We signed a gas lease with a company last fall and now a differnet company is in our neighborhood offering leases to our neighbors at a substantially higher offering. Does this lease term allow us to revise or resell the lease? What does it say in plain English?
"If during any time while this lease is in force and effect Lessor recieves a bona find offer from any party ( other than Lessee) to purchase a new lease or an option to purchase a new lease covering all or any part of the lands or substances covered hereby, and if the Lessor is willing to accept such an offer, (Third party offer, hereunder)the Lessor shall promptly notify Lessee in writing of the name and address of the offeror, and all of the terms and conditions of such third party offer, including any lease or option bonus offered. Lessee shall have a period of thirty(30) days after receipt of all such notice data in which to exercise the herein granted preferential right to purchase a new lease or option of a new lease from the Lessor on a form comparable to the third party offer, or absent a specific form, with the third party offer then on this lease form adjusted by leesee to include the terms and conditions in the third party offer, by giving the Lessor written notice of the exercise of such preferential right. Promptly thereafter, Lessee shall furnish Lessor the new lease for execution, along with a time draft for any lease bonus included as a part of the third party offer, conditioned upon execution and delivery of the lease by the Lessor and approval of the title by lessee, all in accordance with the terms of the draft. Whether or not Lesee exercises the preferential right granted hereunder, during the time this lease remains in effect, by new lease executed by Lessor pursuant to any third party offer shall be subordinate to this lease and shall not be construed as replacing or adding to lesee's obligations hereunder. The preferential right to purchase a new lease granted to the lessee by this paragraph shall terminate unless exercised prior to one week before the expiration period allowed for the absolute suspension of the power of alienation by the rule against perpetuities.
"If during any time while this lease is in force and effect Lessor recieves a bona find offer from any party ( other than Lessee) to purchase a new lease or an option to purchase a new lease covering all or any part of the lands or substances covered hereby, and if the Lessor is willing to accept such an offer, (Third party offer, hereunder)the Lessor shall promptly notify Lessee in writing of the name and address of the offeror, and all of the terms and conditions of such third party offer, including any lease or option bonus offered. Lessee shall have a period of thirty(30) days after receipt of all such notice data in which to exercise the herein granted preferential right to purchase a new lease or option of a new lease from the Lessor on a form comparable to the third party offer, or absent a specific form, with the third party offer then on this lease form adjusted by leesee to include the terms and conditions in the third party offer, by giving the Lessor written notice of the exercise of such preferential right. Promptly thereafter, Lessee shall furnish Lessor the new lease for execution, along with a time draft for any lease bonus included as a part of the third party offer, conditioned upon execution and delivery of the lease by the Lessor and approval of the title by lessee, all in accordance with the terms of the draft. Whether or not Lesee exercises the preferential right granted hereunder, during the time this lease remains in effect, by new lease executed by Lessor pursuant to any third party offer shall be subordinate to this lease and shall not be construed as replacing or adding to lesee's obligations hereunder. The preferential right to purchase a new lease granted to the lessee by this paragraph shall terminate unless exercised prior to one week before the expiration period allowed for the absolute suspension of the power of alienation by the rule against perpetuities.
