The Department of State Lands shall specify a rental payable annually in advance of not less than 50 cents for each acre of land subject to the lease at the rental date. After production has been established, rent paid shall be deducted from any royalty due under the terms of a lease during the year for which such rent has been paid. [1961 c.619 § 13]

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Terms Used In Oregon Statutes 274.795

  • Department: means the Department of State Lands. See Oregon Statutes 274.005
  • Land: includes water, water rights, easements of every nature and all appurtenances to land. See Oregon Statutes 274.005
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC

 

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