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.
