This form is used when an Agent declares and acknowledges that the consideration for an Assignment should accrue to the benefit of Principal, and that Principal is the owner of the reserved interest in the Assignment. To give effect to declaration, Agent, as Assignor, grants, sells, and assigns to Principal, as Assignee, all of Agent's interest in the Lease and the interest reserved by Agent in the Assignment.
A California Declaration That Oil and Gas Lease Was Acquired by Agent For Principal is a legal document that serves as evidence that an agent has acquired an oil and gas lease on behalf of their principal (the person or entity they represent). This declaration is crucial for establishing ownership and rights over the lease, as it clarifies the agent's role in the acquisition process. Various types of California Declarations can be made, depending on the specific circumstances of the lease acquisition. These could include: 1. California Declaration That Oil and Gas Lease Was Acquired by Real Estate Agent For Principal: This type of declaration is used when a real estate agent acts on behalf of a principal to acquire an oil and gas lease. The agent's responsibilities may include locating and negotiating the lease terms, as well as completing the necessary paperwork. 2. California Declaration That Oil and Gas Lease Was Acquired by Attorney-in-Fact For Principal: This declaration applies when an attorney-in-fact, appointed by a principal under a power of attorney, acquires the oil and gas lease. The attorney-in-fact has the legal authority to act on behalf of the principal and is responsible for executing the necessary lease documents. 3. California Declaration That Oil and Gas Lease Was Acquired by Corporate Officer For Principal: In cases where a corporation is the principal, this type of declaration is used when a corporate officer, authorized by the board of directors or bylaws, acquires the oil and gas lease. The corporate officer has the authority to execute the lease agreement and enter into legal commitments on behalf of the corporation. 4. California Declaration That Oil and Gas Lease Was Acquired by Trustee For Principal: When the principal is a trust, this declaration is relevant. It confirms that the trustee, who is appointed to manage trust affairs, has acquired the oil and gas lease in accordance with the trust's objectives and instructions outlined in the trust document. In summary, a California Declaration That Oil and Gas Lease Was Acquired by Agent For Principal is a critical legal document that clarifies an agent's role in obtaining an oil and gas lease on behalf of their principal. Depending on the nature of the relationship between the agent and principal, different types of declarations may be utilized, such as those involving real estate agents, attorney-in-fact, corporate officers, or trustees.
