What does this term mean?
“The 1/16 of royalty and one half of all lease rentals for oil purposes on the following premises”
It then goes on to describe the 120-acre location. Does this wording mean I’m limited to only 1/16 of royalties of the 120 acres?
The term “of” presents a LOT of problems. Taken literally, if there were a lease that provided for a 1/8 royalty, then the 1/16 OF royalties means to multiply 1/16 x 1/8.
Having said that, there is something called the 4 corners rule, which means that one must read the entire document to understand and interpret what the document says. A snippet means not much.
So, either take this with a boulder of salt, or upload a scan of the entire document here.
Best,