Term; Quantity; Product Clause Samples

Term; Quantity; Product. For a term commencing January 1, 2007 and ending December 31, 2011 (the “Primary Term”), Lessor leases to Lessee two (2) underground storage w▇▇▇▇ (subject to Lessee’s right and option under Section 23 of this Lease), commonly known as Well *** and Well *** (collectively, the “W▇▇▇▇”), for storage of refinery grade propylene (referred to as “Product” in this Lease) at Lessor’s underground storage facility, located near Interstate 10 and State Highway 146 at Mont Belvieu, Texas, subject to the terms, provisions, and conditions contained herein. Lessee may, at its option, extend the term of this Lease for one ten (10) year term (the “Renewal Term”) by providing Lessor written notice of its intent to renew at least one hundred eighty (180) days in advance of the expiration of the Primary Term. The Primary Term, together with any exercised Renewal Term, are sometimes collectively referred to herein as the “Term.” For purposes of this Lease, a “barrel” of Product is equal to 42 U.S. gallons of equivalent liquid volume at 60° Fahrenheit.

Term; Quantity; Product. For an initial term commencing January 1, 2007 and ending December 31, 2016 (the “Initial Term”), Lessor leases to Lessee storage space of up to *** barrels of refinery grade propylene (“RGP”) and *** barrels of polymer grade propylene (“PGP”) (collectively referred to as “Product” in this Lease) at Lessor’s underground storage w▇▇▇▇, located near Interstate 10 and State Highway 146 at Mont Belvieu, Texas, subject to the terms, provisions, and conditions contained herein. For purposes of this Lease, a “barrel” of Product is equal to 42 U.S. gallons of equivalent liquid volume at 60° Fahrenheit. Lessee’s RGP is presently stored in well *** and Lessee’s PGP is presently stored in well ***. Each well shall be dedicated for Lessee’s sole use. Lessor reserves the right to designate from time to time which well will be used for the storage of Lessee’s Product; provided, however, to the best of Lessor’s ability such well shall provide as a minimum, the same amount of storage capacity and flow capabilities as the well being replaced, unless otherwise mutually agreed to by the parties. Each such designated well shall then be dedicated for Lessee’s sole use. If it should become necessary for Lessor to move Lessee’s Product to an alternate well, then Lessor shall minimize any disruptions and shall pay for all costs and expenses associated with such move. Notwithstanding anything to the contrary in this Lease, once every five (5) years (unless otherwise required more often under applicable law, rule, or regulation), Lessor may designate a period of time as it or its contractors may reasonably require to perform a mechanical integrity test (“MIT”) during which Lessor shall have the opportunity to inspect the w▇▇▇▇, and to conduct any other operations as may be required by applicable law, rule, or regulation. Accordingly, Lessee shall cause all of its Product to be removed from the well at issue prior to the first day of the MIT. Lessor shall make a reasonable effort to provide Lessee with as much advance notice as possible of the upcoming MIT and the need to empty the subject well, and to coordinate with Lessee (or Lessee’s designated representative) the scheduling of such MIT. Lessor will pay for the costs associated with the MIT. If requested by Lessee, Lessor shall make reasonable efforts, at Lessee’s sole cost, to make alternate storage for Product available to Lessee at the same charges as then being paid to Lessor by its olefin storage customers; provided, howeve...

Term; Quantity; Product. For a term commencing February 1, 2007, and ending December 31, 2011 (the “Primary Term”), Lessor leases to Lessee one (1) underground storage well, commonly known as Well *** (the “Well”), for storage of polymer grade propylene (referred to as “Product” in this Lease) at Lessor’s underground storage facility, located near Interstate 10 and State Highway 146 at Mont Belvieu, Texas, subject to the terms, provisions, and conditions contained herein. Lessee may, at its option, extend the term of this Lease for one ten (10) year term (the ‘“Renewal Term”) by providing Lessor with written notice of its intent to renew at least one hundred eighty (180) days in advance of the expiration of the Primary Term. The Primary Term, together with any exercised Renewal Term, are sometimes collectively referred to herein as the “Term.” For purposes of this Lease, a “barrel” of Product is equal to 42 U.S. gallons of equivalent liquid volume at 60° Fahrenheit.

Term; Quantity; Product. For an initial term commencing February 1, 2007 and ending December 31, 2016 (the “Initial Term”), Lessor leases to Lessee storage space of up to *** barrels of i▇▇▇ grade butane (“I▇▇▇ Grade”) and High Purity Isobutane (collectively referred to as “Product” in this Lease) at Lessor’s underground storage w▇▇▇▇, located near Interstate 10 and State Highway 146 at Mont Belvieu, Texas, subject to the terms, provisions, and conditions contained herein. For purposes of this Lease, a “barrel” of Product is equal to 42 U.S. gallons of equivalent liquid volume at 60° Fahrenheit. Each twelve (12) month period between January 1 and the following December 31 shall be referred to herein as a “Lease Year”. This Lease shall continue from year to year following the expiration of the Initial Term, unless either party terminates this Lease by giving written notice to the other party at least ninety (90) days prior to the beginning of any ensuing Lease Year.

Term; Quantity; Product. For an initial term commencing January 1, 2007 and ending December 31, 2016 (the “Initial Term”), Lessor leases to Lessee storage space of up to *** barrels of commercial butane, i▇▇▇ grade butane (“I▇▇▇ Grade”), isobutane, High Purity Isobutane (“HP Isobutane”), and natural gasoline (collectively referred to as “Product” in this Lease) at Lessor’s underground storage w▇▇▇▇, located near Interstate 10 and State Highway 146 at Mont Belvieu, Texas, subject to the terms, provisions, and conditions contained herein. For purposes of this Lease, a “barrel” of Product is equal to 42 U.S. gallons of equivalent liquid volume at 60° Fahrenheit. Each twelve (12) month period between January 1 and the following December 31 shall be referred to herein as a “Lease Year”. This Lease shall continue from year to year following the expiration of the Initial Term, unless either party terminates this Lease by giving written notice to the other party at least ninety (90) days prior to the beginning of any ensuing Lease Year.