Termination By Surrender Sample Clauses
Termination By Surrender. A party may surrender its applicable rights under either Part A or Part B, and thereby terminate that applicable Part of this Combined Lease Agreement at any time by delivering written notice to the other party. In such case, each party may retain the benefit of performance of all past obligations as full liquidation damages. The remaining Parts shall continue in force unless and until the parties have surrendered both Part A and Part B. Upon surrender of both Parts, all rights and privileges, on the one hand, and all obligations and commitments on the other hand, shall immediately cease.
Termination By Surrender. (a) This Agreement shall automatically terminate in the event that the Commissioner issues a certificate of surrender of the entire area of the Kanyika Mineral Right in accordance with Division 6 of the Mines and Minerals Act.
(b) In exercising its powers under Division 6 of the Mines and Minerals Act, when considering an application to surrender the Kanyika Mineral Right, the Commissioner shall act in good faith and in a timely manner.
(c) This Agreement remains in force where the Company surrenders a portion only of the area of the Kanyika Mineral Right.