Common use of Denial of Required Governmental Approvals Clause in Contracts

Denial of Required Governmental Approvals. If the federal or state agency refuses to approve the Assignment Documents as contemplated by this Section 6.4.3, or fails to do so within twenty-four (24) months after the Closing Date, ASSIGNOR may continue to hold record title to the affected Leases and other affected Property as ASSIGNEE’s nominee or at ASSIGNOR’s option it may terminate this Agreement and all its obligations hereunder as to the affected Leases and other affected portion of the Property by giving thirty (30) days written notice to ASSIGNEE. Upon such termination and as the exclusive remedy for such termination: (i) this Agreement shall be null and void and terminated as to the affected Leases and other affected portion of the Property, (ii) ASSIGNEE shall immediately reassign and return to ASSIGNOR the Assignment Documents and any and all other documents, materials and data previously delivered to ASSIGNEE with respect to the affected Leases and other affected portion of the Property, (iii) ASSIGNOR shall return to ASSIGNEE the Allocated Value of the affected Leases and other affected portion of the Property previously paid to ASSIGNOR at Closing, without interest, less the proceeds of production net of all expenses, overhead, royalties, and costs of operations (including plugging and abandonment expenses but excluding mortgage interest and any burdens, liens, or encumbrances created by ASSIGNEE which must be released prior to this payment) attributable to the affected Leases or other affected portion of the Property from the Effective Date forward and (iv) ASSIGNOR shall assume the liabilities, obligations and duties otherwise referred to as ASSIGNEE’s Assumed Obligations with respect to such affected Leases and other affected portion of the Property (and such liabilities, obligations and duties shall be thereafter deemed to be ASSIGNOR’s Retained Obligations). In no event, however, shall ASSIGNOR ever be required to reimburse ASSIGNEE for any expenditures associated with workovers, recompletions, or the drilling, completion or plugging and abandonment of xxxxx drilled or work performed by or on behalf of ASSIGNEE. ASSIGNOR will not be liable or obligated to ASSIGNEE if such federal or state approvals are not obtained, except as expressly provided in this Section 6.4.3.

Denial of Required Governmental Approvals. If the federal or state agency refuses to approve the Assignment Documents as contemplated by this Section 6.4.3, or fails to do so within twenty-four (24) months after the Closing Date, ASSIGNOR SELLER may continue to hold record title to the affected Leases and other affected Property as ASSIGNEE’s PURCHASER'S nominee or at ASSIGNOR’s SELLER'S option it may cancel and terminate this Agreement and all its obligations hereunder as to the affected Leases and other affected portion of the Property by giving thirty (30) days written notice to ASSIGNEEPURCHASER. Upon such termination and as the exclusive remedy for such termination: (i) this Agreement shall be null and void and terminated as to the affected Leases and other affected portion of the Property, (ii) ASSIGNEE PURCHASER shall immediately reassign and return to ASSIGNOR SELLER the Assignment Documents and any and all other documents, materials and data previously delivered to ASSIGNEE PURCHASER with respect to the affected Leases and other affected portion of the Property, and (iii) ASSIGNOR SELLER shall return to ASSIGNEE PURCHASER the Allocated Value of the affected Leases and other affected portion of the Property previously paid to ASSIGNOR SELLER at Closing, without interest, less the proceeds of production net of all expenses, overhead, royalties, and costs of operations (including plugging plugging, abandonment, reclamation and abandonment expenses remediation expenses, but excluding mortgage interest and any burdens, liens, or encumbrances created by ASSIGNEE PURCHASER which must be released prior to this payment) attributable to the affected Leases or other affected portion of the Property from the Effective Date forward and (iv) ASSIGNOR shall assume the liabilities, obligations and duties otherwise referred to as ASSIGNEE’s Assumed Obligations with respect to such affected Leases and other affected portion of the Property (and such liabilities, obligations and duties shall be thereafter deemed to be ASSIGNOR’s Retained Obligations)forward. In no event, however, shall ASSIGNOR SELLER ever be required to reimburse ASSIGNEE PURCHASER for any expenditures associated with workovers, recompletions, or the drilling, completion or plugging and abandonment of xxxxx drilled wells drilled, or the rexxxxxtion or reclamation of surface, or other work performed by or on behalf of ASSIGNEEPURCHASER. ASSIGNOR SELLER will not be liable or obligated to ASSIGNEE PURCHASER if such federal or state approvals are not obtained, except as expressly provided in this Section 6.4.3.

Denial of Required Governmental Approvals. If the federal or state agency refuses to approve the Assignment Documents as contemplated by this Section 6.4.3, or fails to do so within twenty-four (24) months after the Closing DateClosing, ASSIGNOR Seller may continue to hold record title to the affected Leases and other affected Property Assets as ASSIGNEEBuyer’s nominee or at ASSIGNORSeller’s option it may terminate this Agreement and all its obligations hereunder as to the affected Leases and other affected portion of the Property Assets by giving thirty sixty (3060) days written notice to ASSIGNEEBuyer. Upon such termination and as the exclusive remedy for such termination: (i) this Agreement shall be null and void and terminated as to the affected Leases and other affected portion of the PropertyAssets, (ii) ASSIGNEE Buyer shall immediately reassign and return to ASSIGNOR Seller the Assignment Documents assignment documents and any and all other documents, materials and data previously delivered to ASSIGNEE Buyer with respect to the affected Leases and other affected portion of the PropertyAssets, and (iii) ASSIGNOR Seller shall return pay to ASSIGNEE Buyer the Allocated Value of the affected Leases and other affected portion of the Property previously paid to ASSIGNOR at ClosingAssets, without interest, less the proceeds of Hydrocarbon production received by Buyer (which shall be retained by Buyer as its sole property) net of all expenses, overhead, royalties, and costs of operations (including plugging and abandonment expenses but excluding mortgage interest and any burdens, liens, or encumbrances created by ASSIGNEE Buyer which must be released prior to this payment) attributable to the affected Leases or other affected portion of the Property Assets from the Effective Date forward and (iv) ASSIGNOR shall assume the liabilities, obligations and duties otherwise referred to as ASSIGNEE’s Assumed Obligations with respect to such affected Leases and other affected portion of the Property (and such liabilities, obligations and duties shall be thereafter deemed to be ASSIGNOR’s Retained Obligations)forward. In no event, however, shall ASSIGNOR Seller ever be required to reimburse ASSIGNEE Buyer for any expenditures associated with workovers, recompletions, sidetracks, or the drilling, completion or plugging and abandonment of xxxxx drilled or work performed by or on behalf of ASSIGNEE. ASSIGNOR will not be liable or obligated to ASSIGNEE if such federal or state approvals are not obtained, except as expressly provided in this Section 6.4.3Seller.

Denial of Required Governmental Approvals. If the federal or state agency refuses to approve the Assignment Documents as contemplated by this Section 6.4.3, or fails to do so within twenty-four (24) months after the Closing Date, ASSIGNOR may continue to hold record title to the affected Leases and other affected Property as ASSIGNEE’s 's nominee or at ASSIGNOR’s 's option it may terminate this Agreement and all its obligations hereunder as to the affected Leases and other affected portion of the Property by giving thirty (30) days written notice to ASSIGNEE. Upon such termination and as the exclusive remedy for such termination: (i) this Agreement shall be null and void and terminated as to the affected Leases and other affected portion of the Property, (ii) ASSIGNEE shall immediately reassign and return to ASSIGNOR the Assignment Documents and any and all other documents, materials and data previously delivered to ASSIGNEE with respect to the affected Leases and other affected portion of the Property, and (iii) ASSIGNOR shall return to ASSIGNEE the Allocated Value of the affected Leases and other affected portion of the Property previously paid to ASSIGNOR at Closing, without interest, less the proceeds of production net of all expenses, overhead, royalties, and costs of operations (including plugging and abandonment expenses but excluding mortgage interest and any burdens, liens, or encumbrances created by ASSIGNEE which must be released prior to this payment) attributable to the affected Leases or other affected portion of the Property from the Effective Date forward and (iv) ASSIGNOR shall assume the liabilities, obligations and duties otherwise referred to as ASSIGNEE’s Assumed Obligations with respect to such affected Leases and other affected portion of the Property (and such liabilities, obligations and duties shall be thereafter deemed to be ASSIGNOR’s Retained Obligations)forward. In no event, however, shall ASSIGNOR ever be required to reimburse ASSIGNEE for any expenditures associated with workovers, recompletions, or the drilling, completion or plugging and abandonment of xxxxx wells drilled or work performed by or on behalf of ASSIGNEE. ASSIGNOR will not be liable or obligated xxxxle to ASSIGNEE if such federal or state approvals are not obtained, except as expressly provided in this Section 6.4.3.