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2018-01-10_REVISION - M2006017
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2018-01-10_REVISION - M2006017
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Entry Properties
Last modified
6/16/2021 2:26:03 PM
Creation date
1/11/2018 10:10:35 AM
Metadata
Fields
Template:
DRMS Permit Index
Permit No
M2006017
IBM Index Class Name
Revision
Doc Date
1/10/2018
Doc Name Note
Request for S.O.
Doc Name
Request For Succession Of Operator
From
Jemadojin, LLC
To
DRMS
Type & Sequence
SO3
Email Name
TC1
WHE
BJC
Media Type
D
Archive
No
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(ii) Until the Closing, the Buyer agrees to (A) use its commercially <br />reasonable efforts to obtain any Governmental Permits that are necessary for its due <br />diligence activities or any mining on the Owned Real Property prior to the Closing, (B) <br />promptly commence and complete its preliminary tests after the Execution Date, (C) <br />keep the Seller and the Individuals apprised of the Buyer's progress on completing its <br />due diligence activities and (D) keep in full force and effect until the CIosing, the <br />insurance coverage listed in Article IX below, and to have the Seller and the Individuals <br />named as additional insureds on that policy while any testing or work is performed on <br />the Owned Real Property. <br />(iii) Copies of all third party engineering reports and sand test results <br />received by the Buyer related to the quality and quantity of the situ reserves located on <br />any of the Owned Real Property (the "Engineering Reports") will be obtained and <br />transferred by the Buyer to the Seller and the Individuals in the event that the Closing <br />does not occur on or before the Termination Date. In this regard, the Buyer covenants <br />and agrees that it will also provide to the Seller, in the event that a Closing does not <br />occur on or before the Termination Date, (A) a survey prepared by a licensed surveyor <br />and (B) test borings of the sand deposit sufficient to estimate the amount and quality of <br />sand under the Owned Real Property. If this Agreement is terminated by Buyer, Buyer <br />agrees to transfer to Seller any and all studies and reports regarding the Owned Real <br />Property obtained by the Buyer prior to the Termination Date, including, but not limited <br />to, the Engineering Reports, laboratory testing such as frac testing, water filtration <br />reports and any evaluation of water quality and production potential from the Water <br />Rights. <br />(iv) Notwithstanding anything to the contrary in this Agreement other <br />than the obligation in Section 4.1(a)(iii), the Buyer, at its reasonable discretion, may <br />terminate its due diligence at any time prior to the Closing or the conclusion or receipt <br />of any Engineering Reports if any initial borings indicate that the proposed resources on <br />the Owned Real Property are not satisfactory to Buyer. <br />(b) Access after Closing. <br />(i) For a period of ninety (94) days after the Closing Date, the Buyer <br />shall give the Seller and the Individuals reasonable access to, and a non-exclusive, <br />temporary license to enter upon the Transferred Real Property containing the two <br />residences and related structures occupied by the Individuals as of the Execution Date, <br />an exclusive temporary license to access and reside in the residential premises <br />(including for clarity, the houses and other structures) on the Transferred Real Property <br />and the Buyer agrees to not unreasonably interfere with the access of the Seller and the <br />Individuals to remove any and all Excluded Assets and vacate from the Transferred <br />Real Property. The Seller and the Individuals shall conduct the removal of the Excluded <br />Assets and vacate the Transferred Real Property in a manner as to avoid any damage to <br />the Transferred Real Property and the disruption of the Business after the Closing. Any <br />Damages to the Purchased Assets or the Transferred Real Property that arise after the <br />Closing and are caused by Seller or the Individuals shall be paid for by the Seller or the <br />21 <br />
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