SURRENDER OF INTEREST. 17.01 Any party not in default hereunder may, at any time upon notice, surrender its entire Interest to the other parties by giving those parties notice of surrender. The notice of surrender shall:
(a) indicate a date for surrender not less than three months after the date on which the notice is given; and
(b) contain an undertaking that the surrendering party will:
(i) satisfy its Proportionate Share, based on its then Interest, of all obligations and liabilities which arose at any time prior to the date of surrender;
(ii) if the Operator has not included in Mine Costs the costs of continuing obligations as set out in paragraph 14.04 hereof, pay on the date of surrender its reasonably estimated Proportionate Share, based on the surrendering party's then Interest, of the Costs of rehabilitating the Mine site and of reclamation based on the Mining Operations completed as at the date of surrender; and
(iii) will hold in confidence, for a period of two years from the date of surrender, all information and data which it acquired pursuant to this Agreement.
17.02 Upon the surrender of its entire Interest as contemplated in paragraph 17.01 and upon delivery of a release in writing, in form acceptable to counsel for the Operator, releasing the other parties from all claims and demands hereunder, the surrendering party shall be relieved of all obligations or liabilities hereunder except for those which arose or accrued or were accruing due on or before the date of the surrender.
17.03 A party to whom a notice of surrender has been given as contemplated in paragraph 17.01 may elect, by notice within 90 days to the party which first gave the notice to accept the surrender, in which case paragraphs 17.01 and 17.02 shall apply, or to join in the surrender. If all of the parties join in the surrender the Joint Operation shall be terminated in accordance with article 18.
SURRENDER OF INTEREST. Any party may, at any time upon notice, surrender its entire Interest to the other parties by giving those parties notice of surrender. The notice of surrender shall:
SURRENDER OF INTEREST. Any party may, at any time on notice, surrender its entire Interest to the other parties by giving those parties notice of surrender, which notice shall:
(a) indicate a date for surrender not less than three months after the date on which the notice is given; and
(b) contain an undertaking that the surrendering party will:
(i) satisfy its proportionate share, based on its then Interest, of all obligations and liabilities which arose at any time prior to the date of surrender;
(ii) pay its proportionate share, based on its then Interest, of the Costs of rehabilitating the Mine site and of reclamation as at the date of surrender; and
(iii) hold in confidence, for a period of two years from the date of surrender, all information and data which it acquired pursuant to this agreement.
SURRENDER OF INTEREST. 17.1 Any party not in default hereunder may, at any time upon notice, surrender its entire Interest to the other parties by giving those parties notice of surrender. The notice of surrender shall:
(a) indicate a date for surrender not less than three months after the date on which the notice is given; and
(b) contain an undertaking that the surrendering party will:
SURRENDER OF INTEREST. 33.1 A party shall be entitled to surrender its interest to the other parties on Notice to them. A surrender of interest shall not release a party from liabilities accrued prior to the effective surrender date. Should the other parties not consent to receive the interest offered for surrender under this §33.1, then the Joint Venture shall be terminated and the assets shall be liquidated or sold and the assets or proceeds from the sale thereof distributed to the parties, net of liabilities hereunder or related thereto, in accordance with their interests in the Joint Venture. Each party shall be responsible for its cost share of all costs and expenses related to such termination and liquidation.
SURRENDER OF INTEREST. A Participant may, at any time on notice, surrender its entire Participating Interest to the other Participant by giving that party notice of surrender, which notice shall:
SURRENDER OF INTEREST. If at any time after a well has been completed as a well capable of producing oil or gas, whether before or after any earned assignment(s) have been made, Farmee desires to discontinue operations and to plug any such well drilled on the Subject Lease, then Farmee must notify Farmor in writing and concurrently furnish Farmor with an electrical log, copies of any other logs possessed by Farmee, and any other information requested by Farmor from Farmee’s files relating to the well, and Farmor shall then have thirty (30) days after receipt of such notice and information within which Farmor may inspect and test such well and notify Farmee whether Farmor desires to take over any such well, and if Farmor elects to take over such well, Farmee shall, within ten (10) days after receipt of written notice from Farmor of such election, deliver to Farmor an assignment of such well (free and clear of all burdens not now existing) the rights to produe and ownership of any oil and gas obtainable from the wellbore as to any formations penetrated thereby, and all the personal property and equipment related thereto and, upon receipt of such assignment, Farmor shall pay Farmee for the salvage value of the equipment so assigned. Such re-assignment shall also include all rights in the previously assigned acreage as to all formations from which Farmee is not then producing oil or gas. If such well is the only well then being operated by Farmee on an acreage tract previously assigned to Farmee, then such re-assignment shall include all of the acreage and formations in that tract originally assigned. Farmee shall also deliver to Farmor with such assignment all well files and ownership and land files associated with the wxxxx covered by such assignment, including but not limited to well logs, mud logs, seismic data, geologic, drilling, and engineering reports, division order lists and owner addresses, title opinions, and any other documentary information and data in Farmee’s possession useful or generated in connection with the interests being assigned. For the purposes hereof “salvage value” shall be deemed to mean Farmor’s good faith estimates of the fair market value of salvageable equipment less reasonable cost of salvaging same, and less the estimated present cost of plugging and abandoning the well and restoring the surface of the wellsite. If the wellsite area is left in a condition requiring any remediation in order to comply with any regulatory or environmental laws or regu...
SURRENDER OF INTEREST. If at any time after any such assignment as provided for herein has been delivered to Farmee, Farmee desires to discontinue operations and to plug any Test Well and release, surrender or abandon Farmee’s interest earned hereunder by reason of the drilling and completion of the same, Farmee shall notify Farmor in writing and concurrently furnish Farmor with an electrical log acceptable to Farmor, and Farmor shall have thirty (30) days after receipt of such notice within which Farmor my inspect and test such well and notify Farmee whether Farmor desires to take over the interest previously earned therefore by Farmee, and if Farmor elects to take over such interest Farmee shall, within ten (10) days after receipt of written notice from Farmor of such election, deliver to Farmor an assignment of such interest (free and clear of all burdens not now existing) and of all the personal property and equipment related thereto and, upon receipt of such assignment, Farmor shall pay Farmee for the salvage value of the equipment so assigned. For the purposes hereof “salvage value” shall be deemed to mean the fair market value of salvageable equipment less the reasonable cost of salvaging same.
SURRENDER OF INTEREST. Surrender of Interest
13.1 A Participant may, at any time on notice, surrender its entire Participating Interest to the other Participant by giving that party notice of surrender, which notice shall:
(a) indicate a date for surrender not more than three months after the date on which the notice is given; and
(b) contain an undertaking that the surrendering party will:
(i) satisfy its proportionate share, based on its then Interest, of all obligations and liabilities which arose at any time prior to the date of surrender;
(ii) pay its proportionate share, based on its then Participating Interest, of the costs of rehabilitating the mine site and of reclamation as at the date of surrender; and
(iii) hold in confidence, for a period of two years from the date of surrender, all information and data which it acquired pursuant to this Agreement.
