This form is used when Optionor grants and assigns the exclusive right and option, but not the obligation, to lease all or a portion of the Option Lands under the identical terms and conditions to purchase an Oil and Gas Lease on Lessor's undivided mineral interest in and under the lands covered in this lease.
Guam Option to Lease
Category:
State:
Multi-State
Control #:
US-OG-684
Format:
Word;
Rich Text
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How to fill out Option To Lease?
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FAQ
An assignment is when the tenant transfers their lease interest to a new tenant using a Lease Assignment. The assignee takes the assignor's place in the landlord-tenant relationship, although the assignor may remain liable for damages, missed rent payments, and other lease violations.
To assign a lease is to transfer the legal interest to another. Meaning the incoming tenant will step into the shoes of the outgoing tenant and take on the obligations under the lease.
An assignment of a lease involves the new tenant (commonly referred to as the assignee) agreeing to take on all of the existing tenant's (commonly referred to as the assignor) lease obligations. The transfer of the interest is for the remaining duration of the lease.