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.
Guam 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 Option Agreement Granting Exclusive Option To Purchase Seismic Data And Oil And Gas Leases From Lease Owner?
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FAQ
It is not unusual to find option to purchase clauses in commercial leases. These types of clauses provide tenants with the option to purchase the landlord's building after a specified period, for a predetermined and fixed price.
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.
In fact, an option to purchase constitutes a unilateral promise to contract by which the landlord binds itself to sell its building to the tenant, who is the beneficiary of the promise. If the tenant decides to exercise its option, the parties are then obligated to complete the sale of the building.
In the residential context, an option to purchase is usually a part of a rent-to-own agreement, also called a lease-option. This involves a tenant entering into a standard lease or rental agreement, in addition to acquiring the option to purchase the rental property in the future.
This is a short form of agreement where an owner grants to another party the option to purchase the owner's real property on the terms set out in the agreement.
In British Columbia, a purchase option is a legal agreement between a buyer and a seller that gives the buyer the right, but not the obligation, to purchase a property at a predetermined price within a specified time frame.