When Your Lease Ends, Then What?

We are in Monroe Twp, and had signed a 5 year lease with Chesapeake back in 2010. My husband and I are wondering what happened when the 5 years was up. Is there something we need to file to get "released", or were we automatically "released" because our 5 years were up?

Views: 650

▶ Reply to This

Replies to This Discussion

Permalink Reply by jr on March 10, 2018 at 6:14am

when my 5 years was up in 2015 I just got a check in the mail for another 5 years and that was it.

Permalink Reply by Steven A Joliat on March 10, 2018 at 6:18am

Typically the lease language will suggest whether the lessee is required to file release documents with the county recorder on the expiration of the lease.  In most recent leases five years is only the primary term of the lease, there likely is language in your lease documents that describes a secondary term of three to five years.  This usually becomes effective if the lessee decides to make a further payment to the lessor.  The amount and manner of payment would be described in the lease.  If the lessee chooses to not pay for the secondary term, the lease expires.  My experience has been Chesapeake will drag out this process and a lawyer may be necessary to compel them to formally release the lease.  You can also record a notice of expiration of lease with the recorder's office on your own, but a lawyer can ensure it is properly worded, published and served to Chesapeake.

Permalink Reply by Kathy R on March 10, 2018 at 7:00am

That was very informative.Thank you!

Permalink Reply by Philip Dobeck on March 10, 2018 at 11:38am

Ohio Revised Code

5301.332 Forfeiture for failure of lessee, successors or assigns to abide by specifically described covenants.

Follow this link

http://codes.ohio.gov/orc/5301.332

Phil

Permalink Reply by Kathy R on March 10, 2018 at 1:28pm

Thanks! ;)

Permalink Reply by Barry D on March 10, 2018 at 2:05pm

This is my opinion, I am not an attorney although I play one on TV.

There is no automatic release of lease.

Somewhere in your lease there may be an address for correspondence. If not, call the Chesapeake land department and ask where to send a notice that the lease has expired.

You can also file of Notice of Forfeiture or Failure to Perform. Plus there is a second notice that must be filed. I would suggest you use a competent oil and gas Attorney.

Permalink Reply by Kathy R on March 10, 2018 at 2:25pm

Thank you!

Permalink Reply by jason irvine on March 12, 2018 at 12:56pm
We just recently signed a 2nd lease on January when our 2nd term expired. We had a 5 year plus 3. We received the 2nd check extending the 2nd term. When that expired we received a letter from antero who was interested in another lease. We just signed with them. Good luck

RSS

© 2024   Created by Keith Mauck (Site Publisher).   Powered by

Badges  |  Report an Issue  |  Terms of Service