Surrender of Leases Sample Clauses

Surrender of Leases. The Leases covered by this Agreement, insofar as they embrace acreage in the Area of Mutual Interest, shall not be surrendered in whole or in part unless all Parties consent to the surrender. However, should any Party desire to surrender its interest in any Lease or in any portion of a Lease, the Party shall give written notice of the proposed surrender to all Parties, and each Party to whom the notice is delivered shall have thirty (30) days after delivery of the notice within which to notify the Party proposing the surrender whether it elects to consent to the surrender. Failure of a Party to whom a notice is delivered to reply within the thirty (30) day period shall constitute consent to the surrender of the Lease described in the notice. If all Parties do not agree or consent to the surrender, the Party desiring to surrender shall assign, without express or implied warranty of title, all of its interest in the Lease, or portion of it, and any well, material, and equipment which may be located on it and any rights in production later secured, to the Parties not consenting to the surrender. Unless otherwise hereafter required by Assignee, on the assignment, the assigning Party shall be relieved from all obligations later accruing, but not previously accrued, with respect to the interest assigned and the operation of any well attributable thereto, and the assigning Party shall have no further interest in the assigned premises and its equipment and production other than the royalties retained in any lease made under the terms of this Article VIII. The Party assignee shall pay to the Party assignor the reasonable salvage value of the latter’s interest in any well’s salvable materials and equipment attributable to the assigned acreage. The value of all salvable materials and equipment shall be determined in accordance with the provisions of Exhibit B, less the estimated cost of salvaging and the estimated cost of plugging and abandoning and restoring the surface. If the value is less then the costs, then the Party assignor shall pay to the Party assignee the amount of the deficit. If the assignment is in favor of more than one Party, the interest shall be shared by those Parties in the proportions that the interest of each bears to the total interest of all those Parties. If the interest of the Parties to whom the assignment is to be made varies according to depth, then the interest assigned shall similarly reflect those variances. Any assignment or surrende...
Sample 1Sample 2
AutoNDA by SimpleDocs
Surrender of Leases a. The leases covered by this agreement, insofar as they embrace acreage in the Contract Area, shall not be surrendered in whole or in part unless all parties consent thereto.
Sample 1
Surrender of Leases. The leases covered by this agreement, insofar as they embrace acreage in the Contract Area, may be released or surrendered, in whole or in part, by the Operator on behalf of the Drilling Parties, and Operator shall give written notice to each Non-Operator within ten (10) business days from the day such lease(s), or portions thereof, are released or surrendered. Such notice by the Operator to the other Drilling Parties shall recite that, in its opinion, such leases have become worthless or that he is under a contractual obligation to release the subject acreage. Accordingly, each Non-Operator hereby appoints Operator as its attorney-in-fact to execute an instrument in writing to surrender or release any lease(s) covered by this agreement without the joinder of Non-Operators, provided it acts in good faith on behalf of Non-Operators. Any contractual obligation to reassign the lease(s) covered by the Contract Area may be executed or later ratified by all Non-Operators at the request of the Operator. Any assignment, surrender or release of a lease, or portions thereof, covered by this agreement, shall not change the surrendering party's interest in the balance of the Contract Area; and the acreage assigned, released or otherwise surrendered, and subsequent operations thereon, shall not thereafter be subject to the terms and provisions of this agreement.
Sample 1
Surrender of Leases. The leases covered by this Agreement, insofar as they embrace acreage in the Unit Area, shall not be surrendered in whole or in part unless all parties consent. However, should any party desire to surrender its interest in any lease or in any portion thereof, and other parties not agree or consent, the party desiring to surrender shall assign without express or implied warranty of title, all of its interest in such lease, or portion thereof, and any well, material and equipment which may be located thereon and any rights in production thereafter secured, to the parties not desiring to surrender it. Upon such assignment, the assigning party shall be relieved from all obligations thereafter accruing, but not theretofore accrued, with respect to the acreage assigned and the operations of any well thereon, and the assigning party shall have no further interest in the lease assigned and its equipment and production. The parties assignee shall pay to the party assignor the reasonable salvage value of the latter's interest in any wells and equipment on the assigned Any assignment or surrender made under this provision shall not reduce or change the assignor's or surrendering parties' interest, as it was immediately before the assignment, in the balance of the Unit Area and the acreage assigned or surrendered, and subsequent operations thereof, shall not thereafter be subject to the terms and provisions of this Agreement.
Sample 1
Surrender of Leases. Tenant, effective on October 1, 2003 is the “Tenant” under the following defined leases (“Surrendered Leases”) covering the specified leased spaces (“Surrendered Premises”) in the Xxxxx Building and U.S. Trust Building (formerly the Peavey Building): • Lease of Office Space, dated July 1996 between One Call TeleCom, Inc. and St. Xxxx Properties, Inc, as amended by Amendment of Lease, dated May 15, 1997 and Second Amendment of Lease, dated October 15, 1998 and assigned to Eschelon Telecom, Inc. (successor in interest to Advanced Telecommunications, Inc.) by Assignment of Lease, dated August 18, 1998, covering 7,277 square feet on the twelfth floor of the Xxxxx Building. • Lease of Office Space, dated September 15, 1997 between Eschelon Telecom, Inc (successor in interest to Advanced Telecommunications, Inc.) and St. Xxxx Properties, Inc. as amended by Amendment of Lease, dated October 5, 1998 and Partial Surrender of Lease, dated April 21, 2000, covering 6,262 square feet on the twelfth floor of the U.S. Trust Building. • Lease of Additional Office Space, dated November 24, 1999 between Eschelon Telecom, Inc. (successor in interest to Advanced Telecommunications, Inc.) and St. Xxxx Properties, Inc., covering 6,977 square feet on the ninth floor of the Xxxxx Building. • Lease of Additional Office Space, dated December 28,1999 between Eschelon Telecom, Inc. (successor in interest to Advanced Telecommunications, Inc.) and St. Xxxx Properties, Inc., covering 7,139 square feet on the third floor of the Xxxxx Building. • Lease of Additional Office Space, dated April 20, 2000 between Eschelon Telecom, Inc. (successor in interest to Advanced Telecommunications, Inc.) and St. Xxxx Properties, Inc., covering 6,449 square feet on the sixth and seventh floors of the Xxxxx Buildings. • Lease of Additional Office Space, dated April 21, 2000 between Eschelon Telecom, Inc (successor in interest to Advanced Telecommunications, Inc,) and St. Xxxx Properties, Inc., as amended by Partial Surrender of Office Space Lease, dated November 19, 2002, covering 4,818 square feet on the fifth floor of the Xxxxx Building. • Lease of Additional Office Space, dated September 8, 2000 between Eschelon Telecom, Inc. and St. Xxxx Properties, Inc., covering 1,002 square feet on the sixth floor of the Xxxxx Building. • Lease of Additional Office Space, dated October 15, 2000 between Eschelon Telecom, Inc. and St. Xxxx Properties, Inc., covering 348 square feet on the seventh floor of the Xxxxx ...
Sample 1
Surrender of Leases 
Sample 1

Related to Surrender of Leases

  • SURRENDER OF LEASE The voluntary or other surrender of this Lease by Lessee, or a mutual cancellation thereof, shall not work a merger, and shall, at the option of Lessor, terminate all or any existing subleases or sub tenancies, or may, at the option of Lessor, operate as an assignment to him of any or all such subleases or sub tenancies.

  • Surrender of Leased Premises Upon any termination of this Lease, whether by lapse of time, cancellation pursuant to an election provided for herein, forfeiture, or otherwise, Tenant shall immediately surrender possession of the Leased Premises and all buildings and improvements on the same to Landlord in good and tenantable repair, reasonable wear and damage from fire or other casualty or peril excepted, and shall surrender all keys for the Leased Premises to Landlord at the place then fixed for the payment of rent and shall inform Landlord of all combinations of locks, safes and vaults, if any, in the Leased Premises. At any time during the ten (10) days before the termination date of this Lease, Tenant, if not in default hereunder at such time, shall have the right to remove, and at the end of the term, if directed to do so by Landlord, shall remove from the Leased Premises all furniture, furnishings, signs, and equipment then installed or in place in, on or about the Leased Premises; provided, however, Tenant shall, and it covenants and agrees to, make all repairs to the Leased Premises required because of such removal. If any of such property shall remain on the Leased Premises after the end of the term hereof, such property shall be and become the property of Landlord without any claim therein of Tenant. Landlord may direct Tenant to remove such property, in which case Tenant Upon termination of this Lease, Tenant shall peaceably surrender the Leased Premises, including all fixtures and tenant improvements, in a neat and broom clean condition, and Tenant shall repair any holes or openings made by Tenant in the walls, roof or floor of the building, remove any protuberance and perform any maintenance or repairs required of Tenant by this Lease. If directed to do so by Landlord, Tenant shall also remove any improvements, additions or alterations made to the Leased Premises by Tenant even though such improvements by the terms of this Lease become a part of the Leased Premises.

  • Surrender of Premises No act or thing done by Landlord or any agent or employee of Landlord during the Lease Term shall be deemed to constitute an acceptance by Landlord of a surrender of the Premises unless such intent is specifically acknowledged in writing by Landlord. The delivery of keys to the Premises to Landlord or any agent or employee of Landlord shall not constitute a surrender of the Premises or effect a termination of this Lease, whether or not the keys are thereafter retained by Landlord, and notwithstanding such delivery Tenant shall be entitled to the return of such keys at any reasonable time upon request until this Lease shall have been properly terminated. The voluntary or other surrender of this Lease by Tenant, whether accepted by Landlord or not, or a mutual termination hereof, shall not work a merger, and at the option of Landlord shall operate as an assignment to Landlord of all subleases or subtenancies affecting the Premises or terminate any or all such sublessees or subtenancies.

  • Construction of Lease This Lease has been prepared by Landlord and its professional advisors and reviewed by Tenant and its professional advisors. Landlord, Tenant, and their advisors believe that this Lease is the product of all their efforts, that it expresses their agreement, and agree that it shall not be interpreted in favor of either Landlord or Tenant or against either Landlord or Tenant merely because of their efforts in preparing it.

  • Execution of Lease This Lease may be executed in counterparts and, when all counterpart documents are executed, the counterparts shall constitute a single binding instrument. Landlord's delivery of this Lease to Tenant shall not be deemed to be an offer to lease and shall not be binding upon either party until executed and delivered by both parties.

  • Use of Leased Property Xxxxxx agrees to use the Leased Property only as residence. Xxxxxx agrees to obey all federal, state and local laws and regulations when using the Leased Property. Xxxxxx agrees not to store any flammable or dangerous things in or around the Leased Property. Xxxxxx agrees not to do anything in or around the Leased Property, which could harm anyone or damage any property. Xxxxxx agrees that Tenant will not allow more than one person per bedroom to live in the Leased Property without the written permission of Landlord. The fact that Tenant may have conflict with a roommate will not act as grounds to terminate this Lease. In the event that Xxxxxx is arrested for or charged with any crime (other than a traffic related offense not involving illegal or controlled substances) during the term of the Lease, and/or Landlord is presented with evidence of activities of Tenant which shall constitute a nuisance or a threat to Landlord, other tenants, the Leased Property or the development, Landlord shall have the right to evict Tenant from the Leased Property.

  • Assignment of Leases The Assignment of Leases creates a valid assignment of, or a valid security interest in, certain rights under the Leases, subject only to a license granted to Borrower to exercise certain rights and to perform certain obligations of the lessor under the Leases, including the right to operate the Property. No Person other than Lender has any interest in or assignment of the Leases or any portion of the Rents due and payable or to become due and payable thereunder.

  • DEMISE OF LEASED PREMISES Landlord hereby leases to Tenant and Tenant hereby leases from Landlord for Tenant’s own use in the conduct of Tenant’s business and not for purposes of speculating in real estate, for the Lease Term and upon the terms and subject to the conditions of this Lease, that certain interior space described in Article 1 as the Leased Premises, reserving and excepting to Landlord the right to fifty percent (50%) of all assignment consideration and excess rentals as provided in Article 7 below. Tenant’s lease of the Leased Premises, together with the appurtenant right to use the Outside Areas as described in Paragraph 2.2 below, shall be conditioned upon and be subject to the continuing compliance by Tenant with (i) all the terms and conditions of this Lease, (ii) all Laws and Restrictions governing the use or occupancy of the Leased Premises and the Property, (iii) all easements and other matters now of public record respecting the use of the Leased Premises and Property, and (iv) all reasonable rules and regulations from time to time established by Landlord.

  • Condition of Leased Property Tenant acknowledges receipt and delivery of possession of the Leased Property and Tenant accepts the Leased Property in its “as is” condition, subject to the rights of parties in possession, the existing state of title, including all covenants, conditions, restrictions, reservations, mineral leases, easements and other matters of record or that are visible or apparent on the Leased Property, all applicable Legal Requirements, the lien of any financing instruments, mortgages and deeds of trust existing prior to the Commencement Date or permitted by the terms of this Agreement, and such other matters which would be disclosed by an inspection of the Leased Property and the record title thereto or by an accurate survey thereof. TENANT REPRESENTS THAT IT HAS INSPECTED THE LEASED PROPERTY AND ALL OF THE FOREGOING AND HAS FOUND THE CONDITION THEREOF SATISFACTORY AND IS NOT RELYING ON ANY REPRESENTATION OR WARRANTY OF LANDLORD OR LANDLORD’S AGENTS OR EMPLOYEES WITH RESPECT THERETO AND TENANT WAIVES ANY CLAIM OR ACTION AGAINST LANDLORD IN RESPECT OF THE CONDITION OF THE LEASED PROPERTY. LANDLORD MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IN RESPECT OF THE LEASED PROPERTY OR ANY PART THEREOF, EITHER AS TO ITS FITNESS FOR USE, DESIGN OR CONDITION FOR ANY PARTICULAR USE OR PURPOSE OR OTHERWISE, AS TO THE QUALITY OF THE MATERIAL OR WORKMANSHIP THEREIN, LATENT OR PATENT, IT BEING AGREED THAT ALL SUCH RISKS ARE TO BE BORNE BY TENANT. To the maximum extent permitted by law, however, Landlord hereby assigns to Tenant all of Landlord’s rights to proceed against any predecessor in interest or insurer for breaches of warranties or representations or for latent defects in the Leased Property. Landlord shall fully cooperate with Tenant in the prosecution of any such claims, in Landlord’s or Tenant’s name, all at Tenant’s sole cost and expense. Tenant shall indemnify, defend, and hold harmless Landlord from and against any loss, cost, damage or liability (including reasonable attorneys’ fees) incurred by Landlord in connection with such cooperation.

  • TERM OF LEASE This Lease shall commence on the date of ________ and shall continue until its natural termination under this part on the date of ________ at 11:59 PM. After the date of termination, this Lease shall automatically renew and shall continue for the same term amount until Landlord or Tenant undertake cancellation of this Lease in writing. At the expiration of this Lease, Tenant shall be responsible for providing a forwarding address to Landlord to receive any funds owed or other notices.

Time is Money Join Law Insider Premium to draft better contracts faster.