Common use of Abandonment and Surrender Clause in Contracts

Abandonment and Surrender. Either Member may request the Management Committee to authorize the Manager to surrender or abandon part or all of the Properties. At the option of the other Member, the Company shall assign to the objecting Member or such other Person as the objecting Member specifies, by special warranty deed and without cost to the objecting Member, all of the Company’s interest in the Properties sought to be abandoned or surrendered, free and clear of all Encumbrances created by, through or under the Company other than those to which both Members have agreed. Upon the assignment, such properties shall cease to be part of the Properties.

Abandonment and Surrender. Either Member may request the Management Committee to authorize the Manager to surrender or abandon part or all of the Properties. At If the other Member objects to such surrender or abandonment, then at the option of the other objecting Member, the Company shall assign to the objecting Member or such other Person as the objecting Member specifies, by special warranty deed and without cost to the objecting surrendering Member, all of the Company’s 's interest in the Properties sought to be abandoned or surrendered, free and clear of all Encumbrances created by, through or under the Company or the surrendering Member, other than those to which both Members have agreed. Upon the assignment, such properties shall cease to be part of the Properties.

Abandonment and Surrender. Either Member may request the Management Committee to authorize the Manager to surrender or abandon part or all of the Properties. At the option of the other Member, the Company shall assign to the objecting Member or such other Person as the objecting Member specifies, by special warranty deed and without cost to the objecting Member, all of the Company’s 's interest in the Properties sought to be abandoned or surrendered, free and clear of all Encumbrances created by, through or under the Company other than those to which both Members have agreed. Upon the assignment, such properties shall cease to be part of the Properties.

Abandonment and Surrender. Either Member may request the Management Committee to authorize the Manager to surrender or abandon part or all of the Properties. At the option of the other Member, the Company shall assign to the objecting Member or such other Person as the objecting Member specifies, by special warranty deed and without cost to the objecting Member, all of the Company’s interest in the Properties sought to be abandoned or surrendered, free and clear of all Encumbrances created by, through or under the Company other than those to which both Members have agreed. Upon the assignment, such properties shall cease to be part of the Properties, and shall also be excluded from the Area of Interest.

Abandonment and Surrender. Either Member may request the Management Committee to authorize the Manager to surrender or abandon part or all of the Properties. At If the other Member objects to such surrender or abandonment, then at the option of the other objecting Member, the Company shall assign to the objecting Member or such other Person as the objecting Member specifies, by special warranty deed and without cost to the objecting surrendering Member, all of the Company’s Companys interest in the Properties sought to be abandoned or surrendered, free and clear of all Encumbrances created by, through or under the Company or the surrendering Member, other than those to which both Members have agreed. Upon the assignment, such properties shall cease to be part of the Properties.

Abandonment and Surrender. Either Member may request the Management Committee to authorize the Manager to surrender or abandon part or all of the Company Properties. At If the option of the other MemberManagement Committee authorizes such surrender or abandonment, the Company shall assign to the objecting Member or such other Person as the objecting Member specifiesrequesting Member, by special warranty deed and without cost to the objecting requesting Member, all of the Company’s interest in the Company Properties sought to be abandoned or surrendered, free and clear of all Encumbrances created by, through or under the Company other than those to which both Members the Company and the requesting Member have agreed. Upon the assignment, such properties shall cease to be part of the Company Properties. If the Management Committee does not authorize such surrender or abandonment, such properties shall remain part of the Company Properties.

Abandonment and Surrender. Either Member may request the The Management Committee to may authorize the Manager to surrender or abandon part or all of the Properties. At the option of the other MemberIf a Member objects to such surrender or abandonment, that Member may elect to have the Company shall to assign and convey to the objecting Member or such other Person as the objecting Member specifiesits nominee, by special warranty deed and without cost to the objecting Member, all of the Company’s 's interest in the Properties sought to be abandoned or surrendered, free and clear of all Encumbrances created by, through or under the Company other than those to which both Members have agreed. Upon such assignment and conveyance, the assignment, such properties interest assigned and conveyed shall cease to be part of the Properties.