Surrender or Abandonment of Properties Sample Clauses

Surrender or Abandonment of Properties. The General Manager may authorize the surrender or abandonment of part or all of the Properties. If the General Manager authorizes any such surrender or abandonment it shall, on and subject to the terms herein provided, offer to assign such property to the Shareholder with the minority Ownership Interest. A Party which receives an offer of assignment of property pursuant to this Section 19.4 may accept such offer only by notifying the General Manager of its acceptance within 30 days after receipt of the offer of assignment. Failure to notify the General Manager of acceptance of the offer of assignment within such ten day period shall conclusively be deemed to be an irrevocable rejection of such offer and a waiver of any rights pursuant to this Section 19.4 with respect to the property subject to the offer. If a Party (an “Accepting Assignee”) timely accepts an offer of assignment made pursuant to this Section 19.4: (i) the Company shall cause OpCo to assign to the Accepting Assignee, by quitclaim deed or its equivalent, all of OpCo’s interest in the property to be abandoned or surrendered, (ii) the abandoned or surrendered property shall cease to be part of the Properties, and (iii) none of OpCo, the Company nor the other Shareholder shall have any Liabilities or responsibility thereafter relating to such abandoned or surrendered property and the Accepting Assignee shall indemnify OpCo, the Company and the General Manager from and against any Liabilities arising after the date of Transfer to the Accepting Assignee from or in connection with the abandoned or surrendered property (including any such matter based on a condition of the property at the time of Transfer).
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Surrender or Abandonment of Properties. The Management Committee may authorize the Manager to surrender or abandon part or all of the Properties, in a manner consistent with any agreement under which such Properties were acquired. If the Management Committee authorizes any such surrender or abandonment over the objection of a Participant (who objects at the Management Committee), the Participant that desires to abandon or surrender shall assign to the objecting Participant, without cost to the surrendering Participant, all of the surrendering Participant's interest in the property to be abandoned or surrendered, and the abandoned or surrendered property ceases to be part of the Properties.
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Surrender or Abandonment of Properties. 13.1 Cap-Ex may, without the consent of the Royalty Holders, at any time, elect to abandon any interest (an “Abandoned Interest”) in any one or more (or any part or portion of) of the tenements, licences or claims or other rights or interests comprising the Properties. In such an event, it shall first give notice of its intent to the Vendor from which it acquired the Abandoned Interest (the “Selling Vendor”) and shall allow the Selling Vendor a period of 30 days in which to provide a notice (the “Acquisition Notice”) to Cap-Ex that it wishes to acquire the Abandoned Interest. If Cap-Ex receives an Acquisition Notice it shall make any and all reasonable efforts required to transfer the Abandoned Interest to the Selling Vendor provided that the Selling Vendor agrees to bear any and all costs of such efforts.
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Surrender or Abandonment of Properties. The Technical Committee may authorize the Operator to cause the surrender or abandonment of part or all of the Properties. If the Technical Committee authorizes any such surrender or abandonment then TREND shall so notify GENERAL MINERALS during the Option Period, and if there is an objection within thirty (30) days, there shall be an assignment to GENERAL MINERALS by the appropriate conveyance document and without cost, of that interest in the property to be abandoned or surrendered, and the abandoned or surrendered property shall cease to be part of the Properties, the Parties shall remain obligated for liabilities arising prior to abandonment.
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Surrender or Abandonment of Properties. OWNER may authorize Company to cause the surrender or abandonment of part or all of the Properties. If OWNER authorizes any such surrender or abandonment, then Company shall so notify OWNER during this Agreement, and if there is an objection within thirty (30) days, there shall be an assignment to OWNER by the appropriate conveyance document and without cost, of that interest in the Property to be abandoned or surrendered, and the abandoned or surrendered Property shall cease to be part of the Property, the Parties shall remain obligated for liabilities arising prior to abandonment.
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Related to Surrender or Abandonment of Properties

  • ABANDONMENT OF PREMISES If the property becomes vacant during the term of this lease, and if at the time of the vacancy Tenant are in default in the payment of any installment of rent, then the rent for the entire term shall become at once due and payable and Landlord may proceed to collect rent for said entire premises, with or without process of law, to take possession thereof, to remove any and all property there from and store as required by law, to lease the premises as agent of Tenant, and to apply the proceeds received from such letting toward the payment of Tenant' rent under this lease; such re-entry and re-letting shall not discharge Tenant from liability for rent, nor from any other obligation under the terms of this lease.

  • Condition of Properties All facilities, machinery, equipment, fixtures and other properties owned, leased or used by the Company are in reasonably good operating condition and repair, subject to ordinary wear and tear, and are adequate and sufficient for the Company’s business.

  • Surrender of Property Unless the Lease shall have been terminated pursuant to the provisions of Article 15, Tenant shall, upon the expiration or prior termination of the Term, vacate and surrender the Property to Landlord in the condition in which the Property was originally received from Landlord, except as repaired, rebuilt, restored, altered or added to as permitted or required by the provisions of this Lease and except for ordinary wear and tear (subject to the obligation of Tenant to maintain the Property in good order and repair during the entire Term of the Lease).

  • SURRENDER OF PREMISES; REMOVAL OF PROPERTY Upon the Expiration Date or upon any earlier termination of this Lease, Tenant shall quit and surrender possession of the Premises to Landlord in as good order, condition and repair as when received or as hereafter may be improved by Landlord or Tenant, reasonable wear and tear and repairs which are Landlord's obligation excepted, and shall, without expense to Landlord, remove or cause to be removed from the Premises all personal property and debris, except for any items that Landlord may by written authorization allow to remain. Tenant shall repair all damage to the Premises resulting from the removal, which repair shall include the patching and filling of holes and repair of structural damage, provided that Landlord may instead elect to repair any structural damage at Tenant's expense. If Tenant shall fail to comply with the provisions of this Section, Landlord may effect the removal and/or make any repairs, and the cost to Landlord shall be additional rent payable by Tenant upon demand. If Tenant fails to remove Tenant's personal property from the Premises upon the expiration of the Term, Landlord may remove, store, dispose of and/or retain such personal property, at Landlord's option, in accordance with then applicable laws, all at the expense of Tenant. If requested by Landlord, Tenant shall execute, acknowledge and deliver to Landlord an instrument in writing releasing and quitclaiming to Landlord all right, title and interest of Tenant in the Premises.

  • Condition of Property Seller or the originator of the Mortgage Loan inspected or caused to be inspected each related Mortgaged Property within six months of origination of the Mortgage Loan and within twelve months of the Cut-off Date. An engineering report or property condition assessment was prepared in connection with the origination of each Mortgage Loan no more than twelve months prior to the Cut-off Date. To Seller’s knowledge, based solely upon due diligence customarily performed in connection with the origination of comparable mortgage loans, as of the Closing Date, each related Mortgaged Property was free and clear of any material damage (other than (i) deferred maintenance for which escrows were established at origination and (ii) any damage fully covered by insurance) that would affect materially and adversely the use or value of such Mortgaged Property as security for the Mortgage Loan.

  • Protection of Property Seller assumes, and shall ensure that all subcontractors thereof and their respective employees assume, the risk of loss or destruction of or damage to any property of such parties whether owned, hired, rented, borrowed or otherwise, brought to a facility owned or controlled by Buyer or Buyer’s customer. Seller waives, and shall ensure that any subcontractor thereof and their respective employees waive, all rights of recovery against Buyer, its subsidiaries and their respective directors, officers, employees and agents for any such loss, destruction or damage. At all times Seller shall, and ensure that any subcontractor thereof shall, use suitable precautions to prevent damage to Buyer's property. If any such property is damaged by the fault or negligence of Seller or any subcontractor thereof, Seller shall, at no cost to Buyer, promptly and equitably reimburse Buyer for such damage or repair or otherwise make good such property to Buyer’s satisfaction. If Seller fails to do so, Buyer may do so and recover from Seller the cost thereof.

  • Inspection of Property The Borrower and each of its Subsidiaries will keep proper books and records in accordance with GAAP and will permit reasonable examinations of its books and records and reasonable inspections of its property (subject to reasonable procedures relating to safety and security), accompanied by personnel of the Borrower, by the Administrative Agent and any Lender and/or their respective accountants or other professional advisers; provided that such examinations and inspections (a) will occur not more frequently than once in any calendar year, with reasonable efforts to make combined visits (unless a Default or an Event of Default has occurred and is continuing in which case such examinations may occur as frequently as reasonably determined by the Administrative Agent or any Lender, with no obligation to combine visits), (b) will be at the sole expense of the Administrative Agent and/or requesting Lender, as the case may be (unless a Default or an Event of Default has occurred and is continuing in which case such examinations will be at the expense of the Borrower), (c) will be undertaken at reasonable times following the provision of written notice in advance to the Borrower, and (d) will not unduly interfere with the operations or management of the Borrower’s business. Notwithstanding anything set forth herein to the contrary, under no circumstances shall the Borrower or any Subsidiary be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter (i) that constitutes non−financial trade secrets or non-financial confidential proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective Affiliates, representatives, contractors, accountants or other professionals) is prohibited by any Governmental Rule or binding confidentiality agreement with a Person that is not an Affiliate of the Borrower and that was not entered into in contemplation of this Agreement, (iii) that is subject to attorney−client or similar privilege or constitutes attorney work product, or (iv) in the case of any discussions with accountants, only if the Borrower has been given the opportunity to participate in the discussions.

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