Res 1981-071 - Laserfiche WebLink

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shall have the right to lease said land for oil, gas and other minerals, provided, however, that all such leases shall provide for royalty of not less than one-eighth (1/8th). The original option above granted may be continued by Optionee for an additional period of six (6) consecutive months by payment or tender to the Optionor of the sum of a second $10,000.00. If this additional option is exercised within said period, then said second $10,000.00 shall be applied to the purchase price, and if it is not exercised within that period, title to said second $10,000.00 shall vest absolutely in Optionor and neither party shall have any further rights or obligations under this contract. As part of this agreement, Optionor grants to Optionee the right to enter upon said real property, for the duration of this agreement, for the purpose of conducting investigations pertaining to the suitability of said 103 acre tract as a solid waste disposal site, and further grants to Optionee the right to conduct any such investi- gations as it deems necessary. However, in the event said option is not exercised, Optionee shall restore the site, to the condition it is in prior to such investigations, at its sole cost. i If Optionee fails to exercise the original option above granted in accordance with the terms of this agreement, or within the option period or said six (6) months' extension thereof, then the entire option to purchase granted by this Agreement, and the rights thereunder of Optionee, shall a automatically and immediately terminate without notice. Optionee shall indemnify and hold harmless Optionor from any and all liability or damages Optionor may suffer as a result of claims, demands, attorneys' fees, costs or judgments arising out of Optionee's use of said 103 acre tract from the date of this agreement until the termination of this agreement or the closing of the sale of the 103 acre tract, including, but not limited to the conduction of said Page 4