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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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MRS CLITTERUS
JumpySubsequentDolphin
17:17
I’ve barely gotten through chromakopia I can’t deal with another album drop rn
JumpySubsequentDolphin
17:17
this is so stressful
wait but actually is there no wave today
i dont really like chromakopia that much i also havent gotten thru it
JumpySubsequentDolphin
17:18
idk splitty :(
if there's no gtown today that would be so cruel
surely gtown 12 minutes from now
I'm a chromokopia fan, but I don't like Tyler outside of that album
theres the spirit!!
JumpySubsequentDolphin
17:18
@SplitterusClitterus: did you like cmiygl? that’s one of my all time fave albums
Kind of a controversial take. I like experimental albums a lot
babycat
17:19
liking chromakopia and not Tyler's other stuff is crazy to me
JumpySubsequentDolphin
17:19
perhaps im biased bc i saw him live when he performed cmiygl for the first time
i think it is a controverisal take and i usually do too, i also think im giving an opinion too early cuz i habvent finished it at all
yeah seeing him live prob makes it a million times better
Thought I was dead is great raps
2024 such a great year for rap
JumpySubsequentDolphin
17:21
i like noid
even outside the beef. Noid is great too
JumpySubsequentDolphin
17:22
boogies album was the worst ever
JumpySubsequentDolphin
17:22
and i LOVE boogie
JumpySubsequentDolphin
17:23
like i would do anything for one chance w that man but better off alone and me vs myself were both not good
He's never really been my style tbh
shaquilleoatmeal
17:43
went to eat - did anyone guess the bowl lmao
shaquilleoatmeal
17:43
ooo yall were too busy with that kendrick shit
shaquilleoatmeal
17:45
put me on - whats the first song on the album thats heat
babycat
17:45
I don’t know sweetgreen like that because I’m not part of the PMC. your legs looked super tan though
hey now is my favorite
peekaboo, squabble up, tv off and gnx good too. Heart pt 6 and reincarnated for straight lyricism
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