Ohio 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. An Ohio Affidavit As to Termination of Production Payment is an important legal document used in the state of Ohio to terminate and release any existing production payment interest on real property. It serves as evidence that the payment obligation has been fulfilled and extinguished, providing legal clarity and security to the parties involved. This affidavit is typically used in the context of oil, gas, and mineral rights leases, where the property owner (the Granter) has been receiving production payments from the lessee. Production payments are periodic payments made to the Granter based on the production and sale of resources extracted from the property. The Ohio Affidavit As to Termination of Production Payment contains several key elements. Firstly, it identifies the parties involved, including the Granter and the lessee. It also includes the legal description of the property, specifying its boundaries and relevant details. Additionally, the affidavit outlines the terms and conditions of the production payment agreement, including the payment amounts, payment frequency, and the duration of the production payment obligations. It specifies that all payments have been received in full and that the lessee has fulfilled its obligations under the lease agreement. Furthermore, the affidavit includes an acknowledgment from the Granter, stating that they have received the full amount of production payments owed and that they voluntarily terminate any further claims or interests related to production payments on the property. Different types of Ohio Affidavit As to Termination of Production Payment may include variations based on specific circumstances or additional clauses required by the parties involved. For example, there might be a separate affidavit for each phase of production or for specific minerals extracted from the property. Keywords: Ohio Affidavit As to Termination of Production Payment, Ohio legal document, production payment interest, real property, termination, release, oil, gas, mineral rights leases, Granter, lessee, production payments, legal description, payment amounts, payment frequency, lease agreement, obligations, acknowledgment, claims, interests, specific circumstances, minerals extracted.

An Ohio Affidavit As to Termination of Production Payment is an important legal document used in the state of Ohio to terminate and release any existing production payment interest on real property. It serves as evidence that the payment obligation has been fulfilled and extinguished, providing legal clarity and security to the parties involved. This affidavit is typically used in the context of oil, gas, and mineral rights leases, where the property owner (the Granter) has been receiving production payments from the lessee. Production payments are periodic payments made to the Granter based on the production and sale of resources extracted from the property. The Ohio Affidavit As to Termination of Production Payment contains several key elements. Firstly, it identifies the parties involved, including the Granter and the lessee. It also includes the legal description of the property, specifying its boundaries and relevant details. Additionally, the affidavit outlines the terms and conditions of the production payment agreement, including the payment amounts, payment frequency, and the duration of the production payment obligations. It specifies that all payments have been received in full and that the lessee has fulfilled its obligations under the lease agreement. Furthermore, the affidavit includes an acknowledgment from the Granter, stating that they have received the full amount of production payments owed and that they voluntarily terminate any further claims or interests related to production payments on the property. Different types of Ohio Affidavit As to Termination of Production Payment may include variations based on specific circumstances or additional clauses required by the parties involved. For example, there might be a separate affidavit for each phase of production or for specific minerals extracted from the property. Keywords: Ohio Affidavit As to Termination of Production Payment, Ohio legal document, production payment interest, real property, termination, release, oil, gas, mineral rights leases, Granter, lessee, production payments, legal description, payment amounts, payment frequency, lease agreement, obligations, acknowledgment, claims, interests, specific circumstances, minerals extracted.