Common use of Relinquishment of Leases Clause in Contracts

Relinquishment of Leases. Pursuant to the provisions of the lease and applicable regulations a lessee of record shall, subject to the provisions of the Unit Operating Agreement, have the right to relinquish any of its interests committed hereto, provided that no relinquishment shall be made of any interests within the unit area without the prior approval of the Regional Supervisor.

Relinquishment of Leases. Pursuant to the provisions of the lease leases and applicable regulations regulations, a lessee of record shall, subject to the provisions of the Unit Operating Agreement, have the right to relinquish any of its interests committed hereto, in whole or in part, provided that no relinquishment shall be made of any interests within the unit a participating area without the prior approval of the Regional Supervisor. In the event such relinquishments result in the leasehold interest of only one lease remaining committed hereto, this Agreement shall terminate automatically effective as of the date that only one lease remains subject to the Agreement.