What are the legal consequences if a party agrees to surrender a lease with another party?
Saskatchewan, Canada
The following excerpt is from Masai Minerals Limited v. Heritage Resources Ltd., 1979 CanLII 2240 (SK QB):
Paragraphs 4 and 5 of the head document, which I have quoted, have, I would think, these legal consequences: In the event that the royalty owner knows that the other party is about to surrender the lease then, of course, the royalty owner would have an action in specific performance or damages and perhaps injunction: see Can. Long Island and Sadim v. Irving Indust., 1974 CanLII 190 (SCC), [1975] 2 S.C.R. 715, [1974] 6 W.W.R. 384, 50 D.L.R. (3d) 265. But once the lease has been surrendered the royalty owner’s rights to royalty are gone and he would be limited to an action in damages against the other party.
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