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Definition of First amendment lease. A lease which contains a first amendment clause. Used for lessees who may opt to purchase equipment early. Typically- includes a penalty for non-purchase or requires the lessee to renew for a fixed number of months. Used to shorten term and get operating lease treatment. Also called a Stretch Lease in Canada.
The Paid Up Lease Form is the most common vehicle for obtaining an oil and gas lease in most parts of the country.Many sophisticated landowners demand a rental lease form, most oil companies offer a paid up lease form.here is a case---what a nice case ---that discussed the obligation (covenant) to pay royalties during the primary term and the paid up lease form. The landowner had in their lease that if the Lessee failed on royalty payments, the lease was terminated.