Alabama Preferential Purchase Right Notice / Waiver Under Operating Agreement
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How to fill out Preferential Purchase Right Notice / Waiver Under Operating Agreement?
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FAQ
Preferential Right means any right or agreement that enables any Person to purchase or acquire any Asset or any interest therein or portion thereof as a result of or in connection with the execution or delivery of this Agreement or the consummation of the transactions contemplated hereby. Preferential Right Definition: 130 Samples - Law Insider lawinsider.com ? dictionary ? preferential-ri... lawinsider.com ? dictionary ? preferential-ri...
There is no State requirement in Alabama to have an operating agreement, however, it is still highly recommended to have one in order to state the purpose of the business as well as the ownership interest of the members (if a multi-member LLC).
1. n. [Oil and Gas Business] The right that nonselling participating parties have in a lease, well or unit to proportionately acquire the interest that a participating party proposes to sell to a third party.
Implied Covenant to Develop the Lease: This implied covenant requires the Lessee to protect against drainage and typically arises when a neighbor's land is drilled and that lease could be draining oil out from under the leased land. Implied Covenants Owed to Land and Mineral Right Owners wattsguerra.com ? implied-covenants-owed-to-lan... wattsguerra.com ? implied-covenants-owed-to-lan...
