The Secretary shall specify a rental payable annually in advance of not less than $0.25 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.

7 Del. C. 1953, § ?6414; 55 Del. Laws, c. 442, § ?1; 59 Del. Laws, c. 212, § ?1;

contract signature

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Terms Used In Delaware Code Title 7 Sec. 6114

  • 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
  • Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
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