Common use of RELEASE UPON PRIOR TERMINATION Clause in Contracts

RELEASE UPON PRIOR TERMINATION. If this Agreement is terminated prior to Borealis's becoming vested with a 50% interest in the Properties as provided in Section 4.7, Borealis shall execute and deliver to Golden Phoenix a recordable release relinquishing to Golden Phoenix all of Borealis's interest in the Properties free of any defects, liens or encumbrances arising by or through Borealis.