Common use of Rentals Clause in Contracts

Rentals. (a) The lessee shall pay annual rental to the state in accordance with the following rental schedule: (1) For the first year, $1.00 per acre or fraction of an acre; (2) For the second year, $1.50 per acre or fraction of an acre; (3) For the third year, $2.00 per acre or fraction of an acre; (4) For the fourth year, $2.50 per acre or fraction of an acre; (5) For the fifth year and following years, $3.00 per acre or fraction of an acre; provided that the state may increase the annual rental rate as provided by law upon extension of this lease beyond the primary term. (b) Annual rental paid in advance is a credit on the royalty or net profit share due under this lease for that year. (c) The lessee shall pay the annual rental to the State of Alaska (or any depository designated by the state with at least 60 days notice to the lessee) in advance, on or before the annual anniversary date of this lease. The state is not required to give notice that rentals are due by billing the lessee. If the state's (or depository's) office is not open for business on the annual anniversary date of this lease, the time for payment is extended to include the next day on which that office is open for business. If the annual rental is not paid timely, this lease automatically terminates as to both parties at 11:59 p.m., Alaska Standard Time, on the date by which the rental payment was to have been made.

Rentals. (a) The lessee shall pay annual rental to the state in the accordance with the following rental schedule: (1) For the first year, $1.00 per acre or fraction of an acre; (2) For the second year, $1.50 per acre or fraction of an acre; (3) For the third year, $2.00 per acre or fraction of an acre; (4) For the fourth year, $2.50 per acre or fraction of an acre; (5) For the fifth year and following years, $3.00 per acre or fraction of an acre; provided that the ; (b) The state may increase the annual rental rate as provided by law upon extension of this lease beyond the primary term. (bc) Annual rental paid in advance is a credit on the royalty or net profit share due under this lease for that year. (cd) The lessee shall pay the annual rental to the State of Alaska (or any depository designated by the state with at least 60 days notice to the lessee) in advance, on or before the annual anniversary date of this lease. The state is not required to give notice that rentals are due by billing the lessee. If the state's (or depository's) office is not open for business on the annual anniversary date of this lease, the time for payment is extended to include the next day on which that office is open for business. If the annual rental is not paid timely, this lease automatically terminates as to both parties at 11:59 p.m., Alaska Standard Time, on the date by which the rental payment was to have been made.

Rentals. (a) The lessee shall pay annual rental to the state in the accordance with the following rental schedule:: the primary term. that year. (1) For the first year, $1.00 per acre or fraction of an acre; (2) For the second year, $1.50 per acre or fraction of an acre; (3) For the third year, $2.00 per acre or fraction of an acre; (4) For the fourth year, $2.50 per acre or fraction of an acre; (5) For the fifth year and following years, $3.00 per acre or fraction of an acre; provided that the ; (b) The state may increase the annual rental rate as provided by law upon extension of this lease beyond the primary term.beyond (bc) Annual rental paid in advance is a credit on the royalty or net profit share due under this lease for that year.for (cd) The lessee shall pay the annual rental to the State of Alaska (or any depository designated by the state with at least 60 days notice to the lessee) in advance, on or before the annual anniversary date of this lease. The state is not required to give notice that rentals are due by billing the lessee. If the state's (or depository's) office is not open for business on the annual anniversary date of this lease, the time for payment is extended to include the next day on which that office is open for business. If the annual rental is not paid timely, this lease automatically terminates as to both parties at 11:59 p.m., Alaska Standard Time, on the date by which the rental payment was to have been made.