This form of release is used when Lessor releases, relinquishes, and quit claims to the present owners of the Lease all of a Production Payment interest. From and after the Effective Date, the Production Payment interest in the Lease is deemed to have terminated and is no longer a burden on the leasehold estate created by the Lease.
North Dakota Release of Production Payment by Lessor is a legal document that outlines the release of payments to a lessor in the state of North Dakota for the production of oil, gas, or any other natural resources present on the leased property. This document ensures that the lessor receives their rightful share and provides a mechanism for the lessee to make timely and accurate payments. In North Dakota, there are two types of Release of Production Payment by Lessor: 1. Oil and Gas Release of Production Payment by Lessor: This type of release specifically relates to the production of oil and gas on the leased property. It outlines the terms and conditions under which the lessor will receive their payment, including the percentage of proceeds, payment frequency, and any royalty obligations. 2. Natural Resource Release of Production Payment by Lessor: This type of release covers the production of any other natural resources on the leased property, such as minerals, coal, or timber. It encompasses similar terms and conditions as the oil and gas release, but tailored to the specific type of resource being produced. Keywords: North Dakota, Release of Production Payment by Lessor, legal document, payments, lessor, oil, gas, natural resources, leased property, lessee, timely, accurate, rightful share, oil and gas production, natural resource production, terms, conditions, percentage of proceeds, payment frequency, royalty obligations, minerals, coal, timber.
