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. 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. 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. 13.2 Upon completion of the transfer of an Abandoned Interest to a Selling Vendor, that Abandoned Interest shall cease to be part of this Agreement in any way including, without limiting the generality of the foregoing, for calculation of any Royalty.
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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 Property We need not accept any property abandoned by an "insured".

  • Restoration of Property In the event Railroad authorizes Contractor to take down any fence of Railroad or in any manner move or disturb any of the other property of Railroad in connection with the work to be performed by Contractor, then in that event Contractor shall, as soon as possible and at Contractor's sole expense, restore such fence and other property to the same condition as the same were in before such fence was taken down or such other property was moved or disturbed. Contractor shall remove all of Contractor's tools, equipment, rubbish and other materials from Railroad's property promptly upon completion of the work, restoring Railroad's property to the same state and condition as when Contractor entered thereon.

  • 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.

  • Acquisition of Property The Contractor shall document that all property was acquired consistent with its engineering, production planning, and property control operations.

  • Destruction of Property 1. If flood, fire, storm, mold, other environmental hazards that pose a risk to the occupants health, other casualty or Act of God shall destroy (or so substantially damage as to be uninhabitable) the Premises, rent shall xxxxx from the date of such destruction. Landlord or Tenant may, by written notice, within thirty (30) days of such destruction, terminate this Lease, whereupon rent and all other obligations hereunder shall be adjusted between the parties as of the date of such destruction. 2. If Premises is damaged but not rendered wholly untenable by flood, fire, storm, or other casualty or Act of God, rent shall xxxxx in proportion to the percentage of Premises which has been damaged and Landlord shall restore Premises as soon as is reasonably practicable whereupon full rent shall commence. 3. Rent shall not xxxxx nor shall Tenant be entitled to terminate this Lease if the damage or destruction of Premises, whether total or partial, is the result of the negligence of Tenant or Tenant’s household or their invitees, licensees, or guests.

  • 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 Contractor will ensure that the property will be returned to HCA in like condition to that in which it was furnished to Contractor, reasonable wear and tear expected. Contractor shall surrender to HCA all property upon the earlier of expiration or termination of this Contract.

  • Reports of Foreclosures and Abandonment of Mortgaged Property The Master Servicer or the Subservicers shall file information returns with respect to the receipt of mortgage interests received in a trade or business, the reports of foreclosures and abandonments of any Mortgaged Property and the information returns relating to cancellation of indebtedness income with respect to any Mortgaged Property required by Sections 6050H, 6050J and 6050P, respectively, of the Code, and deliver to the Trustee an Officers' Certificate on or before March 31 of each year stating that such reports have been filed. Such reports shall be in form and substance sufficient to meet the reporting requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

  • 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.

  • Treatment of Property All property purchased or furnished by DSHS for use by the Contractor during this Contract term shall remain with DSHS. Title to all property purchased or furnished by the Contractor for which the Contractor is entitled to reimbursement by DSHS under this Contract shall pass to and vest in DSHS. The Contractor shall protect, maintain, and insure all DSHS property in its possession against loss or damage and shall return DSHS property to DSHS upon Contract termination or expiration.

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