District of Columbia Commingling and Entirety Agreement By Royalty Owners is a legal document executed by multiple royalty owners in the District of Columbia, in cases where the ownership of royalties in lands subject to lease varies among the owners. This agreement sets out the terms and conditions for the commingling and distribution of royalties derived from the leased lands. Keywords: District of Columbia, commingling, entirety agreement, royalty owners, royalty ownership, lands subject to lease. There are no specific names for different types of District of Columbia Commingling and Entirety Agreement By Royalty Owners where Royalty Ownership Varies in Lands Subject to Lease, as the agreements would typically be individually drafted to suit the specific circumstances of the royalty owners involved and the relevant lease. In this agreement, the term "District of Columbia" refers to the federal district, located in the United States, which includes Washington, D.C., the capital city. "Commingling" refers to the merging or pooling of royalties derived from multiple leased lands into a single fund or account. The "entirety agreement" aspect denotes that all the royalty owners involved have agreed to the terms collectively and that the agreement encompasses the entirety of their respective royalty interests. The agreement addresses various key provisions, including: 1. Identification of Parties: The agreement identifies the named royalty owners, their respective ownership percentages, and the lands subject to lease in which they hold varying royalty interests. 2. Purpose: It outlines the objective of the agreement, which is to establish a mechanism for the commingling and equitable distribution of royalties derived from the leased lands among the participating royalty owners. 3. Commingling and Distribution: The agreement stipulates the procedure for commingling the royalties, including the establishment of a central account or fund where the royalties will be deposited. It also sets out the formula or allocation method for distributing the commingled royalties to each participating royalty owner based on their ownership percentages. 4. Accounting and Reporting: The agreement requires regular accounting and reporting of the commingled funds, detailing the income received, expenses, distributions, and any other relevant financial information. This ensures transparency and accountability among the participating royalty owners. 5. Limitation of Liability: The agreement may include provisions that limit the liability of the parties involved, especially in cases of unforeseen events or disputes arising from the commingling or distribution of royalties. 6. Governing Law and Jurisdiction: The agreement specifies the governing law of the District of Columbia, under which it is interpreted and enforced. It also outlines the jurisdiction and venue for any disputes that may arise from the agreement. It is important to consult with legal professionals or experienced attorneys specializing in oil, gas, or mineral law when dealing with District of Columbia Commingling and Entirety Agreement By Royalty Owners where Royalty Ownership Varies in Lands Subject to Lease, as the specific legal requirements and considerations may vary.
District of Columbia Commingling and Entirety Agreement By Royalty Owners where Royalty Ownership Varies in Lands Subject to Lease
Category:
State:
Multi-State
Control #:
US-OG-621
Format:
Word;
Rich Text
Instant download
Description
It is not uncommon to encounter a situation where a mineral owner owns all the mineral estate in a tract of land, but the royalty interest in that tract has been divided and conveyed to a number of parties; i.e., the royalty ownership is not common in the entire tract. If a lease is granted by the mineral owner on the entire tract, and the lessee intends to develop the entire tract as a producing unit, the royalty owners may desire to enter into an agreement providing for all royalty owners in the tract in production royalty, regardless of where the well is actually located on the tract. This form of agreement accomplishes this objective.
District of Columbia Commingling and Entirety Agreement By Royalty Owners is a legal document executed by multiple royalty owners in the District of Columbia, in cases where the ownership of royalties in lands subject to lease varies among the owners. This agreement sets out the terms and conditions for the commingling and distribution of royalties derived from the leased lands. Keywords: District of Columbia, commingling, entirety agreement, royalty owners, royalty ownership, lands subject to lease. There are no specific names for different types of District of Columbia Commingling and Entirety Agreement By Royalty Owners where Royalty Ownership Varies in Lands Subject to Lease, as the agreements would typically be individually drafted to suit the specific circumstances of the royalty owners involved and the relevant lease. In this agreement, the term "District of Columbia" refers to the federal district, located in the United States, which includes Washington, D.C., the capital city. "Commingling" refers to the merging or pooling of royalties derived from multiple leased lands into a single fund or account. The "entirety agreement" aspect denotes that all the royalty owners involved have agreed to the terms collectively and that the agreement encompasses the entirety of their respective royalty interests. The agreement addresses various key provisions, including: 1. Identification of Parties: The agreement identifies the named royalty owners, their respective ownership percentages, and the lands subject to lease in which they hold varying royalty interests. 2. Purpose: It outlines the objective of the agreement, which is to establish a mechanism for the commingling and equitable distribution of royalties derived from the leased lands among the participating royalty owners. 3. Commingling and Distribution: The agreement stipulates the procedure for commingling the royalties, including the establishment of a central account or fund where the royalties will be deposited. It also sets out the formula or allocation method for distributing the commingled royalties to each participating royalty owner based on their ownership percentages. 4. Accounting and Reporting: The agreement requires regular accounting and reporting of the commingled funds, detailing the income received, expenses, distributions, and any other relevant financial information. This ensures transparency and accountability among the participating royalty owners. 5. Limitation of Liability: The agreement may include provisions that limit the liability of the parties involved, especially in cases of unforeseen events or disputes arising from the commingling or distribution of royalties. 6. Governing Law and Jurisdiction: The agreement specifies the governing law of the District of Columbia, under which it is interpreted and enforced. It also outlines the jurisdiction and venue for any disputes that may arise from the agreement. It is important to consult with legal professionals or experienced attorneys specializing in oil, gas, or mineral law when dealing with District of Columbia Commingling and Entirety Agreement By Royalty Owners where Royalty Ownership Varies in Lands Subject to Lease, as the specific legal requirements and considerations may vary.
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