This form is used when Lessor desires to adopt, ratify, and confirm the Lease insofar as it covers Lessor's rights, title, and interests in the lands subject to the Lease, and to set out and stipulate the division of interest as to any rental payments which may be due and made pursuant to the terms of the Lease.
Mississippi Ratification and Rental Division Order from Lessor to Lessee
Category:
State:
Multi-State
Control #:
US-OG-388
Format:
Word;
Rich Text
Instant download
Description
How to fill out Ratification And Rental Division Order From Lessor To Lessee?
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FAQ
In the context of contract law, a person ratifies a contract when they accept the benefit, thereby rendering the contract legally enforceable. This can include signing a formal contract, but conduct may also ratify a contract.
The division order describes the minerals, it asks for information about yourself, and often asks you to agree to certain things related to the payment of royalties. But beware, in Oklahoma you are not required to sign and return a division order. In fact, you may be unnecessarily impairing or giving away your rights.
To ?ratify? a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.
Ratification is the official way to confirm something, usually by vote. It is the formal validation of a proposed law. We almost never use the word ratification except to talk about process by which proposed laws, treaties, and agreements are officially recognized.
After approval has been granted under a state's own internal procedures, it will notify the other parties that they consent to be bound by the treaty. This is called ratification. The treaty is now officially binding on the state.
Except as modified hereby, all other terms and conditions of the Lease remain unchanged and in full force and effect and are hereby ratified and confirmed by the parties hereto. Tenant accepts the Existing Premises in its ?as is? and ?where is? condition.
