Oil and Gas Leases. The Leases which constitute any part of the Borrowing Base Oil and Gas Properties are in full force and effect as to those portions thereof that comprise the Borrowing Base Oil and Gas Properties, except to the extent the failure to be in full force and effect could not reasonably be expected to have a Material Adverse Effect.
Oil and Gas Leases. Notwithstanding anything to the contrary contained in this Lease, Lessor shall have the right at any time or from time to time to execute oil, gas or mineral leases with respect to the Premises; provided, that neither Lessor nor said mineral lessee shall have the right, without prior written consent of Lessee, to enter upon the surface of the Premises or the upper 500 feet thereof to explore for, produce, or extract oil, gas or other minerals. All oil, gas or mineral leases hereafter executed by Lessor with respect to the Premises shall contain a provision making the lessee therein primarily liable to Lessor and Lessee, as their respective interests may appear, for all damages to livestock, crops, vines, trees, fences, roads, ditches, buildings and other improvements on the Premises, caused by said lessee's operations thereon. Lessor hereby agrees to indemnify and hold harmless Lessee from and against all such damages.
Oil and Gas Leases. All right, title and interest in the following Oil and Gas Leases: LEASE NO: G221501 LEASE DATE: 6/1/26 LESSOR: Xxx X. Xxxxxx Xxxxxx, et vir LESSEE: Xxxx. X. Xxxxx RECORDED: Book 4, Page 227, Oil and Gas Lease Records DESCRIPTION: Township 00 Xxxxx, Xxxxx 00 Xxxx, XXXX, Xxx Xxxxxx, Xxx Xxxxxx Section 24: E/2 SW/4 and W/2 SE/4, containing 160 acres, more or less LEASE NO: G221519 LEASE DATE: 5/24/26 LESSOR: Xxxxx X. Xxxxxxxx, a widow LESSEE: Xxxx. X. Xxxxx RECORDED: Book 4, Page 251 DESCRIPTION: Township 00 Xxxxx, Xxxxx 00 Xxxx, XXXX, Xxx Xxxxxx, Xxx Xxxxxx Section 25: NW/4, containing 160 acres, more or less LEASE NO: G221520 LEASE DATE: 6/1/26 LESSOR: Xxxx X. Xxxxxx, a widow LESSEE: Xxxx. X. Xxxxx RECORDED: Book 4, Page 261 DESCRIPTION: Township 00 Xxxxx, Xxxxx 00 Xxxx, XXXX, Xxx Xxxxxx, Xxx Xxxxxx Section 13: SW/4, containing 160 acres, more or less LEASE NO: G221537 LEASE DATE: 8/1/45 LESSOR: United States of America (LC-063965) LESSEE: Xxxxxxxx Petroleum Company RECORDED: Not Recorded DESCRIPTION: Township 00 Xxxxx, Xxxxx 00 Xxxx, XXXX, Xxx Xxxxxx, Xxx Xxxxxx Section 24: E/2 SE/4, containing 80 acres, more or less LEASE NO: NM225157-a LEASE DATE: 1/16/45 LESSOR: Xxxxxxx Xxxxxx, et al LESSEE: Xxxxxxxxxx & Xxxxx, Inc. RECORDED: Book 58, Page 103 DESCRIPTION: Township 00 Xxxxx, Xxxxx 00 Xxxx, XXXX, Xxx Xxxxxx, Xxx Xxxxxx Section 18: N/2 NE/4, containing 80 acres, more or less LEASE NO: NM225157-b LEASE DATE: 1/16/45 LESSOR: X. X. Xxxxx, et al LESSEE: Xxxxxxxxxx & Xxxxx, Inc. RECORDED: Book 58, Page 107 DESCRIPTION: Township 00 Xxxxx, Xxxxx 00 Xxxx, XXXX, Xxx Xxxxxx, Xxx Xxxxxx Section 18: N/2 NE/4, containing 80 acres, more or less LEASE NO: NM225157-c LEASE DATE: 7/7/45 LESSOR: Western Gas Company LESSEE: Xxxxxxxxxx & Xxxxx, Inc. RECORDED: Book 58, Page 136 DESCRIPTION: Township 00 Xxxxx, Xxxxx 00 Xxxx, XXXX, Xxx Xxxxxx, Xxx Xxxxxx Section 18: N/2 NE/4, containing 80 acres, more or less LEASE NO: NM225158-a LEASE DATE: 3/2/39 LESSOR: Xxxxxx Xxxx, a widow LESSEE: Xxx X. Xxxxxx RECORDED: Book 35, Page 474 DESCRIPTION: Township 00 Xxxxx, Xxxxx 00 Xxxx, XXXX, Xxx Xxxxxx, Xxx Xxxxxx Section 24: SW/4 NE/4, E/2 NE/4, S/2 NW/4 NE/4, containing 140 acres, more or less LEASE NO: NM225158-b LEASE DATE: 3/2/39 LESSOR: Xxxxxxx Xxxxxxxxxx, et vir LESSEE: Xxx X. Xxxxxx RECORDED: Book 35, Page 481 DESCRIPTION: Township 00 Xxxxx, Xxxxx 00 Xxxx, XXXX, Xxx Xxxxxx, Xxx Xxxxxx Section 24: SW/4 NE/4, E/2 NE/4, S/2 NW/4 NE/4, containing 140 acres, more or less LEASE NO: NM2251...
Oil and Gas Leases. The Leases which constitute any part of the Oil and Gas Properties are in full force and effect as to those portions thereof that comprise the Oil and Gas Properties, except to the extent the failure to be in full force and effect could not reasonably be expected to have a Material Adverse Effect.
Oil and Gas Leases. 9.8.1 The Buyer may declare the title to the Premises unmarketable if it is reasonably determined by the Buyer that there is an oil and gas lease affecting the Premises, unless the Seller has complied with Section 5.2 or any of the following are true: (1) the Premises have been fully released from the lease by recorded instrument signed by the lessee (a mere release of surface rights shall not be sufficient for purposes of this exception); (2) the lease has been terminated of record by the lessee; or (3) the landowner has canceled the lease in accordance with New York General Obligations Law Section 15- 304.
Oil and Gas Leases. The Leases which constitute any part of the Borrowing Base Oil and Gas Properties are in full force and effect as to those portions within the Borrowing Base Oil and Gas Properties, are valid, subsisting leases as to those portions within the Borrowing Base Oil and Gas Properties to which they pertain and all rentals, royalties and other amounts due and payable in accordance with the terms of the Leases as to those portions within the Borrowing Base Oil and Gas Properties, overriding royalties, net profits or other production burdens have been duly paid or provided for; the obligations to be performed under the Leases as to those portions within the Borrowing Base Oil and Gas Properties have been duly performed; and none of the Borrowers is aware of any default by any third party under any of the Leases with respect to such third party’s obligations.
Oil and Gas Leases. To Seller’s Knowledge:
(i) The Leases included in the Assets have been maintained according to their terms, in compliance with the agreements to which the Leases are subject;
(ii) Other than governmental approvals or consents, there are no third party consent required to be obtain to permit Seller to transfer or assign the Leases to Buyer; and
Oil and Gas Leases. (i) Each Oil and Gas Lease, and other interest described in Schedule I is valid and subsisting and in full force and effect, insofar as it covers or relates to the interests in land referred to or described in Schedule I as covered thereby; and (ii) all material agreements, contracts, leases, permits, easements, rights-of-way, and other surface use rights necessary to own, maintain and operate such Oil and Gas Leases are in full force and effect and no material breach or default exists under any of such leases, agreements, contracts, permits, easements, rights-of-way or other rights.
Oil and Gas Leases. Notwithstanding anything to the contrary contained in this Lease, Lessor reserves unto itself and its successors and assigns the exclusive right at any time or from time to time to execute mineral leases for the extraction of oil, gas and other minerals with respect to the Premises for the mining, development, removal and marketing of such oil, gas and other minerals. With respect to any such oil, gas or mineral lease: (i) all oil, gas or mineral leases hereafter executed by Lessor with respect to the Premises shall contain a provision making Lessor and the lessee therein jointly and severally liable to Lessee for all damages to Lessee's livestock, crops, vines, trees, fences, roads, ditches, buildings, irrigation systems, and other improvements on the Premises, caused by said lessee's operations on or under the Premises; (ii) the Base Rent shall be appropriately reduced for acreage adversely affected by such activities;
Oil and Gas Leases. This lease is subject and subordinate to a certain oil and, gas lease affecting the Premises, dated August 8, 1973, taken by Getty Oil Company, a Delaware corporation, as lessee, recorded August 24, 1973, on Reel 866, at Page 930, and re-recorded August 29, 1973, on Reel 867, at Page 823, Official Records of Monterey County, California; said lessee's interest therein was subsequently assigned to and is now held by Husky Oil Company of Delaware, a corporation. Notwithstanding anything to the contrary contained in this lease, Lessors shall have the right at any time or from time to time to execute other oil, gas or mineral leases with respect to the Premises (or to extend the existing oil and gas lease held by Husky Oil Company of Delaware); provided, that neither Lessors nor said mineral lessee shall have the right, without the prior written consent of the Lessee, to enter upon 'the surface of the Premises or the upper 500 feet thereof to explore for, produce, or extract oil, gas or other minerals. All oil, gas or mineral leases hereafter executed by Lessors with respect to the Premises shall contain a provision making the lessee therein primarily liable to Lessors and Lessee, as their respective interests may appear, for all damages to livestock, crops, vines, trees, fences, roads, ditches, buildings and other improvements on the Premises, caused by said lessee's operations thereon. Lessors hereby agree to indemnify and hold harmless the Lessee from and against all such damages.
