Pennsylvania Amendment to Oil and Gas Lease to Change Depository is a legal document that allows parties involved in an oil and gas lease agreement to make modifications to the depository where funds related to the lease will be held. This amendment is essential when the lessee or lessor wishes to change the designated depository institution or account. When drafting a Pennsylvania Amendment to Oil and Gas Lease to Change Depository, there are various types that can be specified based on the needs of the parties involved. Some potential amendments to consider are: 1. Pennsylvania Amendment to Oil and Gas Lease to Change Depository Institution: This type of amendment is used when the parties involved want to switch the financial institution where funds related to the lease will be held. The current institution's name, account number, and other relevant details are replaced with the new institution's information. 2. Pennsylvania Amendment to Oil and Gas Lease to Change Depository Account: In this type of amendment, the parties opt to maintain the same financial institution but alter the designated account within the institution. The existing account number is replaced with the new account details within the amendment. 3. Pennsylvania Amendment to Oil and Gas Lease to Change Depository and Account: This amendment combines the previous two types, allowing the parties to change both the financial institution and the account simultaneously. Details of the current and new institutions and accounts must be clearly outlined in the amendment. 4. Pennsylvania Amendment to Oil and Gas Lease to Change Depository and Add Multiple Accounts: This type of amendment is applicable when the parties want to open multiple accounts at different financial institutions to hold lease-related funds. The change in depository institution(s) and the addition of new account(s) are specified within the amendment. When drafting a Pennsylvania Amendment to Oil and Gas Lease to Change Depository, it is crucial to include specific language to meet the legal requirements in the state. Consultation with a qualified attorney is recommended to ensure compliance with Pennsylvania law and to address any unique circumstances related to the lease agreement in question.
Pennsylvania Amendment to Oil and Gas Lease to Change Depository
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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.
A ?special warranty? is a covenant made by the lessor to defend the lessee against encumbrances or clouds on the oil and gas title created by the lessor during his ownership of the estate. The protection offered by this warranty is therefore limited to those title defects caused or created by the lessor himself.
What is the granting clause? The granting clause is the clause under which the owner of the oil and gas rights leases the oil and gas rights to the oil and gas company along with the right to develop the oil and gas on a specifically described piece of real estate.
An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
Typical granting clauses include language such as ?oil, gas, and other minerals,?2 ?oil and all gas of whatsoever nature or kind,?3 or some variation of these simplistic descriptions.
A clause in an oil & gas lease that provides that if the leased land is later owned by separate parties, such as in a sale of part of the property, the lessee can continue to operate, develop, and treat the lease as a whole and pay royalties to each owner based on its percentage of ownership of the entire area.
The memorandum of lease is a short form version of the oil and gas lease. The memorandum of lease is recorded. The full lease will not be recorded. You may also receive an addendum.
in clause (or shutin royalty clause) traditionally allows the lessee to maintain the lease by making shutin payments on a well capable of producing oil or gas in paying quantities where the oil or gas cannot be marketed, whether due to a lack of pipeline connection or otherwise.