This is an agreement where the Owner represents and warrants present ownership of an undivided possessory mineral interest in and to the described lands. Owner grants to Operator the right, for a term, to conduct any and all operations undertaken in connection with the exploration for oil, gas and/or other minerals on, across, and/or through the described Lands.
Puerto Rico Permit Agreement for Minerals
Category:
State:
Multi-State
Control #:
US-OG-685
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Permit Agreement For Minerals?
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FAQ
Different types of minerals can be found in Puerto Rico such as gold, copper, molybdenum, and silver.
Producing minerals have one or more active oil and gas wells. Royalty owners are paid royalties on the proceeds from the sale oil, gas, and other minerals that are produced under a specific tract of land.
Although the legal owner of the minerals has no right to enter onto the land above the minerals, they do have the right to dig up the surface of the land to remove the minerals that lay beneath the property.
The Mineral Rights legal indemnity insurance policy provides cover for an existing single residential dwelling and/or any commercial or business premises, where the title deeds or Land Registry entries indicate mineral rights have been granted or reserved prior to the Commencement Date to which the property remains ...
What Are Mineral Rights? Mineral rights are ownership rights that allow the owner the right to exploit minerals from underneath a property. The rights refer to solid and liquid minerals, such as gold and oil. Mineral rights can be separate from surface rights and are not always possessed by the property owner.
The U.S. is about the only country that allows individuals and private companies to own the minerals beneath their land. Discover oil or natural gas in your backyard and you can get rich fast. But in Mexico and most other places, you're out of luck: Those minerals are the property of the government.
Such mines and mineral rights usually show on the title register as ?excepted? and/or ?reserved? to a third party. This limitation on a title does not necessarily mean that the third party then has the right to enter, break or damage the surface of your property if they wish to obtain the mines and minerals.
Generally minerals are held in private ownership, and information on mineral rights, where available, is held by the Land Registry together with details of land surface ownership.