Common use of Surrender or Abandonment of Property Clause in Contracts

Surrender or Abandonment of Property. The Management Board may authorize the Manager for Mining to surrender or abandon part or all of the Properties. If the Management Board authorizes any such surrender or abandonment over the objection of a Member, the Company shall assign to the objecting Member, by quit claim deed and without cost to the objecting Member, all of the Company's interest in the property to be abandoned or surrendered, and the abandoned or surrendered property shall cease to be part of the Properties. Notwithstanding any provision of this Section, the Members shall remain liable for Environmental Liabilities, Continuing Obligations and Environmental Compliance with respect to such surrendered property pursuant to Section 6.5.

Surrender or Abandonment of Property. The Management Board may authorize the General Manager for Mining to surrender or abandon part or all of the Properties. If the Management Board authorizes any such surrender or abandonment over the objection of a Member, the Company shall assign to the objecting Member, by quit claim quitclaim deed and without cost to the objecting Member, all of the Company's ’s interest in the property to be abandoned or surrendered, and the abandoned or surrendered property shall cease to be part of the Properties. Notwithstanding any provision of this SectionProperties and the Company shall have no further right, the Members shall remain liable for Environmental Liabilities, Continuing Obligations and Environmental Compliance with respect to such surrendered property pursuant to Section 6.5title or interest therein.