Utah Admin. Code R652-21-803 - Term
The Operations Royalty Agreement shall remain in effect for a term of ten years commencing on the first day of the month following the execution date, and subject to any existing valid rights in said land, and shall automatically renew for consecutive terms, unless either party gives notice at least six months before the expiration of the Operations Royalty Agreement of their intent to terminate such agreement. The Final Royalty Rate may be renegotiated prior to the lapse of the final year of the term. The Operations Royalty Agreement may not be held by production.
Notes
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