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3. CBA Oil Company signed a lease contract on January 1, 2022. The primary term specified in the contract was a four-year term. a. On
3. CBA Oil Company signed a lease contract on January 1, 2022. The primary term specified in the contract was a four-year term.
a. On what date is the first delay rental payment due?
b. What is the maximum number of delay rental payments that may be made?
c. By what date must drilling be commenced in order to keep the lease from terminating?
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