This provision provides that the assignee agrees to carry out all of the express and implied undertakings contained in the oil and gas leases and imposed on the original Lessees, and indemnify and hold Assignor harmless from and against Assignees failure to comply with the terms of the leases.
Maine Assumption of Lessee's Obligations Under Oil and Gas Leases
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FAQ
In oil and gas leases, the habendum clause defines the primary term and secondary term of the lease, dictating how long the lease is in force. When used in the context of oil and gas leases, the focus of the habendum clause is on the "and so long thereafter" portion that extends the lease if conditions are met.
A clause in an oil & gas lease that provides that if the leased land is later owned by separate parties, such as in a sale of part of the property, the lessee can continue to operate, develop, and treat the lease as a whole and pay royalties to each owner based on its percentage of ownership of the entire area.
in clause (or shutin royalty clause) traditionally allows the lessee to maintain the lease by making shutin payments on a well capable of producing oil or gas in paying quantities where the oil or gas cannot be marketed, whether due to a lack of pipeline connection or otherwise.
Habendum Clause in Real Estate In most cases, the habendum clause states that the property is transferred without restrictions once the lessee has lived up to previous obligations (payment of the lease).
Because the Lessor of an oil and gas lease has no control over the Lessee's activities on the property and has no expertise in oil and gas operations, it makes sense that the Lessee should agree to indemnify the Lessor against claims of third parties arising out of activities of the Lessee on the property.
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
Essential Clauses In An Oil And Gas Lease The granting clause conveys the right to develop and related rights to the lessee. The habendum clause defines the type of interest and rights the landowner is granting to the company who wants to lease the land. This clause is where the length of the lease is specified.
