Common use of Abandonment of Properties Clause in Contracts

Abandonment of Properties. High River shall cause Somita to keep in force and effect its interests in the Lands and the Taparko Processing Facility until payment in full of both the Production Payment Conveyance and the Additional Production Payment Conveyance. From and after satisfaction of the obligations under such documents, Somita may elect at any time to terminate or abandon its interests in the Lands and the Taparko Processing Facility at any time as it may in its sole discretion deem appropriate, subject only to the provisions of this Section 4.5. In the event that Somita wishes to abandon any or all of it interest in the Lands or the Taparko Execution Version Processing Facility, except for cessation of operations under care and maintenance, High River shall cause Somita to provide Royal Gold with not less than forty-five (45) days prior notice of its intention to do so and offer to transfer such interests to Royal Gold. At any time during the forty-five (45) day period, Royal Gold may notify Somita that it elects to accept transfer of such interests. In that event, High River shall cause Somita to transfer those interests to Royal Gold by quitclaim deed.

Abandonment of Properties. High River shall cause Somita to keep in force and effect effect its interests in the Lands and the Taparko Processing Facility until payment in full of both the Production Payment Conveyance and the Additional Production Payment Conveyance. From and after satisfaction of the obligations under such documents, Somita may elect at any time to terminate or abandon its interests in the Lands and the Taparko Processing Facility at any time as it may in its sole discretion deem appropriate, subject only to the provisions of this Section 4.5. In the event that Somita wishes to abandon any or all of it interest in the Lands or the Taparko Execution Version Processing Facility, except for cessation of operations under care and maintenance, High River shall cause Somita to provide Royal Gold with not less than forty-five forty-five (45) days prior notice of its intention to do so and offer offer to transfer such interests to Royal Gold. At any time during the forty-five forty-five (45) day period, Royal Gold may notify Somita that it elects to accept transfer of such interests. In that event, High River shall cause Somita to transfer those interests to Royal Gold by quitclaim deed.