Common use of Loss of Title Clause in Contracts

Loss of Title. In the event title to any tract of unitized land shall fail and the true owner cannot be induced to join in this unit agreement, such tract shall be auto- matically regarded as not committed hereto, and there shall be such readjustment of fu- ture costs and benefits as may be required on account of the loss of such title. In the event of a dispute as to title to any royalty, work- ing interest, or other interests subject there- to, payment or delivery on account thereof may be withheld without liability for inter- est until the dispute is finally settled; pro- vided, that, as to Federal lands or leases, no payments of funds due the United States shall be withheld, but such funds shall be de- posited as directed by the AO, to be held as unearned money pending final settlement of the title dispute, and then applied as earned or returned in accordance with such final settlement. Unit Operator as such is relieved from any responsibility for any defect or failure of any title hereunder.

Loss of Title. In the event title to any tract of unitized land Unitized Land shall fail and the true owner cannot be induced to join in this unit agreementUnit Agreement, such tract shall be auto- matically automatically regarded as not committed hereto, and there shall be such readjustment of fu- ture future costs and benefits as may be required on account of the loss of such title. In the event of a dispute as to title to any royalty, work- ing working interest, or other interests interest subject there- tothereto, payment or delivery on account thereof may be withheld without liability for inter- est interest until the dispute is finally settled; pro- videdprovided, that, as to Federal lands or leases, no payments of funds due the United States shall be withheld, but such funds shall be de- posited deposited as directed by the AO, to be held as unearned money pending final settlement of the title dispute, and then applied as earned or returned in accordance with such final settlement. Unit Operator as such is relieved from any responsibility for any defect or failure of any title hereunder.