Washington Code 78.16.040 – Option to surrender lands
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The lessee under any such petroleum lease shall have the option of surrendering any of the lands included in said lease at any time, and shall thereby be relieved of all liability with respect to such lands except the payment of accrued royalties as provided in said lease. Upon such surrender, the lessee shall have the right for a period of one hundred twenty days following the date of such surrender, to remove all improvements placed by him or her on the lands which have been surrendered.
[ 2013 c 23 § 252; 1945 c 93 § 2; Rem. Supp. 1945 § 11314-1.]
Terms Used In Washington Code 78.16.040
- 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