BONUS BID. Lessee agrees to pay Lessor an initial bonus bid in the sum of $7,185.00 dollars as partial consideration for Lessor’s issuance of this Lease, payable in cash prior to execution of this lease. The initial bonus bid may not be credited against annual rentals, annual minimum royalties or production royalties accruing pursuant to this lease.
BONUS BID. Lessee agrees to pay Lessor, an initial bonus bid in the sum of $3,545,714.00 as partial consideration for Lessor’s issuance of this Lease, payable in five equal annual installments of $709,142.80. The first annual installment shall be due with Lessee’s application to lease and the unpaid ML 51192-OBA-COAL balance of the bonus bid shall be paid in equal installments on or before the next four successive anniversaries of the Effective Date of the lease. The bonus bid shall not bear interest; provided, however, that if this Lease is relinquished or otherwise terminated prior to the payment in full of the bonus bid, or if Lessee fails to make any bonus bid payment when due, the entire unpaid balance of the bonus bid shall immediately become due without regard to such relinquishment or termination, and such balance shall thereafter bear interest as provided in paragraph 16.2, Interest. Lessor may require Lessee to submit a bond or other sufficient surety to secure Lessee’s obligation to pay the unpaid balance of the bonus bid. The initial bonus bid may not be credited against any other bonus payments, annual rentals or royalties accruing under the lease.
BONUS BID. Xxxxxx agrees to pay Lessor an initial bonus bid in the sum of $00.00 dollars as partial consideration for Xxxxxx’s issuance of this Lease, payable in cash prior to execution of this lease. The initial bonus bid may not be credited against annual rentals, annual minimum royalties or production royalties accruing pursuant to this lease.
BONUS BID. Lessee agrees to pay Lessor an initial bonus bid in the sum of $1,184.15 dollars as partial consideration for Lessor’s issuance of this Lease, payable in cash prior to execution of this lease. The initial bonus bid may not be credited against annual rentals, annual minimum royalties or production royalties accruing pursuant to this lease. Generic Mineral Lease Form 6/22/05 Page No. 5 5. RENTALS/MINIMUM RENTALS. Lessee agrees to pay Lessor an annual rental of $4.00 for each acre and fractional part thereof within the Leased Premises; provided however, the minimum annual rental required by this lease shall be $500.00 irrespective of acreage. Lessee shall promptly pay annual rentals each year in advance on or before the anniversary date of the Effective Date. The rental payment for a mineral lease year may be credited against production royalties only as they accrue for that lease year. The Lessee may not credit rentals paid for one lease year against production royalties accruing to another lease year. Rental payments may not be credited against minimum royalties or bonus bids accruing to any lease year.
BONUS BID. Lessee agrees to pay Lessor, an initial bonus bid in the sum of Four Million, Three Hundred and Twenty Thousand Dollars ($4,320,000.00) as partial consideration for Lessor’s issuance of this Lease, payable in seven equal annual installments of $617,142.86 commencing on the Effective Date. The unpaid balance of the bonus bid shall not bear interest; provided, however, that if this Lease is relinquished or otherwise terminated prior to the payment in full of the bonus bid, or if Lessee fails to make any bonus bid payment when due, the entire unpaid balance of the bonus bid shall immediately become due without regard to such relinquishment or termination, and such balance shall thereafter bear interest as provided in paragraph 16.2, Interest. Lessor may require Lessee to submit a bond or other sufficient surety to secure Lessee’s obligation to pay the unpaid balance of the bonus bid. The bonus bid may not be credited against any other bonus payments, annual rentals or royalties accruing under the lease.
BONUS BID. Lessee agrees to pay Lessor, an initial bonus bid in the sum of One Million dollars ($1,000,000.00) as partial consideration for Lessor’s issuance of this Lease, payable in four equal annual installments of $100,000.00 followed by five equal annual installments of $120,000.00 commencing on the Effective Date. The unpaid balance of the bonus bid shall not bear interest; provided, however, that if this Lease is relinquished or otherwise terminated prior to the payment in full of the bonus bid, or if Lessee fails to make any bonus bid payment when due, the entire unpaid balance of the bonus bid shall immediately become due without regard to such relinquishment or termination, and such balance shall thereafter bear interest as provided in paragraph 16.2, Interest. Lessor may require Lessee to submit a bond or other sufficient surety to secure Lessee’s obligation to pay the unpaid balance of the bonus bid. The initial bonus bid may not be credited against any other bonus payments, annual rentals or royalties accruing under the lease. In addition to the initial bonus bid of $1,000,000.00, Lessee agrees to pay Lessor a deferred bonus equal to 1.5% of the value of all coal severed and removed from the Leased Premises in excess of six million tons of coal. Lessee shall not be obligated to pay the deferred bonus on the first six million tons of coal mined and removed from the Leased Premises. The value of coal for the purposes of calculating deferred bonus payments shall be determined pursuant to the provisions of Article 6, ROYALTIES. Lessee shall notify Lessor when six million tons of coal have been severed and removed from the Leased Premises, and thereafter shall submit deferred bonus payments at the time the production royalties are submitted, clearly identified on royalty reporting documents as deferred bonus payments.
