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 Mexico Declaration That Oil and Gas Lease Was Acquired by Agent For Principal is an important legal document that establishes the acquisition of an oil and gas lease on behalf of a principal by an agent. This declaration serves as evidence that the agent, acting on behalf of the principal, has obtained the lease, granting them the right to explore and extract oil and gas resources in New Mexico. Keywords: New Mexico, declaration, oil and gas lease, acquired, agent, principal, exploration, extraction. Types of New Mexico Declarations That Oil and Gas Lease Was Acquired by Agent For Principal: 1. Individual Declaration: This type of declaration is used when an individual, acting as an agent, has acquired an oil and gas lease on behalf of a specific principal. It outlines the details of the principal's ownership and the agent's authority to act on their behalf. 2. Corporate Declaration: In cases where a corporation acts as the principal, this type of declaration is used. It elaborates on the corporation's legal status, the authorized agent representing the corporation, and the terms of the lease agreement. 3. Partnership Declaration: When a partnership is the principal party involved, this declaration provides relevant information about the partnership agreement, the designated agent, and their authority to acquire an oil and gas lease. 4. Governmental Declaration: In the context of governmental entities, such as state or federal agencies, this type of declaration is utilized. It outlines the specific regulations and procedures followed in the acquisition of the oil and gas lease by the designated agent acting on behalf of the government body. Regardless of the type of declaration, they typically include the following key elements: — Identification of the principal and their legal status. — Information about the agent authorized to act on behalf of the principal. — Details about the acquired oil and gas lease, including location and duration. — Terms and conditions agreed upon in the lease agreement. — Signatures of both the agent and the principal, along with the date of execution. It is essential to ensure the accuracy and legality of the declaration to avoid any disputes or complications in the future. This document serves as a significant record of the acquisition of an oil and gas lease and establishes the authorized party's rights and responsibilities in New Mexico.
