Had a 3 yr lease with a 2 yr option. Lease is now producing a small amount of revenue. From what I understand now that lease stays in effect down the road with no need for a new one being signed. Explained to me that as long as it is producing that lease does not expire now. Was I given the right info on that?
Yes, the lease stays in effect past the primary term as long thereafter as there is production. You can read you lease for the exact language.
Thank You. I will refer back to lease signed but I am sure that is what I remember
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