15-01 Non-Drilling Oil & Gas Well Lease - Gibson & Assoc

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NON-DRILLING OIL & GAS LEASE THIS AGREEMENT~ made and entered into this day of , 2000, by and between THE CITY OF LAKEWOOD of 12550 Detroit Avenue, Lakewood, OH 44107, hereinafter called the Lessor, and RONALD A. GIBSON & ASSOCIATES, INC., of 32254 Country Club Drive, Avon Lake, OH 44012, hereinafter called the Lessee, WITNESSETH: 1. GRANTING. The Lessor, for and in consideration of One Dollar ($1.00) and Other Valuable Consideration in hand paid by the Lessee, the receipt of which is hereby acknowledged, and the covenants and agreements contained herein, does hereby exclusively grant, convey, lease and let unto the Lessee, all of the oil and gas and the constituents of either, in and under the lands herein described, together with: (A) the exclusive right to workover, test, operate, use and maintain the currently existing Lakewood Park #1 oil and gas well located on "-'-the .lands described herein and hereinafter referred to as the "well", and 03) the exclusive right to install equipment as necessary to carry on oil and gas production operations and to lay pipelines, transport and market oil and gas and all the constituents thereof under the lands herein described from the well, and (C) the right to enter the lands herein described at all times and to occupy, possess and use only so much of said lands as is necessary and convenient for all purposes herein described~ 2. DESCRIP~ON. This lease covers certain lands (hereinafter referred to as the "premises") situated in Lot lqo. of the City of Lakewood, Cuyahoga County, State of Ohio, bounded substantially now or formerly as follows: on the North by: Lake Erie; On the East by: Small tracts on the west side of Parkside Drive; On the South by: Lake Avenue; On the West by: St. Augustine Academy; being all the property Owned by LesSor or to which the Lessor may have any rights in said Lots or adjoining Lots, containing ~ acres, more or less, and being the property described in Deed Volume .__ Page ~ recorded in the Cuyahoga County, State of Ohio, Recorders Office. 3. TERM. This lease shall continue in force and the rights granted hereunder be quietly enjoyed by the Lessee for a primary term of two (2) years and so much longer thereafter, to a maximun~ of twenty-five (25) years, as oil or gas or their constituents are produced or are capable of being produced on the premises in paying quantities, in the judgmem of the Lessee, or as long as the premises shall be operated by the Lessee in the production of oil or gas, or as long as operations are being conducted on the premises with due diligence.