This provision provides that the assignee agrees to carry out all of the express and implied undertakings contained in the oil and gas leases and imposed on the original Lessees, and indemnify and hold Assignor harmless from and against Assignees failure to comply with the terms of the leases.
North Dakota Assumption of Lessee's Obligations Under Oil and Gas Leases
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In property law, the covenant of quiet enjoyment is an implied term in every lease that the tenant shall have quiet and peaceful possession of the leased premises against the lessor. The covenant ensures that the landlord is bound to refrain from action which interrupts the tenant's beneficial enjoyment.
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease. Oil and Gas Leasing - Earthworks earthworks.org ? issues ? oil-and-gas-leasing earthworks.org ? issues ? oil-and-gas-leasing
The covenant for quiet enjoyment is a covenant that the tenant's lawful possession of the land will not be substantially interfered with by the acts of the landlord and in this regard shares the same purpose and test as the covenant of non-derogation of grant.
As used in an oil & gas lease, the habendum clause sets out the duration of a lease, usually a specified number of years called the primary term, during which the lease remains in effect even if there is no production in paying quantities. Habendum Clause in Oil & Gas Leases (US) | Practical Law - Westlaw westlaw.com ? document ? Habendu... westlaw.com ? document ? Habendu...
An example of this would be how an implied covenant can be associated with the following matters: Good faith in an employment setting; Marketable title to real estate, meaning no major defects with the title; The condition of habitability of a residential home, meaning that the home is suitable to live in; and.
The label "implied covenant law" is used to describe the body of case law where courts have found an implied obligation that necessarily compliments, and supplements, the express terms of an oil and gas lease. Implied Covenant Law and Horizontal Development washburnlaw.edu ? activity ? _fulltext washburnlaw.edu ? activity ? _fulltext
Common remedies available are: actions for damages, injunction, cancellation of a document, quieting title, ejectment, specific performance, accounting, or. declaratory judgment.
Granting Clause: This clause specifies: (a) the land that is being leased; (b) which minerals are being leased (oil, gas, uranium, etc.); and (c) and what rights the production company has to use the surface land in an effort to produce the leased minerals. What Clauses are in an Oil, Gas, and Mineral Lease and What do they ... wattsguerra.com ? what-clauses-are-in-an-oil-gas-... wattsguerra.com ? what-clauses-are-in-an-oil-gas-...
