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