Pima Arizona Term Mineral Deed of Undivided Interest

• Category: Oil Gas and Minerals - Deeds
• State: Multi-State
• County: Pima
• Control #: US-OG-064
• Format: Word; Rich Text

Description

This deed form conveys a mineral interest for a specified term, to be designated by the grantor, after which time, the conveyed interest reverts to the grantor. Lima Arizona Term Mineral Deed of Undivided Interest is a legally binding document that grants ownership rights in mineral rights to an individual or entity for a specified period of time. This type of deed is commonly utilized in the state of Arizona, specifically in the Pima County region. A Lima Arizona Term Mineral Deed of Undivided Interest outlines the specific terms and conditions under which the mineral rights are transferred or leased. This includes the duration of the agreement, the rights and obligations of both the granter and the grantee, and the compensation or consideration involved. There are different types of Lima Arizona Term Mineral Deeds of Undivided Interest, each serving various purposes. These include: 1. Exploration and Production Lease: This type of deed grants the lessee the right to explore and extract minerals from a specifically designated area for a defined term. It allows the lessee to conduct surveys, drilling, and production activities while upholding environmental regulations. 2. Royalty Deed: A royalty deed provides the grantee with a percentage of the proceeds generated from the production and sale of minerals extracted from the property. This type of deed is often used when the granter wishes to maintain ownership of the mineral rights but seeks to benefit from potential profits. 3. Working Interest Deed: In this case, the granter assigns a portion of their ownership interest in the mineral rights to the grantee. The grantee then becomes responsible for a corresponding portion of the costs involved in exploring, developing, and producing the minerals. 4. Lease Assignment: This type of deed involves the transfer of an existing lease agreement from the original lessee (assignor) to a third party (assignee). The assignee assumes all rights, obligations, and benefits associated with the lease for the remaining term. It is important for both parties involved in a Lima Arizona Term Mineral Deed of Undivided Interest to fully understand the terms and conditions outlined in the agreement. Consulting with an experienced attorney or real estate professional is highly recommended ensuring legal compliance and protection of rights.

Lima Arizona Term Mineral Deed of Undivided Interest is a legally binding document that grants ownership rights in mineral rights to an individual or entity for a specified period of time. This type of deed is commonly utilized in the state of Arizona, specifically in the Pima County region. A Lima Arizona Term Mineral Deed of Undivided Interest outlines the specific terms and conditions under which the mineral rights are transferred or leased. This includes the duration of the agreement, the rights and obligations of both the granter and the grantee, and the compensation or consideration involved. There are different types of Lima Arizona Term Mineral Deeds of Undivided Interest, each serving various purposes. These include: 1. Exploration and Production Lease: This type of deed grants the lessee the right to explore and extract minerals from a specifically designated area for a defined term. It allows the lessee to conduct surveys, drilling, and production activities while upholding environmental regulations. 2. Royalty Deed: A royalty deed provides the grantee with a percentage of the proceeds generated from the production and sale of minerals extracted from the property. This type of deed is often used when the granter wishes to maintain ownership of the mineral rights but seeks to benefit from potential profits. 3. Working Interest Deed: In this case, the granter assigns a portion of their ownership interest in the mineral rights to the grantee. The grantee then becomes responsible for a corresponding portion of the costs involved in exploring, developing, and producing the minerals. 4. Lease Assignment: This type of deed involves the transfer of an existing lease agreement from the original lessee (assignor) to a third party (assignee). The assignee assumes all rights, obligations, and benefits associated with the lease for the remaining term. It is important for both parties involved in a Lima Arizona Term Mineral Deed of Undivided Interest to fully understand the terms and conditions outlined in the agreement. Consulting with an experienced attorney or real estate professional is highly recommended ensuring legal compliance and protection of rights.