This form is used when an Owner has acquired seismic data which covers the Lands and the Optionee desires to acquire the right to examine, process, and reprocess the Data and the option to purchase the undivided interest of Owner in the Oil and Gas Leases.
District of Columbia Option Agreement Granting Exclusive Option to Purchase Seismic Data and Oil and Gas Leases from Lease Owner
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State:
Multi-State
Control #:
US-OG-236
Format:
Word;
Rich Text
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How to fill out District Of Columbia Option Agreement Granting Exclusive Option To Purchase Seismic Data And Oil And Gas Leases From Lease Owner?
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FAQ
Seismic Option or "Option" means an agreement which entitles a Party to conduct 3-D Seismic Operations on a portion of the Contract Lands with an option to acquire a Lease covering all or a portion of such lands.
Pros of Selling Your Home as a Lease With a Purchase Option This can be particularly beneficial for sellers who need to generate income from their property while they wait for the housing market to improve or for the right buyer to come along.
An option agreement for the purchase of commercial real property located in California. This Standard Document gives the optionee an exclusive right to purchase real property, establishes the option deadline and the terms of any future purchase, and provides for default remedies including specific performance.
What Is An Option To Purchase? An option to purchase agreement gives a home buyer the exclusive right to purchase a property within a specified time period and for a fixed or sometimes variable price. This, in turn, prevents sellers from providing other parties with offers or selling to them within this time period.
Sometimes referred to as a right of first opportunity or first right to purchase, this provision requires the owner to give the holder the first chance to buy a property after the owner decides to sell.
There are many reasons why a Landlord and Tenant may choose to include an ?option? in a commercial lease. The most common type of option is one that gives the Tenant the right to extend the lease term, usually for additional ? sometimes two or more ? terms of equal length to the original term.
The difference between a lease option and a lease purchase agreement is that the lease option only obligates the seller to sell. A lease purchase agreement commits both parties to the sale barring breach of contract or the buyer's inability to secure a mortgage.
Example of a Lease Option In this case, the buyer-tenant pays an extra 3% of the total house price as a fee for the lease option. They also pay a premium on their monthly rent. They then have the option to buy the house they currently live in two years in the future at current market prices.