On behalf of Leaf River Energy Center, LLC, Watts Ueltschey and Karen Howell obtain partial summary judgment on the central issue of lease termination. The lease was for underground storage of natural gas and hydrocarbon liquids. Although payment under the lease was not tendered on the due date, the Court found that time was not of the essence under the lease and that there was no lease provision for termination for late payment of rental. Therefore, the remedy for failing to tender payment timely was not termination of the lease. The Court further found that the lease was not an "option" contract as was argued by the Fords. [Leaf River Opinion and Order]
Congratulations to Watts and Karen for a job well done.