Minimum Royalty. Commencing with the eleventh lease year of this lease Lessee shall pay Lessor an annual minimum royalty, in advance, on or before the Effective Date and each anniversary thereof. The advance annual minimum royalty shall be in the amount of $5.00 per acre. Lessee may credit each lease-year’s minimum royalty payment against actual production royalties accruing during that lease year, but such credit shall not carry over beyond the lease year in which the advance royalty was paid. Minimum royalties may not be credited against the annual rentals or bonus bids.
Appears in 5 contracts
Samples: Geothermal Energy Lease, Geothermal Energy Lease (Raser Technologies Inc), Geothermal Energy Lease (Raser Technologies Inc)
Minimum Royalty. Commencing with the eleventh lease 11th year of this lease Lessee shall pay Lessor an annual minimum royalty, in advance, on or before the Effective Date and each anniversary thereof. The advance annual minimum royalty shall be in the amount of $5.00 per acre1920.00 (three times the annual rent). Lessee may credit each lease-lease year’s minimum royalty payment against actual production royalties accruing during that lease year, but such credit shall not carry over beyond the lease year in which the advance royalty was paid. Minimum royalties may not be credited against the annual rentals or bonus bids.. 3.5
Appears in 1 contract
Samples: Mineral Lease (Boxwoods, Inc)
Minimum Royalty. Commencing with the eleventh lease N/A year of this lease Lessee shall pay Lessor an annual minimum royalty, in advance, on or before the Effective Date and each anniversary thereof. The advance annual minimum royalty shall be in the amount of $5.00 per acre. N/A. Lessee may credit each lease-year’s minimum royalty payment against actual production royalties accruing during that lease year, but such credit shall not carry over beyond the lease year in which the advance royalty was paid. Minimum royalties may not be credited against the annual rentals or bonus bids.
Appears in 1 contract
Minimum Royalty. Commencing with the eleventh lease n/a year of this lease Lessee shall pay Lessor an annual minimum royalty, in advance, on or before the Effective Date and each anniversary thereof. The advance annual minimum royalty shall be in the amount of $5.00 per acre. $ n/a. Lessee may credit each lease-year’s minimum royalty payment against actual production royalties accruing during that lease year, but such credit shall not carry over beyond the lease year in which the advance royalty was paid. Minimum royalties may not be credited against the annual rentals or bonus bids.
Appears in 1 contract
