Which clause does Ohio not currently have a statutory equivalent for?

The Pugh clause is recognized as a significant contractual provision in oil and gas leases. It serves to limit the perpetuity of a lease by allowing a lessee to hold onto a portion of the leased land while releasing the remaining land from the lease if the lessee has not commenced production or operations within a specified time period. While some states have statutory provisions or common law precedents that address similar concepts, Ohio does not currently have a statutory equivalent specifically recognizing or regulating the Pugh clause. This absence means that lessees and lessors in Ohio must negotiate Pugh provisions on a case-by-case basis, rather than relying on a statutory framework.

In contrast, other clauses mentioned, such as the royalty clause, force majeure clause, and extent of restoration clause, have established statutory equivalents or related regulatory frameworks in Ohio law. These clauses provide clearer guidance and protections for both parties involved in leases, thus demonstrating a degree of statutory coverage and recognition that the Pugh clause does not have in Ohio's legal statutes.