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Rule Against Perpetuities: Option to Purchase

机译:永久性规则:购买选择权

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摘要

In 1968 ARCO and Equity Oil, which subsequent changed its name to Whiting, entered into an agreement that assigned various surface and mineral interests and also created a number of options by which ARCO could purchase additional mineral interests. One of the options would be triggered if the parties were not recovering commercial quantities of oil within fifteen years. After the agreement is executed both parties engage in various research activities designed to make the extraction of shale oil commercially practicable. Research and development activities continue through 1983 when the parties amend the 1968 agreement, which gives Equity an option to purchase all of ARCO's interest in one of the three blocks or tracts that was subject to the 1968 agreement.
机译:1968年,ARCO和Equity Oil(后来更名为Whiting)签订了一项协议,分配了各种地表和矿产权益,还创造了许多选择权,使ARCO可以购买更多的矿产权益。如果双方在十五年内没有回收商业数量的石油,则将触发其中一种选择。协议签署后,双方都参与了各种旨在使页岩油的提取在商业上可行的研究活动。当双方修订1968年协议时,研究和开发活动一直持续到1983年,该协议使Equity可以选择购买受1968年协议约束的三个区块或地块之一中所有ARCO的权益。

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