Common use of Rights Upon Termination Clause in Contracts

Rights Upon Termination. (a) Upon the expiration or earlier termination of this lease as to all or any portion of the leased area, the lessee will be directed in writing by the state and will have the right at any time within a period of one year after the termination, or any extension of that period as may be granted by the state, to remove from the leased area or portion of the leased area all machinery, equipment, tools, and materials. Upon the expiration of that period or extension of that period and at the option of the state, any machinery, equipment, tools, and materials that the lessee has not removed from the leased area or portion of the leased area become the property of the state or may be removed by the state at the lessee's expense. At the option of the state, all improvements such as roads, pads, and xxxxx must either be abandoned and the sites rehabilitated by the lessee to the satisfaction of the state, or be left intact and the lessee absolved of all further responsibility as to their maintenance, repair, and eventual abandonment and rehabilitation. All such improvements left intact shall become property of the state if not otherwise required to be removed or rehabilitated upon expiration or termination of this lease. Subject to the above conditions, the lessee shall deliver up the leased area or those portions of the leased area in good condition. (b) The state may require such financial assurances as the commissioner determines necessary to ensure the lessee’s ability to meet its obligations under this paragraph. If at any time the commissioner determines that existing financial assurances are insufficient to satisfactorily guarantee the performance of all the lessee’s obligations under this paragraph, the commissioner may require the delivery of such substitute or supplemental financial assurances as the commissioner determines necessary.

Rights Upon Termination. (a) Upon the expiration or earlier termination of this lease as to all or any portion of the leased area, the lessee will be directed in writing by the state and will have the right at any time within a period of one year after the termination, or any extension of that period as may be granted by the state, to remove from the leased area or portion of the leased area all machinery, equipment, tools, and materials. Upon the expiration of that period or extension of that period and at the option of the state, any machinery, equipment, tools, and materials that the lessee has not removed from the leased area or portion of the leased area become the property of the state or may be removed by the state at the lessee's expense. At the option of the state, all improvements such as roads, pads, and xxxxx must either be abandoned and the sites rehabilitated by the lessee to the satisfaction of the state, or be left intact and the lessee absolved of all further responsibility as to their maintenance, repair, and eventual abandonment and rehabilitation. All such improvements left intact shall become property of the state if not otherwise required to be removed or rehabilitated upon expiration or termination of this lease. Subject to the above conditions, the lessee shall deliver up the leased area or those portions of the leased area in good condition. (b) The state may require such financial assurances as the commissioner determines necessary to ensure the lessee’s ability to meet its obligations under this paragraph. If at any time the commissioner determines that existing financial assurances are insufficient to satisfactorily guarantee the performance of all the lessee’s obligations under this paragraph, the commissioner may require the delivery of such substitute or supplemental financial assurances as the commissioner determines necessary.

Rights Upon Termination. (a) Upon the expiration or earlier termination of this lease as to the interests of both lessors in all or any portion of the leased area, the lessee will be directed in writing by the state State and will have the right at any time within a period of one year after the termination, or any extension of that period as may be granted by the stateState, to remove from the leased area or portion of the leased area all machinery, equipment, tools, and materials. Upon the expiration of that period or extension of that period and at the option of the state, both lessors acting jointly any machinery, equipment, tools, and materials that the lessee has not removed from the leased area or portion of the leased area become the property of the state both lessors or may be removed by the state either or both lessors at the lessee's expense. If both lessors elect to acquire title to the machinery, equipment, tools, and materials not removed by lessee, they shall share ownership thereof in proportion to the respective State percentage and ASRC percentage in the oil, gas, and associated substances in and under the land on which the machinery, equipment, tools, and materials are situated. At the option of the stateState, all improvements such as roads, pads, and xxxxx must either be abandoned and the sites rehabilitated by the lessee to the satisfaction of the stateboth lessors, or be left intact and the lessee absolved of all further responsibility as to their maintenance, repair, and eventual abandonment and rehabilitation. All such improvements left intact shall become property of the state if not otherwise required to be removed or rehabilitated upon expiration or termination of this lease. Subject to the above conditions, the lessee shall deliver up the leased area or those portions of the leased area in good condition. (b) The state State may require such financial assurances as the commissioner Commissioner determines necessary to ensure the lessee’s ability to meet its obligations under this paragraph. If at any time the commissioner Commissioner determines that existing financial assurances are insufficient to satisfactorily guarantee the performance of all the lessee’s obligations under this paragraph, the commissioner Commissioner may require the delivery of such substitute or supplemental financial assurances as the commissioner Commissioner determines necessary.

Rights Upon Termination. (a) Upon the expiration or earlier termination of this lease as to all or any portion of the leased area, the lessee will be directed in writing by the state and will have the right at any time within a period of one year after the termination, or any extension of that period as may be granted by the state, to remove from the leased area or portion of the leased area all machinery, equipment, tools, and materials. Upon the expiration of that period or extension of that period and at the option of the state, any machinery, equipment, tools, and materials that the lessee has not removed from the leased area or portion of the leased area become the property of the state or may be removed by the state at the lessee's expense. At the option of the state, all improvements such as roads, pads, and xxxxx must either be abandoned and the sites rehabilitated by the lessee to the satisfaction of the state, or be left intact and the lessee absolved of all further responsibility as to their maintenance, repair, and eventual abandonment and rehabilitation. All such improvements left intact shall become property of the state if not otherwise required to be removed or rehabilitated upon expiration or termination of this lease. Subject to the above conditions, the lessee shall deliver up the leased area or those portions of the leased area in good condition. (b) The state may require such financial assurances as the commissioner determines necessary to ensure the lessee’s ability to meet its obligations under this paragraph. If at any time the commissioner determines that existing financial assurances are insufficient to satisfactorily guarantee the performance of all the lessee’s obligations under this paragraph, the commissioner may require the delivery of such substitute or supplemental financial assurances as the commissioner determines necessary. entering the land. If the owner for any reason does not settle the damages, the lessee may enter the land after posting a surety bond determined by the state, after notice and an opportunity to be heard, to be sufficient as to form, amount, and security to secure to the owner, his lessees and permittees, payment for damages, and may institute legal proceedings in a court of competent jurisdiction where the land is located to determine the damages which the owner of the land may suffer. The lessee agrees to pay for any damages that may become payable under AS 38.05.130 and to indemnify the state and hold it harmless from and against any claims, demands, liabilities, and expenses arising from or in connection with such damages. The furnishing of a bond in compliance with this paragraph will be regarded by the state as sufficient provision for the payment of all damages that may become payable under AS 38.05.130 by virtue of this lease.

Rights Upon Termination. (a) Upon the expiration or earlier termination of this lease as to all or any portion of the leased area, the lessee will be directed in writing by the state and will have the right at any time within a period of one year after the termination, or any extension of that period as may be granted by the state, to remove from the leased area or portion of the leased area all machinery, equipment, tools, and materials. Upon the expiration of that period or extension of that period and at the option of the state, any machinery, equipment, tools, and materials that the lessee has not removed from the leased area or portion of the leased area become the property of the state or may be removed by the state at the lessee's expense. At the option of the state, all improvements such as roads, pads, and xxxxx must either be abandoned and the sites rehabilitated by the lessee to the satisfaction of the state, or be left intact and the lessee absolved of all further responsibility as to their maintenance, repair, and eventual abandonment and rehabilitation. All such improvements left intact shall become property of the state if not otherwise required to be removed or rehabilitated upon expiration or termination of this lease. Subject to the above conditions, the lessee shall deliver up the leased area or those portions of the leased area in good condition. (b) The state State may require such financial assurances as the commissioner Commissioner determines necessary to ensure the lesseeLessee’s ability to meet its obligations under this paragraph. If at any time the commissioner Commissioner determines that existing financial assurances are insufficient to satisfactorily guarantee the performance of all the lesseeLessee’s obligations under this paragraph, the commissioner Commissioner may require the delivery of such substitute or supplemental financial assurances as the commissioner Commissioner determines necessary.