This form is used to resolve any question as to how royalty is to be paid to the Parties in the event of production, under the Lease, on any part of the Lands. The Parties are entering into this Agreement to stipulate and agree to the ownership of each Party's respective share of the royalty reserved in the Lease payable for production attributable to their Interests from a well located anywhere on the Lands.
The Kansas Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease is a legal document that outlines the terms and conditions regarding the payment of nonparticipating royalty for segregated tracts under a single oil and gas lease in the state of Kansas. In this agreement, the parties involved, typically the operator or lessee (oil and gas company) and the nonparticipating royalty interest owners, agree on the method and schedule of royalty payments for the segregated tracts. The agreement ensures fair distribution of royalties and addresses any potential disputes or concerns that may arise during the production of oil and gas. Keywords: Kansas, agreement, governing, payment, nonparticipating royalty, segregated tracts, oil and gas lease, legal document, terms and conditions, operator, lessee, interest owners, method, schedule, fair distribution, royalties, disputes, production. Types of Kansas Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease may include: 1. Standard Kansas Agreement: This is the most common type of agreement used in Kansas, following the state's regulations and guidelines for the payment of nonparticipating royalties under segregated tracts covered by one oil and gas lease. 2. Customized Kansas Agreement: In certain cases, parties involved may choose to create a customized agreement that deviates from the standard template. This type of agreement allows for specific provisions, terms, or schedules that are tailored to the unique circumstances or preferences of the parties involved. Overall, the Kansas Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease plays a crucial role in ensuring transparency, fairness, and compliance in the payment of nonparticipating royalties to all relevant parties involved in the extraction and production of oil and gas in Kansas.
