North Dakota 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. North Dakota Affidavit As to Termination of Production Payment is a legal document used in the oil and gas industry to terminate the production payment on a property located in North Dakota. It serves as an official declaration stating that the production payment has been fully satisfied or terminated. This affidavit is crucial in resolving any disputes or claims related to the production payment and ensuring a clear and updated record of the property ownership. Keywords: North Dakota, affidavit, termination, production payment, oil and gas industry, property, legal document, declaration, disputes, claims, property ownership. Different types of North Dakota Affidavit As to Termination of Production Payment may include: 1. Voluntary Termination: This type of affidavit is filed when the parties involved in the production payment agreement mutually decide to terminate the payment. It requires the consent and agreement of both the granter and the holder of the production payment. 2. Satisfied Termination: This affidavit is used when the production payment has been completely paid off, and the granter no longer owes any further payments to the holder. It acts as evidence that the production payment obligation has been fulfilled. 3. Default Termination: In certain cases, if the granter fails to make the required payments as per the production payment agreement, the holder may file a default termination affidavit. This type of affidavit ensures that the holder's rights to the production payment are terminated due to non-payment. 4. Release of Lien: A release of lien affidavit may be necessary when a production payment is secured by a lien on the property. This affidavit confirms that the lien has been released or discharged after the termination of the production payment. 5. Corrective Affidavit: Occasionally, errors or inaccuracies can occur in the initial affidavit. In such cases, a corrective affidavit is filed to rectify any mistakes or address missing information. This ensures that the legal documentation accurately reflects the termination of the production payment. It is important to consult a qualified attorney or legal professional when dealing with North Dakota Affidavit As to Termination of Production Payment to ensure compliance with state laws, accurate documentation, and to properly address any unique circumstances or concerns.

North Dakota Affidavit As to Termination of Production Payment is a legal document used in the oil and gas industry to terminate the production payment on a property located in North Dakota. It serves as an official declaration stating that the production payment has been fully satisfied or terminated. This affidavit is crucial in resolving any disputes or claims related to the production payment and ensuring a clear and updated record of the property ownership. Keywords: North Dakota, affidavit, termination, production payment, oil and gas industry, property, legal document, declaration, disputes, claims, property ownership. Different types of North Dakota Affidavit As to Termination of Production Payment may include: 1. Voluntary Termination: This type of affidavit is filed when the parties involved in the production payment agreement mutually decide to terminate the payment. It requires the consent and agreement of both the granter and the holder of the production payment. 2. Satisfied Termination: This affidavit is used when the production payment has been completely paid off, and the granter no longer owes any further payments to the holder. It acts as evidence that the production payment obligation has been fulfilled. 3. Default Termination: In certain cases, if the granter fails to make the required payments as per the production payment agreement, the holder may file a default termination affidavit. This type of affidavit ensures that the holder's rights to the production payment are terminated due to non-payment. 4. Release of Lien: A release of lien affidavit may be necessary when a production payment is secured by a lien on the property. This affidavit confirms that the lien has been released or discharged after the termination of the production payment. 5. Corrective Affidavit: Occasionally, errors or inaccuracies can occur in the initial affidavit. In such cases, a corrective affidavit is filed to rectify any mistakes or address missing information. This ensures that the legal documentation accurately reflects the termination of the production payment. It is important to consult a qualified attorney or legal professional when dealing with North Dakota Affidavit As to Termination of Production Payment to ensure compliance with state laws, accurate documentation, and to properly address any unique circumstances or concerns.