South Dakota Rental Lease Pooling Provision
What this document covers
The Rental Lease Pooling Provision is a legal document used in South Dakota that establishes an agreement between a lessor and a lessee for the leasing of land for seismic, geophysical operations, and mineral extraction, including oil and gas. This form uniquely incorporates provisions for pooling mineral rights, distinguishing it from standard rental leases by allowing for the combination of multiple leasehold interests for more efficient resource extraction.
What’s included in this form
- Identification of parties: Clearly defines the lessor and lessee involved in the agreement.
- Lease term: Specifies the duration the lease will remain active, contingent on production activities.
- Royalty structure: Details how royalties will be divided and paid based on production.
- Pooling rights: Grants lessee the ability to combine leases with adjacent lands for operational efficiency.
- Surface rights usage: Addresses restrictions on the use of surface land for structures and operations.
- Termination clauses: Outlines conditions under which the lease may be terminated.
Common use cases
This form is necessary when a landowner (lessor) wishes to lease land to a company or individual (lessee) for the exploration and production of oil, gas, or other minerals. The lease is particularly relevant when multiple parties or properties are involved that might benefit from pooled resources and sharing of operations to enhance efficiency in extraction efforts.
Who can use this document
- Landowners seeking to lease their property for mineral extraction.
- Oil and gas companies looking to secure rights for exploration and drilling.
- Individuals or entities who need a structured agreement that includes pooling provisions.
Steps to complete this form
- Identify the lessor and lessee: Fill in the names and addresses of both parties.
- Describe the land: Specify the exact location and description of the leased premises.
- Enter the lease term: Indicate the duration of the lease and conditions for extension.
- Detail royalties: Specify the percentage split and payment terms for oil and gas extracted.
- Sign and date the form: Ensure signatures from both parties, including any necessary notarization if required.
Does this form need to be notarized?
To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to accurately describe the property can lead to disputes.
- Not specifying the correct royalty percentages can cause financial misunderstandings.
- Omitting signatures or dates can invalidate the lease.
Benefits of using this form online
- Convenient access to a professionally drafted lease agreement at any time.
- Editable template allows users to customize details as needed.
- Reliable source, ensuring legal compliance with state-specific laws.
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FAQ
An apartment lease is a contract just like any other: there is no one set contract that you have to always adhere to if you want to rent an apartment. As long as the landlord is willing, you can negotiate the terms and make sure that you get the best deal possible.
Negotiating a Month to Month Contract into a Lease Agreement Sometimes, a rental increase can be appropriate, but that's not usually how a tenant would negotiate, since the rental price is generally adjusted to fit market value.
The downside of a month to month lease is that it doesn't represent as much permanence for landlords who are seeking long-term tenants. Tenants can give their vacate notice in as short as 30 days' time. A month to month lease means less security in the minds of many landlords.
Once the lease is signed, you're bargaining power is a lot lower. However, you can still try to negotiate with your landlord.If you can find a compromise that helps both you and your landlord financially, he might agree to lower your monthly rent even after a lease was signed.
Can You Negotiate Your Rent? Yes, rent prices are negotiable. You can negotiate your rent before signing a new lease and when it's time to renew your current lease. In some instances, you can renegotiate your rent before your lease ends.
Yes, South Dakota is a very landlord-friendly state because landlords have broad leverage over tenants and do not have many habitability requirements.
It's been 37 years since South Dakota repealed its open-range law, which allowed livestock owners to let their animals roam freely without gates or fences.
Indiana. Indiana laws allow landlords to hold on to security deposits for 45 days to give them time to determine any damages caused by tenants. Colorado. Colorado is one of few states that allow landlords to access the rental property without an advance notice requirement. Georgia.
Notice to terminate a week-to-week lease. If no end date is specified in the agreement, then a one-week notice required to terminate. Notice to terminate a month-to-month lease. Notice to terminate a yearly lease with no end date.