Oregon 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 Oregon Affidavit As to Termination of Production Payment is a legal document used in the state of Oregon to terminate a production payment. A production payment is a type of agreement where the holder, known as the "mayor," pays a specific amount or percentage of the production from a property, such as oil or gas wells, to the holder of the production payment, known as the "payee." In Oregon, there are two types of Affidavits As to Termination of Production Payment that can be used: 1. Voluntary Termination: This type of affidavit is used when the mayor voluntarily terminates the production payment agreement. The mayor submits the affidavit to the appropriate authorities, declaring the termination and outlining the reasons for it. This may be due to various factors such as expiration of the production payment term, changes in ownership or control, or fulfillment of the production payment obligations. 2. Involuntary Termination: This type of affidavit is used when the termination of the production payment agreement is not voluntary but occurs due to specific circumstances as outlined by Oregon state laws. For example, an involuntary termination may happen when the payee breaches the terms of the agreement, fails to meet payment obligations, or violates other conditions stipulated in the contract. In such cases, the mayor can submit an affidavit to terminate the agreement and recover the property rights associated with the production payment. It is essential to fill out the Oregon Affidavit As to Termination of Production Payment accurately and completely to ensure its legitimacy. The document typically includes details such as the names and contact information of both the mayor and the payee, the description of the production payment agreement, the reasons for termination, and any supporting documentation. Using relevant keywords such as "Oregon Affidavit As to Termination of Production Payment," "voluntary termination," "involuntary termination," "production payment agreement," "mayor," and "payee" can help individuals in Oregon gather the necessary information and documentation to execute a proper termination of their production payment agreements. It is advisable to consult with an attorney or seek legal advice to ensure compliance with Oregon laws and regulations regarding the termination of production payments.

An Oregon Affidavit As to Termination of Production Payment is a legal document used in the state of Oregon to terminate a production payment. A production payment is a type of agreement where the holder, known as the "mayor," pays a specific amount or percentage of the production from a property, such as oil or gas wells, to the holder of the production payment, known as the "payee." In Oregon, there are two types of Affidavits As to Termination of Production Payment that can be used: 1. Voluntary Termination: This type of affidavit is used when the mayor voluntarily terminates the production payment agreement. The mayor submits the affidavit to the appropriate authorities, declaring the termination and outlining the reasons for it. This may be due to various factors such as expiration of the production payment term, changes in ownership or control, or fulfillment of the production payment obligations. 2. Involuntary Termination: This type of affidavit is used when the termination of the production payment agreement is not voluntary but occurs due to specific circumstances as outlined by Oregon state laws. For example, an involuntary termination may happen when the payee breaches the terms of the agreement, fails to meet payment obligations, or violates other conditions stipulated in the contract. In such cases, the mayor can submit an affidavit to terminate the agreement and recover the property rights associated with the production payment. It is essential to fill out the Oregon Affidavit As to Termination of Production Payment accurately and completely to ensure its legitimacy. The document typically includes details such as the names and contact information of both the mayor and the payee, the description of the production payment agreement, the reasons for termination, and any supporting documentation. Using relevant keywords such as "Oregon Affidavit As to Termination of Production Payment," "voluntary termination," "involuntary termination," "production payment agreement," "mayor," and "payee" can help individuals in Oregon gather the necessary information and documentation to execute a proper termination of their production payment agreements. It is advisable to consult with an attorney or seek legal advice to ensure compliance with Oregon laws and regulations regarding the termination of production payments.