Or. Admin. R. 141-071-0595 - Term of Lease; Renewal

(1) Mineral leases shall have a primary term of ten years, commencing with the date of execution.
(2) If royalties from minerals produced during any year of the primary term or a succeeding ten-year term equal or exceed twice the annual rental due under the lease, the lessee may renew for successive ten-year periods up to a maximum of 50 years.
(3) In no event shall a lease continue beyond the period of 50 years from the date of execution, except that the lessee shall have a right of first refusal in the event that the Division decides to continue leasing the premises.

Notes

Or. Admin. R. 141-071-0595
LB 44, f. & ef. 8-16-77

Stat. Auth.: ORS 273

Stats. Implemented: ORS 273 .780 - ORS 273 .790

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