North Dakota Lessor's Notice of Election to Take Royalty in Kind

• Category: Oil Gas and Minerals - Notices
• State: Multi-State
• Control #: US-OG-105
• Format: Word; Rich Text

Description

Many forms of oil and gas leases allow the lessor to take the royalty share of oil (and sometimes gas) in kind. This form is a notice by a lessor, to be delivered to a lessee, of the lessor's intent to exercise that right under the terms of a lease, and take the lessor's share of royalty production in kind. North Dakota Lessor's Notice of Election to Take Royalty in Kind is a legal document used in the state of North Dakota to inform the lessee or oil operator that the lessor has elected to receive their royalty payments in kind rather than in cash. This election option allows the lessor to receive a portion of the oil or gas production, rather than the monetary equivalent. Keywords: North Dakota, Lessor's Notice, Election, Royalty in Kind, oil operator, lessor, lessee, royalty payments, cash, oil production, gas production. Types of North Dakota Lessor's Notice of Election to Take Royalty in Kind: 1. Standard Lessor's Notice of Election to Take Royalty in Kind: This is the typical notice used by lessors in North Dakota when they wish to exercise their right to receive a portion of the oil or gas production instead of cash royalty payments. 2. Amended Lessor's Notice of Election to Take Royalty in Kind: This notice is used when the lessor wants to modify or update their previous election notice to reflect changes in their preferences regarding royalty payment. 3. Termination of Lessor's Notice of Election to Take Royalty in Kind: If the lessor has previously elected to take the royalty in kind but wishes to revert to receiving cash royalty payments, this notice is used to communicate the termination of their election. 4. Partial Lessor's Notice of Election to Take Royalty in Kind: In situations where the lessor wants to receive a percentage of their royalty in kind and the remaining portion in cash, this notice is utilized to specify the desired ratio or share. 5. Extension of Lessor's Notice of Election to Take Royalty in Kind: If the lessor wishes to extend the duration of their election period mentioned in the initial notice, this extension notice is used to notify the lessee or oil operator. Note: The specific types of notices mentioned above might vary based on individual leasing agreements and legal requirements. It is advisable to consult an attorney or legal professional to ensure compliance with North Dakota state laws and regulations.

North Dakota Lessor's Notice of Election to Take Royalty in Kind is a legal document used in the state of North Dakota to inform the lessee or oil operator that the lessor has elected to receive their royalty payments in kind rather than in cash. This election option allows the lessor to receive a portion of the oil or gas production, rather than the monetary equivalent. Keywords: North Dakota, Lessor's Notice, Election, Royalty in Kind, oil operator, lessor, lessee, royalty payments, cash, oil production, gas production. Types of North Dakota Lessor's Notice of Election to Take Royalty in Kind: 1. Standard Lessor's Notice of Election to Take Royalty in Kind: This is the typical notice used by lessors in North Dakota when they wish to exercise their right to receive a portion of the oil or gas production instead of cash royalty payments. 2. Amended Lessor's Notice of Election to Take Royalty in Kind: This notice is used when the lessor wants to modify or update their previous election notice to reflect changes in their preferences regarding royalty payment. 3. Termination of Lessor's Notice of Election to Take Royalty in Kind: If the lessor has previously elected to take the royalty in kind but wishes to revert to receiving cash royalty payments, this notice is used to communicate the termination of their election. 4. Partial Lessor's Notice of Election to Take Royalty in Kind: In situations where the lessor wants to receive a percentage of their royalty in kind and the remaining portion in cash, this notice is utilized to specify the desired ratio or share. 5. Extension of Lessor's Notice of Election to Take Royalty in Kind: If the lessor wishes to extend the duration of their election period mentioned in the initial notice, this extension notice is used to notify the lessee or oil operator. Note: The specific types of notices mentioned above might vary based on individual leasing agreements and legal requirements. It is advisable to consult an attorney or legal professional to ensure compliance with North Dakota state laws and regulations.