▇▇▇▇▇ Proposed for Abandonment Sample Clauses

▇▇▇▇▇ Proposed for Abandonment. If Lessee elects to permanently abandon any well drilled by Lessee on the Property, Lessee shall first provide Landowner with notice of the proposed abandonment, a reasonable opportunity to review the associated well log, water right of use and pumping files, inspect and/or test the well. Within a reasonable time thereafter (but not more than 30 days after the Lessee notifies Landowner of its intent to abandon such well), Landowner shall have the option of requiring Lessee to assign, convey and transfer any interest Lessee has in such well and any associated water rights of use to Landowner, provided that any such assignment shall not reduce the water rights of the Lessee. Any well acquired by Landowner pursuant to this Section shall be acquired as is. Lessee agrees to assign, transfer or convey any right, title or interest in the well without payment by Landowner. Upon acquisition, Landowner agrees to assume all obligations, legal or otherwise, arising from ownership of the well (including, without limitation, satisfying all applicable legal requirements with respect to the ownership, operation and abandonment of the well, including replacing any bonds or other security provided to any applicable governmental agency to support the Lessee’s abandonment obligations with respect to such well), and to indemnify and hold Lessee harmless from and against all such obligations, claims and liabilities arising therefrom. If Landowner fails to exercise its option for assignment, conveyance or transfer of a well pursuant to this Section 2.4.1 within a reasonable time (but not more than 30 days after the Lessee notifies Landowner of its intent to abandon such well), Landowner will agree to the abandonment and Lessee shall plug such well at the bottom of the surface casing according to the requirements of all applicable Governmental Regulations in order to prevent contamination of freshwater bearing formations.