Common use of Duties and Responsibilities of the Parties Clause in Contracts

Duties and Responsibilities of the Parties. 4.1 Concurrent with the execution of this Agreement, the Parties shall enter into the Operating Agreement. Except as otherwise provided for herein, Beta shall be designated as “Operator” of the Prospect Area and shall conduct or cause to be conducted all operations within the Prospect Area. To the extent of any conflict between the terms of this Agreement and the Operating Agreement, the terms of this Agreement shall be controlling, except as otherwise provided in this Agreement. All operations in the Prospect Area shall otherwise be subject to, and conducted in accordance with, the terms and conditions of the Operating Agreement. 4.2 Should Beta or ▇▇▇▇▇▇▇ desire to surrender in whole or in part, any Leasehold Interests within the Prospect Area (including any Leases, extensions, farm ins or lease renewals) the other Party shall be notified of their intent 90 days prior to expiration of each Lease and / or 30 days prior to any rental obligation. The Party receiving such notice shall in turn give the other Party written notice, no later than 10 days before the Lease expiration or rental date, of the interest it desires to preserve, and shall be entitled to an assignment of such interest. Beta and ▇▇▇▇▇▇▇ shall make a good faith effort to comply with the provisions of this Paragraph 4.2 but in the event of failure to do so, through oversight or otherwise, Beta and/or ▇▇▇▇▇▇▇ shall not be liable for any default or loss of Lease. 4.3 This letter shall be binding through the term of any Lease renewals, extensions, farm-ins, farm-outs or acquisitions that Beta or ▇▇▇▇▇▇▇ may be a part of, involving the Leases within the Prospect Area, so long as actions to extend the term of the Leases are made during the term of this Agreement.