Nebraska Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease

• Category: Oil Gas and Minerals - Amendments
• State: Multi-State
• Control #: US-OG-575
• Format: Word; Rich Text

Description

This form is an Amendment to an Oil and Gas Lease (to provide for a Paid-Up Extension of Primary Term of Lease). Nebraska Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease is a legal document used by parties involved in oil and gas lease agreements in the state of Nebraska. It serves to extend the primary term of the lease in exchange for a lump sum payment made by the lessee to the lessor. This amendment is essential in cases where the lessee wishes to continue the oil and gas operations on the leased property beyond the initial primary term. By paying a predetermined amount agreed upon by both parties, the lessee secures an extended lease term, providing them with further time to extract oil and gas resources. Keywords: Nebraska, Amendment, Oil and Gas Lease, Paid-Up Extension, Primary Term, Lessee, Lessor, Lump Sum Payment, Lease Agreement, Operations, Leased Property, Oil and Gas Resources. Types of Nebraska Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease: 1. Fixed-Term Extension Amendment: This type of amendment grants the lessee a fixed and specified extension period beyond the primary term of the lease, in return for a single lump sum payment. 2. Renewal Amendment: This amendment enables the lessee to renew the lease for a new primary term after the initial term has expired. The lessee agrees to make a lump sum payment to the lessor, ensuring the continuation of the lease. 3. Variable-Term Extension Amendment: This type of amendment provides flexibility in determining the length of the extension period. The lessee and lessor negotiate the duration of the extension and finalize it upon agreeing on a lump sum payment. 4. Multiple Extension Amendment: In some cases, lessees may require multiple extensions beyond the primary term of the lease to maximize resource extraction. This amendment allows for multiple paid-up extensions, with each subsequent extension requiring a separate lump sum payment. 5. Conditional Extension Amendment: This amendment includes specific conditions or contingencies that must be met for the extension to take effect. It may involve performance-based obligations, such as specified production targets or environmental compliance certifications. Note: It's important to consult with legal professionals familiar with Nebraska's specific laws and regulations regarding oil and gas leases. The information provided serves as a general overview and should not substitute professional legal advice.

Nebraska Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease is a legal document used by parties involved in oil and gas lease agreements in the state of Nebraska. It serves to extend the primary term of the lease in exchange for a lump sum payment made by the lessee to the lessor. This amendment is essential in cases where the lessee wishes to continue the oil and gas operations on the leased property beyond the initial primary term. By paying a predetermined amount agreed upon by both parties, the lessee secures an extended lease term, providing them with further time to extract oil and gas resources. Keywords: Nebraska, Amendment, Oil and Gas Lease, Paid-Up Extension, Primary Term, Lessee, Lessor, Lump Sum Payment, Lease Agreement, Operations, Leased Property, Oil and Gas Resources. Types of Nebraska Amendment to Oil and Gas Lease for Paid-Up Extension of Primary Term of Lease: 1. Fixed-Term Extension Amendment: This type of amendment grants the lessee a fixed and specified extension period beyond the primary term of the lease, in return for a single lump sum payment. 2. Renewal Amendment: This amendment enables the lessee to renew the lease for a new primary term after the initial term has expired. The lessee agrees to make a lump sum payment to the lessor, ensuring the continuation of the lease. 3. Variable-Term Extension Amendment: This type of amendment provides flexibility in determining the length of the extension period. The lessee and lessor negotiate the duration of the extension and finalize it upon agreeing on a lump sum payment. 4. Multiple Extension Amendment: In some cases, lessees may require multiple extensions beyond the primary term of the lease to maximize resource extraction. This amendment allows for multiple paid-up extensions, with each subsequent extension requiring a separate lump sum payment. 5. Conditional Extension Amendment: This amendment includes specific conditions or contingencies that must be met for the extension to take effect. It may involve performance-based obligations, such as specified production targets or environmental compliance certifications. Note: It's important to consult with legal professionals familiar with Nebraska's specific laws and regulations regarding oil and gas leases. The information provided serves as a general overview and should not substitute professional legal advice.