This provision provides that the assignee agrees to carry out all of the express and implied undertakings contained in the oil and gas leases and imposed on the original Lessees, and indemnify and hold Assignor harmless from and against Assignees failure to comply with the terms of the leases.
Tennessee Assumption of Lessee's Obligations Under Oil and Gas Leases
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FAQ
An example of this would be how an implied covenant can be associated with the following matters: Good faith in an employment setting; Marketable title to real estate, meaning no major defects with the title; The condition of habitability of a residential home, meaning that the home is suitable to live in; and.
In oil and gas leases, the habendum clause defines the primary term and secondary term of the lease, dictating how long the lease is in force. When used in the context of oil and gas leases, the focus of the habendum clause is on the "and so long thereafter" portion that extends the lease if conditions are met.
There are two implied covenants in every California lease that landlords need to be aware of: The covenant of quiet enjoyment and the implied warranty of habitability.
Implied covenants are obligations that are not expressly imposed by a contract, but which courts nevertheless find are binding on one or more parties to the contract. Courts routinely hold that oil and gas lessees are bound by several implied covenants.
Because the Lessor of an oil and gas lease has no control over the Lessee's activities on the property and has no expertise in oil and gas operations, it makes sense that the Lessee should agree to indemnify the Lessor against claims of third parties arising out of activities of the Lessee on the property.
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
The covenant of quiet enjoyment is similar in many ways to the warranty of habitability. Both are implied in lease agreements, both are intended to protect tenants from substantial interferences with their use of the premises, and both may apply in the same situation.
The implied covenant to protect from drainage can be viewed as a logical derivative of the Rule of Capture by putting the lessor in the same position he would have been in with respect to drainage if he had not leased his land for hydrocarbon development.
