paid up lease

paid-up lease. Oil & gas. A mineral lease that does not provide for delay-rental payments and does not subject the lessor to any covenant to drill. • In effect, the lessor makes all delay-rental payments, and perhaps a bonus, when the lease is signed. A paid-up lease may be used to lease a small area or a fractional interest, or for a short primary term or for small delay rentals. The lease is effective through the primary term.

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词条贡献者

法律翻译Frank，毕业于英国一流的高级翻译学院，专注翻译各类与娱乐、体育及媒体有关的法律文件。