This ia a provision that states that any Party receiving a notice proposing to drill a well as provided in Operating Agreement elects not to participate in the proposed operation, then in order to be entitled to the benefits of this Article, the Party or Parties electing not to participate must give notice. Drilling by the parties who choose to participate must begin within 90 days of the notice.
Missouri Farmout by Non-Consenting Party
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Multi-State
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US-OG-703
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Word;
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Termination of the lease Month-to-month tenancies can be terminated with one month's notice in writing (Section 441.060 RSMO). The notice to terminate the agreement must be written, even though the original agreement is verbal. If proper written notice is not given, the other party can enforce another term of tenancy.
A right of first refusal (sometimes also referred to as a "preferential right") consists of a contractual clause stipulating that, when the franchisee receives an offer that she/he wishes to accept for the sale of its franchised business or an interest therein, she/he must first submit it to the franchisor who, within ... The role and importance of a first refusal provision in a franchise ... lexology.com ? library ? detail lexology.com ? library ? detail
1. n. [Oil and Gas Business] The right that nonselling participating parties have in a lease, well or unit to proportionately acquire the interest that a participating party proposes to sell to a third party.
The right that nonselling participating parties have in a lease, well or unit to proportionately acquire the interest that a participating party proposes to sell to a third party. preferential right to purchase - The SLB Energy Glossary slb.com ? Terms ? preferential_right_to_... slb.com ? Terms ? preferential_right_to_...
The Preferential Right to Lease is not a ?right of first offer?, but rather (absent a prospect for the space, as to which the Right of First Refusal provisions shall apply) the right on the part of Tenant to give written notice to Landlord of its desire to lease additional space on the eighth (8th) floor of the ... Preferential Right to Lease Sample Clauses - Law Insider lawinsider.com ? clause ? preferential-right-t... lawinsider.com ? clause ? preferential-right-t...
Preferential right clauses providing that the holder shall have the right to purchase at the same price set in a bona fide third party offer are held to meet this standard.