Common use of Surrender or Abandonment of Property Clause in Contracts

Surrender or Abandonment of Property. The Management Committee may authorize the Manager to surrender or abandon part or all of the Properties. If the Management Committee authorizes any such surrender or abandonment over the objection of a Participant, the Participant that desires to abandon or surrender shall transfer to the objecting Participant, by appropriate conveyance and 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 shall cease to be part of the Properties. If Properties to be abandoned or surrendered are included in a mining lease or sublease, abandonment shall be conducted in accordance with and only to the extent permitted by any appurtenant mining lease or sublease. Any Transfer under this Section 14.1 shall not relieve the transferring Participant of its share of liabilities to third persons arising out of Operations conducted prior to such Transfer. Any assignment of an interest pursuant to this Section 14.1 shall not reduce or change the transferor's Participating Interest.

Surrender or Abandonment of Property. The Management Committee may authorize the Manager to surrender or abandon part or all of the Properties. If the Management Committee authorizes any such surrender or abandonment over the objection of a ParticipantParty, the Participant that Party who desires to abandon or surrender shall transfer assign to the objecting ParticipantParty, by appropriate conveyance quit claim deed and without cost to the surrendering ParticipantParty, all of the surrendering ParticipantParty's interest in the property to be abandoned or surrendered, and the abandoned or surrendered property shall cease to be part of the Properties. If Properties to be abandoned or surrendered are included in located upon a mining lease or sublease, abandonment shall be conducted in accordance with and only to the extent permitted by any appurtenant mining lease or sublease. Any Transfer under this Section 14.1 15.1 shall not relieve the transferring Participant Party of its share of liabilities to third persons arising out of Operations conducted prior to such Transfer. Any assignment of an interest pursuant to this Section 14.1 15.1 shall not reduce or change the transferor's Participating Interest.