Mr. Williams:
Very, very interesting. Thank you for the information.
Mark
Cliff Williams said:
I agree with the info given before me and would like to add one thing. Legally speaking - the default rule is that there is no grace period. The courts have strictly construed the termination dates of leases, shut-in payments, and delay rental payments. If they aren’t there prior to expiration the lease expires.
Now, most leases no longer have delay rentals but there was a company man that was driving a delay rental check out to a mineral owner and the company man had a wreck and was out for some time recovering. The company really wanted the lease but they did not get the delay rental there until after the expiration date. The courts said that they should have left earlier and that even though there were extenuating circumstances with the wreck the company had no excuse for being late and the court decreed the lease expired.
If you have some special language the default can be circumvented and the company could have some “grace period” but that is highly unlikely.
Cliff Williams
The Law Office of Cliff Williams