Utah Code 53C-2-403. Mineral leases — Director to establish forms, term, rental, and royalty

The director shall establish the:

(1) form of a mineral lease application;

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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}
Mineral: includes oil, gas, and hydrocarbons. See Utah Code 53C-1-103

(2) form of the lease;

(3) term of the lease;

(4) annual rental;

(5) amount of royalty in addition to or in lieu of rental; and

(6) basis upon which the royalty shall be computed.