- 5 -
average or from the average resulting in the previous
adjustment.”3
Under the lease, the lessors retain all mineral rights on
the land but must obtain the lessee’s consent (“which shall not
be unreasonably withheld”) to develop the minerals.4
The lease allows the lessors to sell the leased land,
subject to Hiwassee’s right of first refusal; if Hiwassee elects
not to purchase, then the sale is to be made subject to the terms
of the lease.
3 Hiwassee paid rents under the lease as follows:
Year Amount Year Amount
1957 $16,199.25 1977 $31,475.61
1958 15,902.25 1978 34,907.40
1959 17,901.39 1979 37,613.40
1960 16,886.94 1980 42,188.43
1961 16,877.64 1981 48,125.39
1962 16,877.64 1982 52,299.54
1963 16,877.64 1983 52,299.54
1964 16,877.64 1984 52,299.54
1965 16,877.64 1985 55,344.37
1966 16,874.44 1986 55,344.37
1967 17,947.41 1987 55,344.37
1968 17,947.41 1988 55,344.37
1969 17,947.41 1989 55,344.37
1970 19,119.86 1990 59,911.63
1971 19,119.86 1991 59,911.63
1972 20,472.68 1992 59,911.63
1973 20,472.68 1993 59,911.63
1974 24,350.76 1994 63,493.79
1975 28,769.97 1995 62,858.88
1976 31,475.61
4 The lease states that “It is understood” that
approximately three-quarters of the mineral rights are held by
parties other than the lessors.
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Last modified: May 25, 2011