Tennessee Declaration That Oil and Gas Lease Was Acquired by Agent For Principal

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US-OG-313
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This form is used when an Agent declares and acknowledges that the consideration for an Assignment should accrue to the benefit of Principal, and that Principal is the owner of the reserved interest in the Assignment. To give effect to declaration, Agent, as Assignor, grants, sells, and assigns to Principal, as Assignee, all of Agent's interest in the Lease and the interest reserved by Agent in the Assignment.

Title: Tennessee Declaration That Oil and Gas Lease Was Acquired by Agent For Principal Introduction: The Tennessee Declaration That Oil and Gas Lease Was Acquired by Agent For Principal is a legal document that confirms the acquisition of an oil and gas lease by an agent on behalf of their principal. This declaration serves as a crucial piece of evidence in legal proceedings, ensuring transparency and clarity throughout the lease transaction. In Tennessee, there are different types of declarations pertaining to the acquisition of oil and gas leases by agents for principals, each serving various purposes. 1. General Declaration That Oil and Gas Lease Was Acquired by Agent For Principal: This type of declaration establishes the fundamental details of the lease acquisition, including the agent's authority, principal's identity, lease terms, and legal responsibilities. It evidences that the agent acted within the scope of their authority and ensures the principal's rights and interests are protected. 2. Affidavit Declaration That Oil and Gas Lease Was Acquired by Agent For Principal: An affidavit is a written statement made under oath, declaring the agent's actions on behalf of the principal in acquiring an oil and gas lease. This type of declaration adds a layer of legal authenticity, as it requires the affine to swear or affirm the truthfulness of the statement, making it a more formal and compelling document in legal proceedings. 3. Notarized Declaration That Oil and Gas Lease Was Acquired by Agent For Principal: A notarized declaration is one that has been certified by a notary public. This type of declaration is crucial when the lease acquisition needs to be presented as legally binding evidence. By notarizing the document, an impartial third party verifies the authenticity of the declaration, ensuring its credibility and validity. 4. Declaration That Oil and Gas Lease Was Acquired by Authorized Corporate Agent: This specific type of declaration pertains to lease acquisitions conducted by an agent on behalf of a corporation. It establishes the agent's authority to act on behalf of the corporation and verifies that the acquisition transaction was within the agent's scope of authority. Such declarations protect both the corporation and its shareholders by verifying the legality and authenticity of the lease acquisition. Conclusion: The Tennessee Declaration That Oil and Gas Lease Was Acquired by Agent For Principal encompasses various types, each serving a distinct purpose in confirming the acquisition of an oil and gas lease. These declarations play a vital role in providing legal clarity, protecting the principal's interests, and ensuring transparency in lease transactions. It is crucial to ensure accuracy, authenticity, and compliance with legal requirements when drafting and executing these declarations.

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FAQ

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.

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.

Also known as a memo of lease. A recordable instrument used to put third parties on notice of a lease interest encumbering real property. The memorandum of lease outlines the specific terms of a lease agreement, including: The names and addresses of the parties.

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.

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.

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.

An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.

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.

A memorandum of lease, sometimes called a short-form lease, a notice of lease, or a registration of lease, does exactly what it says on the tin. It's a condensed version of your lease, boiled down to the bare necessities.

Memorandum of Lease. (Oil Gas) This form is a memorandum of lease that summarizes an oil and gas lease without disclosing confidential information contained in the lease itself. It is filed in the county in which the leased property is located to put third parties on notice that a lease exists.

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Declaration that Oil and Gas Lease was Acquired by Agent for Principal. Deeds ... Notice and Declaration of Gas Storage (Provided for in Oil and Gas Lease) ... Follow the instructions below to complete Declaration That Oil and Gas Lease Was Acquired by Agent For Principal online quickly and easily: Sign in to your ...Sep 27, 2023 — A notarized Application For Permit To Drill (CN-0211) which requires the name, address and telephone number of the well owner and operator, well ... Entirety Clause: a clause in an Oil and Gas Lease providing that, in the event the Mineral Interest covered by the Lease is subsequently divided among ... Record Title: Primary ownership of an interest in an oil and gas lease including the obligation to pay rent, and the right to transfer and relinquish the lease. a tender offer for such a corporation to file a registration statement with the Commissioner of the Tennessee Depart- ... the land” includes oil and natural gas. Lessor hereby grants to Lessee an option to lease the Demised Premises for Two (2) additional Five (5) year terms ("Option Terms") upon the terms and conditions ... When applicants locate properties, they must provide the Loan Originator with the basic information needed to initiate the Agency's review of the property. Check out the lessee. Some leases are acquired in the name of landmen or agents for the true lessee. Insist on knowing the identity of the company acquiring the ... Additional lands of the Developer situated in. Loudon and Monroe Counties, Tennessee, as well as any other lands hereafter acquired by the Developer, whether or ...

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Tennessee Declaration That Oil and Gas Lease Was Acquired by Agent For Principal