Common use of Loss of Title Clause in Contracts

Loss of Title. In the event title to any tract of unitized land or substantial interest therein shall fail, and the true owner cannot be induced to join the unit agreement so that such tract is not committed to this agreement, or the operation thereof hereunder becomes impracticable as a result thereof, such tract may be eliminated from the unitized area, and the interest of the parties readjusted as a result of such tract being eliminated from the unitized area. In the event of a dispute as to the title to any royalty, working, or other interest subject hereto, the unit operator may withhold payment or delivery of the allocated portion of the unitized substances involved on account thereof, without liability for interest until the dispute is finally settled, provided that no payments of funds due the State of New Mexico shall be withheld. Unit Operator, as such, is relieved from any responsibility for any defect or failure of any title hereunder.

Loss of Title. In the event title to any tract of unitized ofunitized land or substantial interest therein shall failfoil, and the true owner cannot be induced to join the unit agreement so that such tract is not committed to this agreement, or the die operation thereof hereunder thereofhereunder becomes impracticable as a result thereof, such tract may be eliminated from the unitized area, and the interest of the parties readjusted as a result of such ofsuch tract being eliminated from the unitized area. In the event of a ofa dispute as to the title to any royalty, working, or other interest subject hereto, the unit operator may withhold payment or delivery of the allocated portion of the ofthe unitized substances involved on account thereof, without liability for interest until the dispute is finally settled, provided that no payments of funds due the State of New ofNew Mexico shall be withheld. Unit Operator, as such, is relieved from any responsibility for any defect or failure of any ofany title hereunder.

Loss of Title. In the event title to any tract of unitized ofunitized land or substantial interest therein shall fail, and the true owner cannot be induced to join the unit agreement so that such tract is not committed to this agreement, or the operation thereof hereunder becomes impracticable as a result thereof, such tract may be eliminated from the unitized area, and the interest of the parties readjusted as a result of such tract being eliminated from the unitized area. In the event of a dispute as to the title to any royalty, working, or other interest subject hereto, the unit operator may withhold payment or delivery of the allocated portion of the unitized substances involved on account thereof, without liability for interest until the dispute is finally settled, provided that no payments of funds due the State of New Mexico shall be withheld. Unit Operator, as such, is relieved from any responsibility for any defect or failure of any title hereunder.

Loss of Title. In the event title to any tract of unitized ofunitized land or substantial interest therein shall fail, and the lire true owner cannot be induced to join the unit agreement so that such tract is not committed to this agreement, or the operation thereof hereunder becomes impracticable as a result thereof, such tract may be eliminated from the unitized area, and the interest of the ofthe parties readjusted as a result of such tract being eliminated from the unitized area. In the event of a dispute as to the title to any royalty, working, or other interest subject hereto, the unit operator may withhold payment or delivery of the ofthe allocated portion of the ofihc unitized substances involved on account thereof, without liability for interest until the dispute is finally settled, provided that no payments of funds due the die State of New Mexico shall be withheld. Unit Operator, as such, is relieved from any responsibility for any defect or failure of any title hereunder.