This form is used when an Agent declares and acknowledges that the consideration for an Assignment should accrue to the benefit of Principal, and that Principal is the owner of the reserved interest in the Assignment. To give effect to declaration, Agent, as Assignor, grants, sells, and assigns to Principal, as Assignee, all of Agent's interest in the Lease and the interest reserved by Agent in the Assignment.
Arkansas Declaration That Oil and Gas Lease Was Acquired by Agent For Principal In Arkansas, a declaration can be filed to affirm the acquisition of an oil and gas lease by an agent on behalf of a principal. This legal document serves to establish the authorization and consent given by the principal to the agent for acquiring the lease. Keywords: Arkansas, declaration, oil and gas lease, acquired, agent, principal, authorization, consent. Types of Arkansas Declarations That Oil and Gas Lease Was Acquired by Agent For Principal: 1. Primary Lease Acquisition Declaration: This type of declaration is used when an agent acquires the lease for the first time on behalf of the principal. It outlines the details of the lease, including the specific area of land, duration, and any terms or conditions associated with the lease. The declaration asserts that the agent acted within their authority granted by the principal to complete the lease acquisition. 2. Renewal Lease Acquisition Declaration: When an existing oil and gas lease requires renewal, the agent can file a declaration stating the acquisition of the renewed lease. This declaration would include information about the original lease, renewal terms, and the agent's authority to renew the lease on behalf of the principal. It ensures the legality and validity of the renewal process. 3. Assignment Lease Acquisition Declaration: In cases where an agent is authorized to transfer or assign a previously acquired lease to another party on behalf of the principal, an assignment lease acquisition declaration is filed. It outlines the details of the assignment, including the parties involved, specific terms and conditions of the assignment, and the scope of authority granted to the agent. 4. Modification Lease Acquisition Declaration: When a modification or amendment to an existing oil and gas lease is required, the agent can file a declaration stating the acquisition of the modified lease. This declaration would include details of the original lease, modifications made, and the agent's authority to modify the lease on behalf of the principal. It ensures that any changes made to the lease are legally binding. 5. Termination Lease Acquisition Declaration: If the principal decides to terminate an oil and gas lease, the agent can file a declaration affirming the termination. This declaration includes the details of the lease being terminated, the reasons behind the termination, and the agent's authority to terminate the lease on behalf of the principal. It ensures the documentation of the lease's closure and helps avoid any potential disputes in the future. In conclusion, Arkansas provides various types of declarations that can be filed to confirm the acquisition of an oil and gas lease by an agent acting on behalf of a principal. These declarations solidify the relationship between the agent and principal, establishing the validity and legality of the lease acquisition process.
