Common use of Real Property Interest Clause in Contracts

Real Property Interest. Subject to Section 10.1 of the Agreement, Grantors and Grantee intend that the Royalties shall be perpetual and shall constitute a presently vested interest in and a covenant running with the Properties which shall inure to the benefit of and be binding upon the Parties and their respective, successors and assigns so long as Grantors or any successor or assign of Grantors holds any rights or interests in the Properties. The Royalties shall attach to any amendments, relocations or conversions of any mining claim, license, or lease, concession, permit, patent or other tenure comprising the Properties, or to any renewals or extensions thereof. If Grantors or any affiliate or successor or assignee of Grantors surrenders, allows to lapse or otherwise relinquishes or terminates its interest in any of the Properties, and reacquires a direct or indirect interest in the land or minerals covered by the former Properties, then from and after the date of such reacquisition such reacquired properties shall be included in the Properties and the Royalties shall apply to such interest so acquired. Grantors shall give written Notice to Grantee within 30 days of any acquisition or reacquisition of an interest in the Properties. The Parties do not intend that there be any violation of the rule against perpetuities. Accordingly, any right that is subject to such rule shall be exercised within the maximum time periods permitted under applicable law.