The Florida Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease is a legal document used in the state of Florida to extend the primary term of an oil and gas lease by making a lump-sum payment. This amendment allows the lessee to continue their right to explore and produce oil and gas on the leased property beyond the initial primary term. Keywords: Florida, amendment, oil and gas lease, paid-up extension, primary term, lease extension, lump-sum payment, exploration, production. Different types of Florida Amendments to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease include: 1. Extension Amendment: This type of amendment is used when the lessee wishes to extend the primary term of the lease. By making a lump-sum payment, they can continue utilizing the leased property for exploration and production activities beyond the initial term. 2. Amended Lease Agreement: In some cases, the lessee may need to amend the existing lease agreement to include the provisions for the paid-up extension of the primary term. This type of amendment ensures that the updated terms and conditions related to the extension are clearly documented. 3. Lease Renewal Amendment: A lease renewal amendment is used when the lessee and lessor agree to renew the lease beyond the original primary term. This amendment includes the provisions for the paid-up extension and outlines the updated terms under which the lease will continue. 4. Modified Lease Extension: This type of amendment is utilized when both parties agree to modify certain terms of the lease during the extension. It may include adjustments to royalty rates, leasehold boundaries, or other relevant provisions while still incorporating the paid-up extension of the primary term. 5. Extension Amendment with Compensation: Sometimes, the lessee may need to provide additional compensation along with the lump-sum payment to extend the primary term. This type of amendment ensures that the payment terms and amounts are clearly stated, along with any added provisions related to the compensation. In summary, the Florida Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease is a legal document used to extend the primary term of an oil and gas lease by making a lump-sum payment. The amendment can take various forms, including extension amendments, amended lease agreements, lease renewal amendments, modified lease extensions, and extension amendments with compensation.
Florida Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease
Description
How to fill out Florida Amendment To Oil And Gas Lease For Paid-Up Extension Of Primary Term Of Lease?
Finding the right lawful papers web template can be quite a struggle. Obviously, there are a variety of web templates available on the Internet, but how would you get the lawful type you require? Make use of the US Legal Forms website. The service provides thousands of web templates, such as the Florida Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease, that can be used for company and private needs. Every one of the types are checked out by specialists and fulfill state and federal requirements.
When you are previously registered, log in in your bank account and click on the Acquire key to obtain the Florida Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease. Use your bank account to look through the lawful types you have ordered formerly. Visit the My Forms tab of your own bank account and acquire yet another copy of the papers you require.
When you are a brand new user of US Legal Forms, allow me to share easy recommendations for you to stick to:
- Initially, make sure you have selected the appropriate type for your personal metropolis/state. You may look through the shape utilizing the Preview key and look at the shape outline to ensure it is the right one for you.
- In the event the type will not fulfill your preferences, utilize the Seach industry to get the proper type.
- When you are positive that the shape is acceptable, click on the Purchase now key to obtain the type.
- Pick the costs plan you desire and enter the essential information and facts. Create your bank account and pay for an order using your PayPal bank account or bank card.
- Pick the file structure and down load the lawful papers web template in your device.
- Complete, modify and print out and sign the obtained Florida Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease.
US Legal Forms will be the most significant catalogue of lawful types that you can discover various papers web templates. Make use of the company to down load expertly-created files that stick to state requirements.
Form popularity
FAQ
The primary term on average is 3 years. Companies can add a 2-year extension if they wish. The company that executed the lease uses this time period to achieve drilling the well. Once that is completed, the secondary term begins and lasts for as long as the well is producing.
A clause in an oil & gas lease that provides that if the leased land is later owned by separate parties, such as in a sale of part of the property, the lessee can continue to operate, develop, and treat the lease as a whole and pay royalties to each owner based on its percentage of ownership of the entire area.
in clause (or shutin royalty clause) traditionally allows the lessee to maintain the lease by making shutin payments on a well capable of producing oil or gas in paying quantities where the oil or gas cannot be marketed, whether due to a lack of pipeline connection or otherwise.
A Pugh Clause is enforced to ensure that a lessee can be prevented from declaring all lands under an oil and gas lease as being held by production. This remains true even when production only takes place on a fraction of the property.
Granting Clause: The clause in the deed that lists the grantor and the grantee and states that the property is being transferred between the parties.
The period of time in the life of an oil & gas lease that begins after the expiration of the primary term. Production, operations, continuous drilling, or shut-in royalty payments are most often used to extend an oil & gas lease into its secondary term.
The primary term is the initial period during which a well may be drilled. If a successful well is drilled within the primary term, the lease will extend for as long as the well remains productive. If a well is not drilled within the primary term, the lease will usually expire.
What is the granting clause? The granting clause is the clause under which the owner of the oil and gas rights leases the oil and gas rights to the oil and gas company along with the right to develop the oil and gas on a specifically described piece of real estate.
