RELEASES REQUIRED Clause Samples
The 'RELEASES REQUIRED' clause mandates that one or more parties must provide formal releases, typically relinquishing any claims or rights against another party in connection with a specific matter or transaction. In practice, this may require a party to sign a document confirming they will not pursue further legal action or claims related to the subject of the agreement, such as after a settlement or upon completion of contractual obligations. The core function of this clause is to ensure finality and prevent future disputes by clearly documenting that all relevant claims have been resolved and released.
RELEASES REQUIRED. Within thirty (30) days after the partial termination of this Lease as provided under any of the terms and provisions of this Lease, Lessee shall deliver to Lessor a plat showing the production/spacing units designated by Lessee, copies of logs showing depths to be retained within each such unit, and a fully executed, recordable release properly describing by metes and bounds the lands and depths to be retained by Lessee around each producing well. If this Lease terminates in its entirety, then Lessee shall deliver a complete, fully executed, recordable release to Lessor within thirty (30) days. If such release complies with the requirements of this section, Lessor shall record such release. If Lessee fails to deliver a release complying with the requirements of this section within thirty (30) days after Lessor’s demand therefore, then the Lessee shall pay Lessor an amount equal to five dollars ($5.00) per acre per day for each acre of the leased premises that should have been released, beginning with the 30th day after the date of Lessor’s request and continuing until such release has been executed and delivered to Lessor. It is agreed that actual damages to Lessor for Lessee’s failure to deliver such release are difficult to ascertain with any certainty, and that the payments herein provided are a reasonable estimate of such damages and shall be considered liquidated damages and not a penalty. Furthermore, Lessor is hereby authorized to execute and file of record an affidavit stating that this Lease has expired and the reason therefore, and such affidavit shall constitute prima facie evidence of the expiration of this Lease or any part of this Lease.
RELEASES REQUIRED. Within thirty (30) days after the partial termination of this Lease as provided under any of the terms and provisions of this Lease, Lessee shall deliver to Lessor a plat showing the production/spacing units designated by Lessee, copies of logs showing depths to be retained within each such unit, and a fully executed, recordable release properly describing by metes and bounds the lands and depths to be retained by Lessee around each producing well. If this Lease terminates in its entirety, then Lessee shall deliver a complete, fully executed, recordable release to Lessor within thirty (30) days. If such release complies with the requirements of this section, Lessor shall record such release.