§ 226.3. Surrender of lease.
177 words·~1 min read·
/us/cfr/t25/s§ 226.3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Lessee may, with the approval of the Superintendent and payment of a \$10 filing fee, surrender all or any portion of any lease, have the lease cancelled as to the portion surrendered and be relieved from all subsequent obligations and liabilities. If the lease, or portion being surrendered, is owned in undivided interests by more than one party, then all parties shall join in the application for cancellation: Provided, That if this lease has been recorded, Lessee shall execute a release and record the same in the proper office.
Such surrender shall not entitle Lessee to a refund of the unused portion of rental paid in lieu of development, nor shall it relieve Lessee and his sureties of any obligation and liability incurred prior to such surrender: Provided further, That when there is a partial surrender of any lease and the acreage to be retained is less than 160 acres or there is a surrender of a separate horizon, such surrender shall become only with the consent of the Osage Tribal Council and approval of the Superintendent.