This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
West Virginia Reservation of A Call on, Or Preferential Right to Purchase Production by Lessor
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Multi-State
Control #:
US-OG-820
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Word;
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How to fill out Reservation Of A Call On, Or Preferential Right To Purchase Production By Lessor?
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Declaration of Consideration of Value (This is the monetary amount for which the property is sold. If the property is being transferred without monetary value, it must state in the declaration paragraph 'why' it is exempt from transfer tax.)
The right of first refusal is exercised by the abutting landowner through his/her remittance of the price determined by the Division of Highways within sixty (60) days of notification.
West Virginia Code §11-22-1, provides for exemptions to paying the Transfer Tax Fee. Deeds must specifically state the reason for exemption, otherwise, the Transfer Tax Fee will be charged. Every Deed recorded requires a completed Sales Listing Form to be attached. The Sales Listing Form can be found here.
An implied warranty is a guarantee that is not written down or explicitly spoken. Article 2 of the Uniform Commercial Code ("UCC") governs the sale of goods. An implied warranty is automatically presumed regarding the sale of goods or real property, which prevents a risk from transferring to the buyer.
§37-6-30. Landlord to deliver premises; duty to maintain premises in fit and habitable condition.
This warranty may be excluded or modified by specific language in the contract to that effect, or ?by circumstances which give the buyer reason to know that the person selling does not claim title in himself or that he is purporting to sell only such right or title as he or a third person may have.? Com. Code §2312(2).
Implied warranty: Merchantability; usage of trade. (1) Unless excluded or modified (section 2-316), a warranty that the goods shall be merchantable is implied in a contract for their sale if the seller is a merchant with respect to goods of that kind.
"A warranty is 'implied' where, from the circumstances sur- rounding the parties at the time of the sale or from the nature of the thing sold, the law assumes it to be just that the buyer should be protected, in addition to the contract of sale, by a further im- plied contract or guaranty on the part of the vendor, and ...
