If a lease will expire, by its own terms, and the lessee desires to maintain the lease in effect by the payment of bonus, rather than commencing operations, and the terms of the original lease continue to be acceptable to the lessor, the parties may elect to amend the existing lease to extend the primary term, rather than entering into a new lease. This form addresses that situation.
The Illinois Amendment to Oil and Gas Lease to Extend Primary Term is a legal document utilized in the oil and gas industry in the state of Illinois. This amendment allows the parties involved in the lease agreement to extend the primary term of the lease beyond its original expiration date. Keywords: Illinois, Amendment, Oil and Gas Lease, Extend Primary Term. There are different types of Illinois Amendments to Oil and Gas Lease to Extend Primary Term, which include: 1. Extension Amendment: This type of amendment is used when both the lessor (landowner) and the lessee (oil and gas company) agree to extend the primary term of the lease, usually due to various reasons such as additional exploration or drilling activities. 2. Late Extension Amendment: When the lessee fails to extend the primary term prior to its expiration date or within a specified period, a late extension amendment may be required. This type of amendment may involve additional negotiations and potentially revised terms. 3. Retained Acreage Amendment: In some cases, the lessee may choose to extend the primary term for a portion of the leased area while allowing the remaining acreage to revert to the lessor. This retained acreage amendment outlines the specific divisions of land or acreage where the primary term extension applies. 4. Amended and Restated Extension Amendment: This type of amendment is utilized when multiple changes or revisions have been made to the original lease agreement, along with an extension of the primary term. The document consolidates all the changes and updates into one cohesive amendment. In all types of Illinois Amendments to Oil and Gas Lease to Extend Primary Term, it is essential to include relevant details such as the original lease agreement's effective date, parties involved, specific lease terms being extended, new primary term duration, and any additional terms or conditions applicable to the extension.
