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Simple English definitions for legal terms

no-term lease

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A quick definition of no-term lease:

A no-term lease is a type of agreement in the oil and gas industry where the lessee can extend the lease indefinitely by paying delay rentals. This means that there is no set end date for the lease, and it can continue as long as the lessee continues to pay the required fees. However, some courts have questioned the validity of these leases, and some have required the lessee to either test or release the lease within a reasonable time.

A more thorough explanation:

A no-term lease is a type of mineral lease used in the oil and gas industry. It includes a drilling-delay rental clause that allows the lessee to extend the primary term of the lease indefinitely by paying delay rentals.

For example, if a company leases a piece of land for oil drilling and the lease includes a no-term clause, the company can continue to hold the lease as long as they pay the delay rentals. This means that the lease has no set expiration date.

However, some courts have refused to enforce no-term leases because they create a mere estate at will, which can be terminated at any time by either the lessor or the lessee. Other courts have upheld them, but with the stipulation that the lessee has an obligation to either test or release the lease within a reasonable time.

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Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
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