§ 585.435. How can I relinquish a lease or a grant or parts of a lease or grant?
133 words·~1 min read·
/us/cfr/t30/s§ 585.435·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)You may surrender a lease or grant, or a designated subdivision thereof, by filing with BOEM a properly completed official relinquishment form available on the BOEM website. A relinquishment takes effect on the date BOEM receives your completed form, subject to the continued obligation of the lessee or grant holder and the surety to:
(1)Make all payments due on the lease or grant, including any accrued rent and deferred bonuses;
(2)Decommission all facilities on the relinquished lease or grant (or portion thereof) to BSEE's satisfaction; and
(3)Perform any other outstanding obligations under the lease or grant.
(b)After you submit a completed relinquishment form for a lease or grant, ONRR will bill you for any outstanding payments that have accrued from obligations arising under the relinquished lease or grant.