This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
New Mexico Termination of Lease As to Part of Lands refers to the legal process by which a lease agreement for a specific portion of land in New Mexico is terminated either by the mutual consent of both parties involved or due to certain specified conditions as outlined in the lease agreement or state laws. This termination allows the lessee (tenant) to relinquish their rights and obligations over that particular section of the land, effectively ending their leasehold interest. There are various types of New Mexico Termination of Lease As to Part of Lands that can occur based on different circumstances: 1. Mutual Termination: This type of termination occurs when both the lessor (landowner) and lessee agree to end the lease agreement for a particular portion of the land. It usually involves the signing of a formal agreement or amendment to the original lease. 2. Non-performance Termination: If either party fails to fulfill their obligations as stipulated in the lease agreement, such as non-payment of rent or failure to maintain the land, the other party may seek termination of the lease as to part of the lands affected by these negligent actions. 3. Natural Disaster Termination: In case of a natural disaster, such as a wildfire or flood, where the leased land becomes unfit for use or inaccessible, both parties may agree to terminate the lease as to the affected area. 4. Partial Termination: This type of termination occurs when only a section of the leased land is terminated, while the lease agreement for the rest of the land remains in effect. It might occur when the lessor needs a certain portion of the land for personal use or development, or when one part of the land is no longer usable. 5. Government Acquisition Termination: If the government exercises eminent domain and acquires a portion of the leased land for public use, the lease as to the acquired area may be terminated. Compensation may be provided to the lessee for the loss. In New Mexico, the specific procedures and requirements for the termination of lease as to part of lands can vary depending on the terms outlined in the lease agreement, applicable state laws, and the specific circumstances involved. Consulting an attorney familiar with New Mexico real estate and lease laws is strongly advised for both parties to ensure compliance and protection of their rights throughout the termination process.
