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.
Wake North Carolina Reservation of A Call on, Or Preferential Right to Purchase Production by Lessor is a legal term used in oil and gas leases. It refers to a specific provision in a lease agreement that grants the lessor the right to claim or purchase a portion of the production from the leased property. In Wake County, North Carolina, this reservation is often included in oil and gas leases to protect the lessor's interests and ensure their involvement in the production process. This provision allows the lessor to have a say in the extraction and sale of resources from their property. Keywords: Wake North Carolina, reservation of a call on, preferential right to purchase production by lessor, oil and gas leases, leased property, production process, extraction, sale, resources, lessor's interests. Different types of Wake North Carolina Reservation of A Call on, Or Preferential Right to Purchase Production by Lessor can include: 1. Full Reservation: In this type of reservation, the lessor has the right to claim or purchase the entire production from the leased property. This means that the lessee (the party responsible for extracting and selling the resources) must offer the entire production to the lessor before offering it to any other party. 2. Partial Reservation: In this type, the lessor has the right to claim or purchase only a portion of the production. The specific percentage or amount is typically outlined in the lease agreement. The lessee must first offer this portion to the lessor before offering it to others. 3. Time-Limited Reservation: This type of reservation gives the lessor the right to claim or purchase the production for a specific period. It may be for a fixed number of years or until a certain quantity of resources is extracted. After the time limit expires, the lessor loses their preferential right to purchase the production. 4. Right of First Refusal: This variation of the reservation grants the lessor the first opportunity to purchase the production if the lessee decides to sell it. The lessor must match or exceed any offer received from a third party, giving them the chance to acquire the production before it goes to someone else. By including Wake North Carolina Reservation of A Call on, Or Preferential Right to Purchase Production by Lessor in an oil and gas lease, the lessor maintains some control over the extraction and sale of resources from their property while also safeguarding their financial interests.
