Property”), except as would not reasonably be expected to have, individually or in the aggregate, a Parent Material Adverse Effect, either Parent or a Parent Subsidiary has good and valid title to such Parent Owned Real Property, free and clear of all Liens, other than any such Lien (i) for Taxes or governmental assessments, charges or claims of payment not yet due and payable, being contested in good faith or for which adequate accruals or reserves have been established, (ii) which is a carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other similar Lien arising in the ordinary course of business, (iii) which is disclosed on the most recent consolidated balance sheet of Parent or notes thereto or securing liabilities reflected on such balance sheet, (iv) which was incurred in the ordinary course of business since the date of the most recent consolidated balance sheet of Parent or (v) which would not reasonably be expected to materially impair the continued use of the applicable property for the purposes for which the property is currently being used (any such Lien described in any of clauses (i) through (v), “Parent Permitted Lien”). As of the date hereof, neither Parent nor any of its Subsidiaries has received notice of any pending, and to the knowledge of Parent there is no threatened, condemnation proceeding with respect to any Parent Owned Real Property, except proceedings which would not reasonably be expected to have, individually or in the aggregate, a Parent Material Adverse Effect. (b) Except as would not reasonably be expected to have, individually or in the aggregate, a Parent Material Adverse Effect, (i) each material lease, sublease and other agreement under which Parent or any of its Subsidiaries uses or occupies or has the right to use or occupy any material real property at which the material operations of Parent and its Subsidiaries are conducted as of the date hereof (the “Parent Leased Real Property”), is valid, binding and in full force and effect, except that (A) enforcement may be subject to applicable bankruptcy, insolvency, examinership, reorganization, moratorium or other similar Laws, now or hereafter in effect, relating to creditors’ rights generally and (B) equitable remedies of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought and (ii) no uncured default of a material nature on the part of Parent or, if applicable, its Subsidiary or, to the knowledge of Parent, the landlord thereunder exists with respect to any Parent Leased Real Property. Except as would not reasonably be expected to have, individually or in the aggregate, a Parent Material Adverse Effect, Parent and each of its Subsidiaries has a good and valid leasehold interest in or contractual right to use or occupy, subject to the terms of the lease, sublease or other agreement applicable thereto, the Parent Leased Real Property, free and clear of all Liens, except for Parent Permitted Liens.