Surface Interest definition
Examples of Surface Interest in a sentence
Sellers have not received notice of any action to terminate, cancel, rescind or procure judicial reformation of any such Surface Interest from any party to any such Surface Interest (or successor to the interest of any such party), and, to Sellers’ Knowledge, no such action has been threatened.
ExxonMobil has notified DRI prior to the date hereof that the holder of the preferential purchase right as more particularly described on Schedule 5.9-XTO to the Exchange Agreement has elected to exercise his or her preferential purchase right with respect to a certain parcel contained in the Surface Interest (the “PPR Parcel”).
Each Surface Interest is (a) not subject to any term limits or (b) subject to term limits that are renewable or extendable with the payment of fees reasonably expected to be equal to or less than One Hundred Thousand Dollars ($100,000).
Solely for the purposes of this Agreement, Buyer and Seller have allocated the Base Purchase Price among the ▇▇▇▇▇, Pipelines and Deeded Surface Interests as set forth on Exhibit N, with no Well, Pipeline or Deeded Surface Interest allocated a negative value.
Subject to Section 7.3 of the Exchange Agreement, in connection with such exercise, (a) the PPR Parcel is being excluded from the Surface Interest transferred to DRI by ExxonMobil pursuant to the Deed and (b) the Second Closing Additional Consideration will be adjusted by an amount equal to the number of surface acres to which such preferential purchase right applies multiplied by $5,000 per acre, in accordance with Section 3.1 of the Exchange Agreement and Section 2.3(c)(i) hereof.
Seller has not received notice of any action to terminate, cancel, rescind or procure judicial reformation of any such Surface Interest from any party to any such Surface Interest (or successor to the interest of any such party), and, to Seller’s Knowledge, no such action has been threatened.
To Contributor’s Knowledge (i) each Surface Interest owned or held by Contributor is legal, valid, binding, enforceable and in full force and effect, (ii) Contributor is not in breach of or default under any such Surface Interest and (iii) no event has occurred or circumstances exist that, with the delivery of notice, the passage of time or both, would constitute such breach or default or permit the termination of any such Surface Interest.