Laserfiche WebLink
l~ <br />sold; provided that even though such royalties <br />are deemed to have accrued they shall not be <br />payable until the last day of the month after <br />the month in which the coal is sold. If Grantor <br />exercises its right of reentry, Grantee shall <br />own all coal produced by it through the time <br />Grantor exercises such right and Grantee shall <br />cause such coal to be sold as soon thereafter as <br />reasonably practicable for the best terms <br />available. <br />(ii) Production Royalties on gas shall be deemed to <br />accrue when and when the qas on which the same <br />are payable has been produced and sold. <br />(iii) The applicable Minimum Royalty for a year shall <br />be deemed to have accrued in twelve equal <br />installments with each installment accruing as <br />of the last day of each month of the year, <br />notwithstanding that such Minimum Royalty is not <br />due and payable until the end of February of the <br />following year. <br />~~ <br /> <br />All Production Royalty and Minimum Royalty payments <br />due to Grantor and all other obligations of Grantee hereunder <br />are secured by that certain Deed of Trust to Public Trustee, <br />Mortgage, Security Agreement, Assignment of Production and <br />Proceeds, Financing Statement and Fixture Filing (the °Deed of <br />Trust°), dated of even date herewith, executed by Grantee for <br />the benefit of Grantor and recorded in the records of Delta <br />County, Colorado. Reference is made to the Deed of Trust for <br />a description of the property covered thereby and the rights, <br />remedies and obligations of Grantor in respect thereto. The <br />existence of the Deed of Trust as security for payments due <br />Grantor hereunder shall not affect or limit in any way the <br />defensible nature of the estate granted to Grantee herein, nor <br />shall it be construed to require Grantor to initiate any <br />foreclosure or other judicial action in order to exercise its <br />right of reentry hereunder. <br />This Deed is expressly made and accepted subject to <br />the terms and conditions of the Purchase Agreement that <br />survive the Closing (as defined therein). <br />All notices given hereunder shall be in writing, <br />shall be given by certified mail, return receipt requested, <br />overnight courier service, telecopy, facsimile or copy <br />delivered by hand, and shall be deemed given when actually <br />received, in each case addressed as follows: <br />-9- <br />