New York Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease
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How to fill out Amendment To Oil And Gas Lease For Paid-Up Extension Of Primary Term Of Lease?
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FAQ
The primary term is the initial period during which a well may be drilled. If a successful well is drilled within the primary term, the lease will extend for as long as the well remains productive. If a well is not drilled within the primary term, the lease will usually expire.
A lease extension addendum is a legal document extending a lease between a landlord and a tenant. It can also change conditions such as the rent amount, security deposit, utilities, and other provisions. If no changes are made other than the termination date, all other terms of the original lease will remain in place.
A modification of lease, also called a lease amendment or lease modification, is an agreement that formally changes the original terms and conditions of a lease. It allows the parties to agree to changes without having to sign an entirely new lease.
If a lease is a "paid-up" lease, then the lease will remain in effect during the entire primary term with no further payments to the Lessor unless and until actual production of oil or gas is established.
There are two terms in a gas and oil lease: known as the primary term and the secondary term. Normally, the primary term is for a specific amount of time which lasts between the period of 1, 3, 5, 7 or 10 years.
A Lease Amending Agreement is used when a landlord and tenant wish to change their lease agreement with regard to terms of the lease that do NOT involve the transfer of the lease to another individual.
A lease amendment is a document between a landlord and tenant that can be used to legally modify the terms in an active lease agreement. Adding a lease amendment to an existing lease can ensure landlords are fully protected when changes occur that the original document does not cover.
An amendment to the lease agreement refers to making changes to the original lease document. It is a legal process that allows the landlord and the tenant to modify the terms and conditions of the lease agreement in a mutually agreed-upon manner.
