South Dakota Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease: The South Dakota Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease refers to a legal document that allows for an extension of the primary term of an oil and gas lease in the state of South Dakota. This amendment is designed to provide flexibility and certainty to both the lessor and the lessee in exploring and extracting oil and gas resources. The primary term of an oil and gas lease is the initial period during which the lessee has the right to explore and develop the leased premises. However, there may be circumstances where the lessee requires additional time due to various factors, such as delays in obtaining permits or unfavorable market conditions. By executing the South Dakota Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease, the lessee can extend the primary term for a specific duration by paying an agreed-upon financial consideration to the lessor. This financial consideration is often a lump sum amount intended to compensate the lessor for the extended period. The amendment includes provisions that outline the specific conditions and terms for the extension, including the duration of the extension, the amount to be paid, and any other relevant terms to protect the interests of both parties. It ensures that the lessor receives compensation for any additional period beyond the original primary term. Different types of South Dakota Amendments to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease may exist based on factors such as the length of the extension, specific terms and conditions, and the unique circumstances of the lease agreement. Some possible variations may include: 1. Short-Term Extension: This type of amendment may be used when the lessee requires a brief extension of the primary term, typically for several months, due to minor delays or temporary market fluctuations. 2. Long-Term Extension: In cases where significant delays or complex operational requirements exist, a long-term extension may be negotiated. This type of amendment could provide a multi-year extension of the primary term, giving the lessee ample time to complete exploration and development activities. 3. Cost-Based Extension: In some instances, the amount to be paid for the extension may be determined based on actual costs incurred by the lessee during the primary term. This type of amendment ensures that the lessor receives fair compensation and prevents the lessee from overpaying or underpaying for the extension. It is essential for both the lessor and lessee to carefully review and negotiate the terms of the South Dakota Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease to ensure that their respective rights and obligations are clearly defined and protected. Seeking legal advice from experienced professionals is highly recommended ensuring compliance with applicable laws and regulations.
South Dakota Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease
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Codified Law 22-19A-1 | South Dakota Legislature. 22-19A-1. Stalking--Violation as misdemeanor--Second or subsequent offense a felony. (3) Willfully, maliciously, and repeatedly harass another person by means of any verbal, electronic, digital media, mechanical, telegraphic, or written communication.
An oil & gas lease where all payments to keep the lease in effect during the primary term, typically a cash bonus, are paid up front when the lease is acquired. This type of lease generally does not contain a delay rental clause.
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.
2-16-18. Citation of code. The code enacted into law by § 2-16-13, and as hereafter amended and supplemented and printed and published pursuant to law, shall be known as the South Dakota Codified Laws and may be cited as "SDCL" followed by the number of the title, chapter, or section, as appropriate.
Codified Law 32-35-113 | South Dakota Legislature. 32-35-113. Maintenance of financial responsibility--Violation as misdemeanor.
Codified Law 43-32-35 | South Dakota Legislature. 43-32-35. Service animal documentation requirements. The supporting documentation shall confirm the tenant's disability and the relationship between the tenant's disability and the need for the requested accommodation.
Except in case of an emergency or if it is impracticable to do so, a landlord or landlord's agent shall give the tenant reasonable notice of the landlord's intent to enter and enter only at reasonable times.
Habendum Clause: Once the Primary Term expires, the habendum clause controls when the lease expires or how long it remains in effect (this lease term after the Primary Term is called the ?secondary term?).
