This form is used when Lessor desires to adopt, ratify, and confirm the Lease insofar as it covers Lessor's rights, title, and interests in the Lands and to set out the division of interest as to any rental payments which may be made pursuant to the terms of the Lease.
Pennsylvania Ratification and Rental Division Order of Original Lessor and Lessee
State:
Multi-State
Control #:
US-OG-326
Format:
Word;
Rich Text
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How to fill out Ratification And Rental Division Order Of Original Lessor And Lessee?
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FAQ
A ratification of an existing Texas oil and gas lease usually executed by a non-participating royalty interest owner or a non-executive mineral interest owner. It can be used for transactions involving business entities or private individuals.
In this case royalty earned by the lessor is credited to the Royalty Receivable Account. For the lessor, royalty is ordinary business income.
It is the amount that has to be paid by the lessee to the lessor whether or not he has derived benefit from the asset. Hence, it is also called Dead Rent or Rock Rent. Minimum rent can be a fixed sum for every year or may change every year as per the terms of the agreement.
Royalty is the sum payable by the lessee to the lessor for the use of rights vested in the lessor. It is a periodic payment. It is generally paid on the basis of output or sale. Royalty is paid for extraction of mines, for use of a patent, for use of technical know-how, to an author for sale of his books, etc.
Royalty is the consideration payable for the use of special right for both tangible and intangible assets. But rent is the consideration payable for the use of only tangible assets. Royalty is paid either on the basis of output or sale, whereas rent is paid on the basis of period.
Payment of the Royalties as Business Expenses Royalty is payable for the Lessor and is based on production. Royalty account is transferred to manufacturing or trading as well as production account. Royalties are payable based on the sales that are a selling expenditure and are transferred to the Profit or Loss account.