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.
The North Dakota Declaration That Oil and Gas Lease Was Acquired by Agent For Principal refers to a legal document used in the state of North Dakota to acknowledge that an agent has acquired an oil and gas lease on behalf of a principal. It serves as an important declaration to establish the relationship between the agent and principal in the acquisition of a lease. Keywords: North Dakota, Declaration, Oil and Gas Lease, Acquired, Agent, Principal Types of North Dakota Declaration That Oil and Gas Lease Was Acquired by Agent For Principal: 1. General North Dakota Declaration That Oil and Gas Lease Was Acquired by Agent For Principal: This type of declaration is used when an agent secures a lease on behalf of a principal, and it outlines the details of the acquisition, including the parties involved and the terms of the lease. 2. Specific North Dakota Declaration That Oil and Gas Lease Was Acquired by Agent For Principal: This declaration is utilized for a specific oil and gas lease, clearly identifying the property, lease term, and any additional provisions or agreements made during the acquisition process. 3. North Dakota Declaration That Oil and Gas Lease Was Acquired by Agent For Principal — Joint Ownership: In cases where multiple individuals act as principals in acquiring an oil and gas lease through an agent, this declaration establishes the joint ownership and outlines the rights and responsibilities of each principal. 4. North Dakota Declaration That Oil and Gas Lease Was Acquired by Agent For Principal — Corporate/Entity: This type of declaration is specifically used when an agent acquires an oil and gas lease on behalf of a corporate entity or other legal entity, clearly identifying the authorized representative of the entity and the terms of the lease agreement. In conclusion, the North Dakota Declaration That Oil and Gas Lease Was Acquired by Agent For Principal is a legal document used to acknowledge the acquisition of an oil and gas lease by an agent on behalf of a principal in various scenarios. It ensures clarity and establishes the rights and obligations of the parties involved.
