HomeMy WebLinkAbout2278 Ixi~trnment prepared by Q. T. Hi~ton. Jr..Y. 0. So= 60775 New Orleans, La. y~
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8. 7Le rit6ts and estate of aay party Lereto uuy be tuipaed (mm time to time ia w~hnle or i~ part and as to any minen2 or Aorima. All of tDe covman~
ubliRatiuos, aad caasideratioos of this lease sL~ll e~dend w and ~e bindiox upa~ t6e parties Lereto, tLeir hdn, succtasws asup~s. and succeuive assiRns. h.~
c6anse o~ di~isian in tAe ownealtip of said land. rnYakies. dclay renta4 0~ d6er mooeys, or any part t~f. howwe?ri e~fected. •Aall inc~ease the obliplim: • 1
or diminit6 t)x dsbts o( lessse iaclud~s. Dut mt limited t0. the Mcatiau an~! d+illinz o[ wells uad the me~suremeM of aoduction. Notwit6st~n,ine~ any otDer ~
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actual or mnst~ucdve k~wwle~=e or notice tl~ereot of or to lessee, its succeswn cr ~ssi~, no clunte or divisim in tbe o~vawerslr of said 4nd or of the
royaltia, dehy rental, or otber aaneys~ or t6e ri~M to receia^e the same, howsoever dEected, shatl be 6indin~ upon tbe t6ea reeo owoer of this kase ~mHi ~
. t6irty l90) da>s after tlrcre has been [umis6eA to sucA reoo~d o~a~ner ~t his or ib prineipa1 place oi business by lessor or Iwor's 6ei*s. suecessun, ar assipas ~
n~tiee of suc6 c6an~e or divisioa. mppo Ked by either on~pw
h or duly cM~ed cnpies oE tbe instnunenb which bave bca? pmperly 81ed Eor re~wd and w~hich
evidenee such chan~e or divisio~. and ot suca cnurt rerords and proceedin~s,, tnnscripts. o~ otber documenb as s6aU be neeess~rY ia theop~nw~ of sucD reoord
uwner m atablisb ehe validity of sucb cbane~e or divtsion. lf any such ch~n~te in ownenhip oav~s 6y rcason of tbe deat6 0( the owner, lessce may, aerertht
tess. WY or teader such tofaki~s. delaY renW. w oH~er nmeys, orput ~hercaf to the credit of the decedeat id a dep~~
WrY L~?k P+wided fot above. la
, tAe evmt of auiRo~t o( tlds lease n to ~nr Put (whetl~er divided or ~mdivi~edl of said land. the del~y reatal paYabk Lereuader sh~ll be appo~tiooable as
Arnreen t6e ureral lerscboW owmets, nbblp aceo~d~ns to tbe surfsee ue~ ar uadivided iutemb of e~ch, aad de[aWt io deLy renql p~yment b~. ooe s~all
not affect tAe ri~Ms of ot~r IeaseMld owne~s hera~mder.
9. la tbe cvmt lessor cohsiders th~t lesset has not cnmplied with all its ob6Ratims he~reunder. botAe:p~ess and implied. leswr s6a11 nat[[Y lenee in ~rritinR.
settinR out sperificaly in what respects Irssee has breacbed this contaet. Lessce s6att tLen Mve siatY (80) daY~ after recelDt of said notiee within whie6 u+
meet or commmce to meet all or anY put uf the breae6es alle~ed DY lessor. Tl~e service of said mtice shall be prccedrnt to the brintint of u?y acti~ bY
IesHU on said lease for any nuse. aod nn fuch actinn s6wlt be brousbt mtil tbe 4P~ ~ sirtY (80) diYS aftec service of such notiee oo lessee. Neither the
srnice of said notice aor t6e do+o~ of aoy acts by lessee~ timcd to mcet aU or any oi tbe alle~ed brcaches shall be deemed aa admiuieo or praumption that
lessee hat failed to perform ~11 of its oblip tions hereunder. Should it De asserted in any notice siven to tbe lasee uoder the pmrlsin?i of this pa+a~traPh tAat
lessce ~as failed m rnmply aith any impGed obli=atiou or caveoant hereof, this lease s6a11 not be subject to caneNlatiaa for any eause empt aher fieul
judicial wscMainmmt tlnt such (aiturc eQSts ~nd lessee hu lhen been afforded ~ reasooabk tiv~e topr
evmt eancdLtioo hy cv~nplYinR w+t6 aod disc6arRinx
~ts obli ations as M whicA lessee hss b~en judicially determined to be in de(auft. If lA9s lease is aneelled for any cause, it shall nevertdeless re~nain in firce
and ef~ect u to ( I) sufGcieat acreaae amund racb wdl u to w6ich there are opentions to c~nstitute a drillins or marimum allovnble unit under applicable
R~ve~nmenbt regulations. tbut iu no rvmt kss t6an (oRy acTes). soch acmRe to 6e dixitnated br tessee u nearly as practicabk in tbe form aE a squarc
crntered at tbe well or in suc~ :hape as theo eristin~C sp_aein` nAes nquire; and (81 any paR of sad land included in a pooled unit on which there ue opers-
tions, Leuee s6a11 aiso have snch ea:ements on ssid 1~1 u ue necessuy to operatioos on tLe acrn`e m retained.
10. 7.essor hercby w•arrants and ajrees M defeod titk to said land aAainst the claims of atl persons whnms~xrer. Less.x's rights and interests here~u~der
sha11 be chareed primarily with any mortgages, tucs or ot6er liens, ar interesR and other duryCCS ao uid land, but lessor agieea lhat lessee shall have the
riKht at any Hme to pay or rcduce same for lesx~r, either belore or after maturity, and be submAated tn tbe riYhts of tbe hnlder thereof and tn deduct
amountF so paid fmm royakies or other pnymmh parible or which maY ~rible to )essor and/or auip~s ~der thi~ Itate. l.essee, is l~rreby Riven the
riRht to acquire for its own heneiit, deeds, leases, or assiAnmrnts cmerinA an>• mterest or claim in said land whic6 lessee ~r any other party contends it out-
standia and not covered hereby aad even thouah sucA nuKtandinq interes! w cLim 6e invalid or adve~se to lessor. If t6is lease rnven a less interest ia the oil. ,
Raz, s~phnr, or olher minerals m all or any ~art of said land tLan the mtirc aad uadivided tee simple estate (Wbethec lessor's un(erest is ixrein sp[rified or 1
nM), or ao interest t6trein, theu the royalhes, dtiay rtotil, and ether ennneya acc*ning from any part u tn whic6 this leue mven lea than such full io- 1
terest, shall be paid only in the pmportion which the intercst therein, if any, ameted bv t6is lease, bears to the whole and undivnled fer simple estate therein,
Atl royalty interest envered by thu lease (whether or aM mmed by lessor) shal! be paia out oE the myalty hercin prrnided. This leue sFull be bindinR upon
each party wM e:ecutes it witMut regand to whether it. is e:ecuted by aU llru n~~ed herein u ltssor.
lI. If at, or atter tht e=piration of the prinoary term Mre~f, and while this leax is in force, there is no well no uid 1and, or on lands w~ith which ssid
land or any portion thercof fiu heen uoitized, ap~ble of peoducinR oil or Ras. and lessce is not cnnductiny openticK?s oa said land by reasoa of (1) any law,
~~rder, role or reRuLtion. (whetber nr irot suhaequently detemined to be invalidl or (2) aoy other duse. whNher aimitu or dissimilar. (eu~pt fitnancisll
be~~ond tAe reaxmable rnnt~ol of lessce. the primary term and the delay rental pro~isirxu heren( shall be e~ended until the first anniversa date hereo[ oeeur-
e.
rin~u n~nety 190) or morc days folbwios thc reuwval of such dehyinR rauu, aod tba leue may be ertended thereafter .by operatians as ' sucL ddsK' nut
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II~ NITh'ESS" ~YHEREOF. this instrummt is e:e~euted on the date first s~m~e writteo. '.':.~~~:~~~~~f i:~i~~
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attest ~ secretar ~ ' [
Margaret Li1 s or s '~e,~; -~~~~~M.-_
Pr sident ~ 8obert t?-_
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~ C 4 R P 0 R A T E _
E
! STATE OF ~OBTd CAROLIN~
X
~ X
i COUNTY OF
~ ~,qx~"c~~~ X
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E Before me, the undersigned officer in and for the county and state aforesaid,
this day personally appeared the within named Robert L. Liles and
Mar~aret Liles who acknawledged that as President and
Secretary, respectively, on behalf of and by the auth~rity of
; G1s11dol` Hosiery Mills. InC. , a corporation, they sigcied, sealed and
delivered the fotego~,ng instrument on the day and year therein named as the free and
~ voluntary act of said~corporation.
; ,,~~,,~~~:~t~^
! Given,al~~d~a~my hand and seal on this the day of ~'Zu« ~ ,
~ ~9-~-3 ` ~ . - ~ -
~ • • 1 l , ~ w . ~ ~1 Cr
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j • _ Not ary Pub li c in and for
(Seal) ~ _ ~ County .
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~Iy commission expires~~. - ~yl 80GK P'(;f ~t~
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