Common use of RIGHTS OF OCCUPANCY Clause in Contracts

RIGHTS OF OCCUPANCY. The State shall forthwith (subject to the surrender of the rights of occupancy as referred to in clause 4(2) of the agreement secondly referred to in the First Schedule hereto) cause to be granted to the Company and to the Company alone rights of occupancy for the purposes of this Agreement (including the sole right to search and prospect for iron ore) over the whole of the mining areas under Section 276 of the Mining Act at a rental at the rate of eight dollars ($8) per square mile per annum payable quarterly in advance for the period expiring on 31st December, 1968, and shall then and thereafter subject to the continuance of this Agreement cause to be granted to the Company as may be necessary successive renewals of such last‑mentioned rights of occupancy (each renewal for a period of twelve months at the same rental and on the same terms) the last of which renewals shall notwithstanding its currency expire —