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 New Jersey Declaration That Oil and Gas Lease Was Acquired by Agent For Principal is a legal document that must be filed with the proper authorities to assert an agent's authority to acquire an oil and gas lease on behalf of a principal in the state of New Jersey. This declaration outlines the particulars of the lease acquisition by the agent and clarifies the principal-agent relationship. Key Elements: 1. New Jersey Oil and Gas Laws: Understanding the legal framework governing oil and gas leasing in New Jersey is crucial for drafting this declaration. Familiarity with the state-specific regulations ensures compliance and accuracy in documenting the lease acquisition. 2. Principal-Agent Relationship: The declaration should highlight the principal-agent relationship by specifying the names and contact details of both parties involved. It is essential to include the principal's full legal name, address, and any other identifying information required by the relevant authorities. 3. Agent Authorization: The document must clearly state that the principal authorizes the agent to acquire an oil and gas lease on their behalf. It should explicitly mention the authority granted to the agent and outline any limitations or specific instructions provided by the principal. 4. Property Description: Providing an accurate description of the property subject to the oil and gas lease is vital. This includes the property's legal description, such as lot numbers, sectional information, and any other relevant identifiers, ensuring proper identification and avoidance of any ambiguity. 5. Lease Acquisition Details: The declaration should outline the specific terms and conditions of the oil and gas lease acquired by the agent. This includes lease duration, royalty rates, payment terms, and any other pertinent con.
