Illinois Term Mineral Deed of Undivided Interest

• Category: Oil Gas and Minerals - Deeds
• State: Multi-State
• 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. The Illinois Term Mineral Deed of Undivided Interest is a legal document used to transfer ownership of mineral rights in Illinois. This type of deed grants the grantee an undivided interest in the minerals located on a specific tract or portion of land for a certain period of time. Keywords: Illinois Term Mineral Deed, undivided interest, mineral rights, legal document, ownership, tract of land, certain period of time. There are different types of Illinois Term Mineral Deeds of Undivided Interest that can be specified based on the specific requirements of the granting party. These variations include: 1. Fixed Term Mineral Deed of Undivided Interest: This type of deed grants the grantee an undivided interest in the minerals for a fixed and specified period, which could be a certain number of years or until a specific date. 2. Renewable Term Mineral Deed of Undivided Interest: This variation allows for the grantee to retain their undivided interest in the minerals beyond the initial fixed term, provided that certain conditions outlined in the deed are met. This allows for the possibility of extending the agreement for an additional period. 3. Royalty Interest Mineral Deed of Undivided Interest: This specific variation grants the grantee a percentage-based interest in the royalties generated from the extraction and production of minerals on the designated tract of land. The grantee does not have an ownership interest in the actual minerals but receives a portion of the profits. 4. Non-Participating Mineral Deed of Undivided Interest: This type of deed grants the grantee an undivided interest in the mineral rights solely for the purpose of receiving royalty payments. However, unlike a royalty interest deed, the grantee does not have any rights in the decision-making or exploration and production activities. It is essential to consult with a legal professional or real estate attorney to determine the most appropriate type of Illinois Term Mineral Deed of Undivided Interest based on the specific circumstances and intentions of the parties involved.

The Illinois Term Mineral Deed of Undivided Interest is a legal document used to transfer ownership of mineral rights in Illinois. This type of deed grants the grantee an undivided interest in the minerals located on a specific tract or portion of land for a certain period of time. Keywords: Illinois Term Mineral Deed, undivided interest, mineral rights, legal document, ownership, tract of land, certain period of time. There are different types of Illinois Term Mineral Deeds of Undivided Interest that can be specified based on the specific requirements of the granting party. These variations include: 1. Fixed Term Mineral Deed of Undivided Interest: This type of deed grants the grantee an undivided interest in the minerals for a fixed and specified period, which could be a certain number of years or until a specific date. 2. Renewable Term Mineral Deed of Undivided Interest: This variation allows for the grantee to retain their undivided interest in the minerals beyond the initial fixed term, provided that certain conditions outlined in the deed are met. This allows for the possibility of extending the agreement for an additional period. 3. Royalty Interest Mineral Deed of Undivided Interest: This specific variation grants the grantee a percentage-based interest in the royalties generated from the extraction and production of minerals on the designated tract of land. The grantee does not have an ownership interest in the actual minerals but receives a portion of the profits. 4. Non-Participating Mineral Deed of Undivided Interest: This type of deed grants the grantee an undivided interest in the mineral rights solely for the purpose of receiving royalty payments. However, unlike a royalty interest deed, the grantee does not have any rights in the decision-making or exploration and production activities. It is essential to consult with a legal professional or real estate attorney to determine the most appropriate type of Illinois Term Mineral Deed of Undivided Interest based on the specific circumstances and intentions of the parties involved.