2011-10-18_REVISION - M1977410 (3)

Home Browse Search

• • • Part of section 2.2 is not included since it contains confidential financial information. 2.3 During the currency of this Agreement, Calais shall keep the Property in good standing, free and clear of all liens and encumbrances resulting from its activities on the Property, and shall maintain adequate insurance coverage protecting the parties to this Agreement from third party claims. 3. Acquisition of Interest in the Property 3.1 At such time as Calais has made the required payment in accordance with Paragraph 2.2 above, within the time period specified, Calais shall be registered as the legal owner of the Property. Closing shall occur at a title company in Boulder, Colorado within twenty (20) days after written notification by Calais that it is prepared to re- acquire the Property. The policy premium at closing shall be payable by Calais, together with the costs of closing. 4. Right of Entry 4.1 Except as otherwise provided in this Agreement, throughout the term of this Agreement, Calais and its servants, agents and independent contractors, shall have the right in respect of the Property to: (a) Enter in, under and upon the Property; (b) Have quiet possession of the Property; (c) Do such prospecting, exploration, development and/or other mining work thereon and thereunder as it in its sole discretion may determine advisable; (d) Bring upon and erect upon the Property buildings, plants, machinery and equipment as Calais may deem advisable, and to occupy any existing buildings on the Property; and (e) Remove from the Property and dispose of ores, minerals and metals. 5. Restrictions on Alienation 5.1 Aardvark shall not transfer, convey, assign, mortgage or grant an option in respect of or grant a right to purchase or in any way transfer, encumber or alienate all or any portion of its interest in the Property. Zmy8( etnyinheodricks1ralaitgeMAardvart- Calais Agreement 3