Common use of RECLASSIFICATION OF LAND UNDER LEASE Clause in Contracts

RECLASSIFICATION OF LAND UNDER LEASE. 1. The Lessee understands and agrees that the Lessor may at any time prior to the start of actual drilling operations, reclassify this Lease as “nondevelopment” as defined in 1981 AACS, R 299.8101. In the event of such reclassification, the Lessee agrees that its sole remedy, to the exclusion of any other at law or in equity, is to surrender this Lease or a portion thereof to the Lessor in exchange for a refund of all bonus and rental payments made by the Lessee attributable to the Lease or portion thereof surrendered. Where the land subject to this Lease is reclassified as “nondevelopment”, the Lessee at its option may be entitled to a refund equal to the difference between the average per-acre bonus paid for State development leases and for State nondevelopment leases at the same sale in the same vicinity if said nondevelopment leases were sold for less than the development lease. Upon surrender, the Lessee shall execute and deliver to the Register of Deeds a proper and sufficient release of the Lessee's rights as set forth in Section K(1).

RECLASSIFICATION OF LAND UNDER LEASE. 1. The Lessee understands and agrees that the Lessor may at any time prior to the start of actual drilling operations, reclassify this Lease lease as “nondevelopment” as defined in 1981 AACS, R 299.8101. In the event of such reclassification, the Lessee agrees that its sole remedy, to the exclusion of any other at law or in equity, is to surrender this Lease lease or a portion thereof to the Lessor in exchange for a refund of all bonus and rental payments made by the Lessee attributable to the Lease lease or portion thereof surrendered. Where the land subject to this Lease lease is reclassified as “nondevelopment”, the Lessee at its option may be entitled to a refund equal to the difference between the average per-acre bonus paid for State state development leases and for State state nondevelopment leases at the same sale in the same vicinity if said nondevelopment leases were sold for less than the development lease. Upon surrender, the Lessee shall execute and deliver to the Register of Deeds a proper and sufficient release of the Lessee's rights as set forth in Section K(1)rights.

RECLASSIFICATION OF LAND UNDER LEASE. 1. The Lessee understands and agrees that the Lessor may at any time prior to the start of actual drilling operationsan approved development plan, reclassify this Lease lease as “nondevelopment” as defined in 1981 AACS, R 299.8101as “a lease that does not allow any use of the land surface for development”. In the event of such reclassification, the Lessee agrees that its sole remedy, to the exclusion of any other at law or in equity, is to surrender this Lease lease or a portion thereof to the Lessor in exchange for a refund of all bonus and rental payments made by the Lessee attributable to the Lease lease or portion thereof surrendered. Where the land subject to this Lease the lease is reclassified as “nondevelopment”, the Lessee Lessee, at its option option, may be entitled to a refund equal to the difference between the average per-per acre bonus paid for State state development leases and for State state nondevelopment leases at the same sale time of leasing and in the same vicinity if of said nondevelopment leases were sold direct leased for less than the development lease. Upon surrender, the Lessee shall execute and deliver to the Register register of Deeds deeds a proper and sufficient release of the Lessee's ’s rights as set forth in Section K(1).L.

RECLASSIFICATION OF LAND UNDER LEASE. 1. The Lessee understands and agrees that the Lessor may at any time prior to the start of actual drilling operations, operations reclassify this Lease as “"nondevelopment” " as defined in 1981 AACS, R 299.8101. In the event of such reclassification, the Lessee agrees that its sole remedy, to the exclusion of any other at law or in equity, is to surrender this Lease or a portion thereof to the Lessor in exchange for a refund of all bonus and rental payments made by the Lessee attributable to the Lease or portion thereof surrendered. Where the land subject to this Lease is reclassified as “"nondevelopment”", the Lessee at its option may be entitled to a refund equal to the difference between the average per-acre bonus paid for State state development leases and for State state nondevelopment leases at the same sale in the same vicinity if said nondevelopment leases were sold for less than the development lease. Upon surrender, the Lessee shall execute and deliver to the Register of Deeds a proper and sufficient release of the Lessee's rights as set forth in Section K(1).