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.
Utah Assumption of Lessee's Obligations Under Oil and Gas Leases
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FAQ
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.
Implied covenants differ from express covenants in that they are not formally written and recorded in the county records. Implied covenants arise through the actions, promises and statements of a land developer, coupled with the reasonable expectations of the purchasers of such land. Real Estate Covenants ? Express & Implied | Hopkins & Huebner, P.C. hhlawpc.com ? resources ? legal-articles ? real-est... hhlawpc.com ? resources ? legal-articles ? real-est...
A good indemnification clause should be negotiated to make the oil and gas company responsible for defending and indemnifying the landowner should a claim be brought due to the operations or activities of the oil and gas company.
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. Implied Covenant Laws - LegalMatch legalmatch.com ? law-library ? article ? imp... legalmatch.com ? law-library ? article ? imp...
Granting Clause: This clause specifies: (a) the land that is being leased; (b) which minerals are being leased (oil, gas, uranium, etc.); and (c) and what rights the production company has to use the surface land in an effort to produce the leased minerals.
In property law, the covenant of quiet enjoyment is an implied term in every lease that the tenant shall have quiet and peaceful possession of the leased premises against the lessor. The covenant ensures that the landlord is bound to refrain from action which interrupts the tenant's beneficial enjoyment. covenant of quiet enjoyment | Wex | US Law - Legal Information Institute cornell.edu ? wex ? covenant_of_quiet_... cornell.edu ? wex ? covenant_of_quiet_...
For instance, a "payment of rent" covenant ensures the tenant's timely rent payments, while a "repair and maintenance" covenant outlines responsibilities for keeping the premises in good condition. These covenants are legally binding, and both parties must adhere to them throughout the lease term. What are commercial lease covenants? - LawBite lawbite.co.uk ? resources ? blog ? what-are-... lawbite.co.uk ? resources ? blog ? what-are-...
Implied Covenant to Develop the Lease: This implied covenant requires the Lessee to protect against drainage and typically arises when a neighbor's land is drilled and that lease could be draining oil out from under the leased land.
