If a lease will expire, by its own terms, and the lessee desires to maintain the lease in effect by the payment of bonus, rather than commencing operations, and the terms of the original lease continue to be acceptable to the lessor, the parties may elect to amend the existing lease to extend the primary term, rather than entering into a new lease. This form addresses that situation.
Puerto Rico Amendment to Oil and Gas Lease to Extend Primary Term, With No Additional Rentals Keywords: Puerto Rico, amendment, oil and gas lease, extend primary term, no additional rentals. Description: The Puerto Rico Amendment to Oil and Gas Lease to Extend Primary Term, With No Additional Rentals is a legal document that allows parties involved in an oil and gas lease agreement in Puerto Rico to extend the primary term of the lease. This amendment adds a provision specifically stating that no additional rentals will be required during the extended period. In Puerto Rico, there may be different types of amendments to oil and gas leases to extend their primary terms without any additional rentals. These amendments could include specific conditions or clauses tailored to the unique characteristics of the lease contract and the parties involved. Some possible variations of the Puerto Rico Amendment to Oil and Gas Lease to Extend Primary Term, With No Additional Rentals may include: 1. Limited Scope Amendment: This type of amendment could be used if a leaseholder wants to extend the primary term of the lease but desires to limit the extension to a specific portion of the leased area. It may require an agreement between the parties on the restricted boundaries and duration of the extension while maintaining the no additional rentals' clause. 2. Royalty Adjustment Amendment: In certain cases, an extension to the primary term may lead to renegotiating the royalty rates. This type of amendment could involve modifications to the lease agreement to adjust the royalty percentages or payment terms while ensuring that there are no additional rentals required. 3. Environmental Safeguards Amendment: In some instances, an extension of the primary term may necessitate implementing additional environmental safeguards to protect Puerto Rico's unique ecosystem. This type of amendment could include provisions that outline specific measures, obligations, or requirements to be undertaken by the leaseholder, while maintaining the no additional rentals' clause. 4. Operational Flexibility Amendment: A leaseholder may require more operational flexibility during the extended primary term, allowing amendments that address changes in drilling techniques, equipment, or technologies. This type of amendment could include provisions granting the lessee the ability to adapt their operations while ensuring no additional rentals are required. It is important to consult legal counsel or experts knowledgeable in Puerto Rico's oil and gas leasing laws to determine the specific requirements and options for amending an oil and gas lease to extend the primary term, without any additional rentals, in accordance with local regulations and contractual agreements.
