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North Carolina Declaration That Oil and Gas Lease Was Acquired by Agent For Principal

Category:
Oil Gas and Minerals - Declarations
State:
Multi-State
Control #:
US-OG-313
Format:
Word; 
Rich Text
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Description

This form is used when an Agent declares and acknowledges that the consideration for an Assignment should accrue to the benefit of Principal, and that Principal is the owner of the reserved interest in the Assignment. To give effect to declaration, Agent, as Assignor, grants, sells, and assigns to Principal, as Assignee, all of Agent's interest in the Lease and the interest reserved by Agent in the Assignment.

North Carolina Declaration That Oil and Gas Lease Was Acquired by Agent For Principal is a legal document that pertains to transactions involving the acquisition of oil and gas leases in the state of North Carolina. This declaration serves as evidence that an agent, acting on behalf of their principal, has successfully obtained an oil and gas lease. Keywords: North Carolina, declaration, oil and gas lease, acquired, agent, principal, legal document, transactions, evidence. There are different types of North Carolina Declarations That Oil and Gas Lease Was Acquired by Agent For Principal, including: 1. Individual Declaration: This type of declaration is used when a single person or individual acts as the agent and acquires the oil and gas lease on behalf of their principal. 2. Corporate Declaration: In cases where a corporation is the principal, a corporate declaration is used to affirm that their appointed agent has successfully acquired the oil and gas lease. 3. Partnership Declaration: This type of declaration is employed when a partnership entity acts as the principal, and one or more partners act as agents to acquire the oil and gas lease. 4. Limited Liability Company (LLC) Declaration: A declaration that is specifically used in cases where an LLC is the principal and designates an agent to acquire the oil and gas lease on their behalf. 5. Trust Declaration: Trusts are common principal entities in oil and gas lease acquisitions. A trust declaration is utilized when a trustee acts as the agent to procure the lease, ensuring proper documentation and legal compliance. These different types of declarations cater to various scenarios and ensure that the agent's authority to acquire oil and gas leases on behalf of their principal is acknowledged by law.

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FAQ

By way of background, a ?free use? clause is a provision in an oil/gas lease which gives the lessee the right to use gas produced from the leasehold.

An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.

The memorandum of lease is a short form version of the oil and gas lease. The memorandum of lease is recorded. The full lease will not be recorded. You may also receive an addendum.

Surrender Clause A clause commonly found in an oil and gas lease authorizing a lessee to release its rights to all or any portion of the leased premises at any time and be relieved of further obligations relating to the acreage surrendered.

A surrender clause is a part of an oil and gas lease that allows the person leasing the land to give up their rights to some or all of the land they are leasing. This means they can stop using that land and won't have to do anything else related to it.

What is the granting clause? The granting clause is the clause under which the owner of the oil and gas rights leases the oil and gas rights to the oil and gas company along with the right to develop the oil and gas on a specifically described piece of real estate.

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.

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Each form is designed using a MS Word "Fill in the Blank" format. This allows you to quickly make changes, additions and deletions to prepare your documents. Follow the instructions below to complete Declaration That Oil and Gas Lease Was Acquired by Agent For Principal online quickly and easily: Sign in to your ...(6a) "Lessee" shall mean the person entitled under an oil and gas lease to drill and operate wells. (6b) "Lessor" shall mean the owner of subsurface oil or gas ... Tis form is the only one approved for this purpose. 2. A disclosure statement is not required for some transactions. For a complete list of exemptions, see G.S. ... Jul 1, 2023 — 93A-4. Applications for licenses; fees; qualifications; examina tions; privilege licenses; re new al or reinstate ment of license; power to en ... INTRODUCTION: These guidelines are provided to assist Brokers and attorneys who are completing the Offer to Purchase and. Contract form on behalf of Buyers ... ... Gas Permit Application for a new oil or gas well, the North Carolina ... the signature of the resident agent of North Carolina and the agent or attorney in fact. Agent's certification. The following optional form may be used by an agent to certify facts concerning a power of attorney: "AGENT'S CERTIFICATION AS TO ... Believing such information should always be kept confi dential, the buyer's agent does. Page 7. 7. North Carolina Real Estate License Law and Commission Rules. If you have questions about oil and gas leases, contact the North Carolina ... To report a scam or unfair business practice, file a consumer complaint with our ...

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