Illinois Affidavit As to Termination of Production Payment

• Category: Oil Gas and Minerals - Affidavits
• State: Multi-State
• Control #: US-OG-171
• Format: Word; Rich Text

Description

An affidavit is statement of facts which is sworn to (or affirmed) before an officer who has authority to administer an oath (e.g. a notary public). This affidavit form is used when the Production Payment is deemed to have been satisfied and no longer burdens the Oil and Gas Leases on the Land. The Illinois Affidavit As to Termination of Production Payment is a legal document utilized in the state of Illinois to terminate or release any outstanding production payments for an oil or gas well. This affidavit is an important step in completing the process of terminating such payments and ensuring the proper transfer of rights and ownership. Key information typically included in the Illinois Affidavit As to Termination of Production Payment includes the following: 1. Identifying Information: This section requires the full legal names and addresses of all parties involved in the agreement, including the payer and the recipient of the production payment. It also includes the relevant well and property information such as the well name, legal description, and leasehold identification. 2. Termination Statement: This portion of the affidavit states the intent to terminate the production payment. It highlights the date of termination, allowing for a clear understanding of when the payments will cease. The reasons for the termination, which can include fulfillment of obligations, expiration of lease, mutual agreement, or other legally valid reasons, must also be explicitly mentioned. 3. Property Description: This section provides a detailed description of the property where the well is located. It typically includes the county, section, township, and range information. A complete legal description of the property helps to establish the location and boundaries of the leasehold. 4. Release of Liability: This clause ensures that the payer confirms the termination of all future obligations, liabilities, and payments associated with the production payment. It outlines that the payer will have no further responsibility to provide compensation related to the production payment. Different types of Illinois Affidavit As to Termination of Production Payment may include: 1. Individual Affidavit: This type of affidavit is used when a single person is terminating the production payment, either as the payer or recipient. 2. Joint Affidavit: In cases where multiple parties are involved in the production payment, such as joint owners or beneficiaries, a joint affidavit is utilized to terminate the payment collectively. 3. Lessor Affidavit: This type of affidavit specifically relates to the termination of production payments by the lessor of the property, who holds the rights to the mineral resources. It is important to consult with a legal professional to ensure accurate completion and execution of the Illinois Affidavit As to Termination of Production Payment, as requirements and specific language may vary depending on the circumstances and individual situations.

The Illinois Affidavit As to Termination of Production Payment is a legal document utilized in the state of Illinois to terminate or release any outstanding production payments for an oil or gas well. This affidavit is an important step in completing the process of terminating such payments and ensuring the proper transfer of rights and ownership. Key information typically included in the Illinois Affidavit As to Termination of Production Payment includes the following: 1. Identifying Information: This section requires the full legal names and addresses of all parties involved in the agreement, including the payer and the recipient of the production payment. It also includes the relevant well and property information such as the well name, legal description, and leasehold identification. 2. Termination Statement: This portion of the affidavit states the intent to terminate the production payment. It highlights the date of termination, allowing for a clear understanding of when the payments will cease. The reasons for the termination, which can include fulfillment of obligations, expiration of lease, mutual agreement, or other legally valid reasons, must also be explicitly mentioned. 3. Property Description: This section provides a detailed description of the property where the well is located. It typically includes the county, section, township, and range information. A complete legal description of the property helps to establish the location and boundaries of the leasehold. 4. Release of Liability: This clause ensures that the payer confirms the termination of all future obligations, liabilities, and payments associated with the production payment. It outlines that the payer will have no further responsibility to provide compensation related to the production payment. Different types of Illinois Affidavit As to Termination of Production Payment may include: 1. Individual Affidavit: This type of affidavit is used when a single person is terminating the production payment, either as the payer or recipient. 2. Joint Affidavit: In cases where multiple parties are involved in the production payment, such as joint owners or beneficiaries, a joint affidavit is utilized to terminate the payment collectively. 3. Lessor Affidavit: This type of affidavit specifically relates to the termination of production payments by the lessor of the property, who holds the rights to the mineral resources. It is important to consult with a legal professional to ensure accurate completion and execution of the Illinois Affidavit As to Termination of Production Payment, as requirements and specific language may vary depending on the circumstances and individual situations.