Top Leasing Prohibition
What is this form?
The Top Leasing Prohibition form is a lease rider designed for landlords (Lessors) involved in lease transactions relating to oil and gas. This form allows Lessors to include additional provisions that address specific concerns or limitations regarding the rights granted to the Lessee. Unlike standard lease agreements, this form ensures that Lessors retain certain rights in the event of a bona fide third-party purchase offer on the leased premises.
Main sections of this form
- Notice of third-party lease offer: Specifications of how Lessors must inform Lessees of any offers they receive.
- Lessee's right to match: Details on how Lessees can choose to purchase the new lease under the same terms as the third-party offer.
- Response timeframe: Specifies the number of days Lessees have to respond to the Lessor's notice.
- Execution of the new lease: Outline of obligations for both parties once a Lessee decides to accept the new lease.
- Freedom for Lessors: Clarification that, if the Lessee does not respond within the specified timeframe, the Lessor is free to proceed with the third-party offer.
When to use this document
This form is useful in situations where a Lessor wants to negotiate special terms in an oil and gas lease. It is appropriate when a Lessor receives an offer from a third party to purchase the lease and wants to retain the right to match that offer. The form can help in avoiding misunderstandings regarding Lessee rights and provides clear protocols for handling lease offers during the primary term.
Intended users of this form
- Landlords (Lessors) who are leasing oil and gas rights.
- Lessee entities or individuals wanting clarity on their rights in lease negotiation.
- Parties involved in oil and gas transactions seeking to ensure their interests are protected during potential lease sales.
How to complete this form
- Identify the parties involved: List the names and addresses of both the Lessor and Lessee.
- Specify the property: Clearly describe the leased premises in question.
- Fill in the offer details: Include the name and address of the third-party offeror, as well as the price and terms of the offer.
- Set the response period: Enter the number of days Lessees have to respond to the Lessor's notification.
- Sign and date the form: Ensure both parties sign and date the completed form to validate the agreements made.
Does this document require notarization?
In most cases, this form does not require notarization. However, some jurisdictions or signing circumstances might. US Legal Forms offers online notarization powered by Notarize, accessible 24/7 for a quick, remote process.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes
- Failing to provide complete details about the third-party offer.
- Not specifying the correct response timeframe for the Lessee.
- Overlooking the requirement for both parties to sign the form.
- Assuming the form does not apply to their specific situation without verifying local regulations.
Advantages of online completion
- Convenient access to downloadable forms that save time and effort.
- Editable templates allow customization based on individual needs.
- Reliability of forms drafted by licensed attorneys, ensuring legal compliance.
Legal use & context
- This form serves as a legal instrument in oil and gas leasing negotiations.
- It helps clarify the rights of Lessors in the event of lease purchase offers.
- Using this form can minimize disputes and enhance enforceability in lease agreements.
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FAQ
A lease is automatically void when it is against the law, such as a lease for an illegal purpose. In other circumstances, like fraud or duress, a lease can be declared void at the request of one party but not the other.
Trespassing or harassment from your landlord or property manager is considered a legal reason to break your lease. Read more about these common ways to legally break a lease to see if any of the circumstances above are applicable to your situation.
In point of fact, that entirely depends on your landlord until your tenancy agreement incorporates a 'break clause'.Therefore, if the termination clause in your rental agreement states that either party has to provide a 2-month notice period, both parties are legally bound to do so.
While some jurisdictions may have provisions that allow consumers to change their minds with no consequences, generally there is no cooling-off period for leasing real property. Once the landlord and tenant sign a lease and a copy is delivered to the both parties, it becomes a valid contract.
If you break a lease and stop paying rent, your landlord might decide to take legal action against you. Your landlord can file a civil lawsuit to make you pay off the lease balance. If the judge rules against you, you will have to pay out your debt. Lowered credit score.
The landlord has no means of enforcing it, so the landlord can only enforce the existing lease as he or she originally wrote it. After the term expires, the landlord can require tenants to sign any addenda before a rental agreement is valid.
Declare a Constructive Eviction. Point Out Landlord Breaches to Reduce Your Debt. Landlords Have a Duty to Mitigate Their Damages. Consequences for Breaking Your Lease. Look for These Clauses in Your Lease. Your Landlord May Have a Duty to Mitigate. Declare a Constructive Eviction.
Failure to pay the rent on time and in full. Allowing more than the stated maximum number of occupants to live in the property. Sub-letting a room or the entire property without the landlord's permission. Decorating or conducting building works at the property without the landlord's permission.
