A Tennessee Durable Power of Attorney to Execute Oil and Gas Lease is a legal document that grants an individual (the "attorney-in-fact" or "agent") the authority to act on behalf of another person (the "principal") for the purpose of entering into oil and gas lease agreements. This power of attorney remains effective even if the principal becomes incapacitated or unable to make decisions. In Tennessee, there are different types of Durable Power of Attorney to Execute Oil and Gas Lease, each tailored to specific situations or needs. These include: 1. General Durable Power of Attorney to Execute Oil and Gas Lease: This type of power of attorney grants the agent broad authority to execute oil and gas leases on behalf of the principal. It encompasses all aspects related to the negotiation, execution, and management of such leases. 2. Limited Durable Power of Attorney to Execute Oil and Gas Lease: This power of attorney is more specific in nature, conferring the agent with limited authority to execute oil and gas leases for a defined period or a specific project. 3. Springing Durable Power of Attorney to Execute Oil and Gas Lease: A springing power of attorney becomes effective only when a specific event or condition occurs. It springs into action when the principal becomes incapacitated or unable to make decisions related to oil and gas leases. 4. Non-Springing Durable Power of Attorney to Execute Oil and Gas Lease: Unlike the springing power of attorney, the non-springing type is effective immediately upon execution. It grants the agent the authority to act on behalf of the principal in matters concerning oil and gas leases. It is important to note that a power of attorney is a legally binding document, and cautious consideration should be given before granting someone the authority to make oil and gas lease-related decisions on your behalf. Consulting with an attorney who specializes in oil and gas law is recommended to ensure that the document meets all legal requirements and aligns with the principal's specific intentions and goals. Keywords: Tennessee, Durable Power of Attorney, Execute, Oil and Gas Lease, attorney-in-fact, agent, principal, incapacitated, negotiation, management, limited, springing, non-springing, legally binding, oil and gas law.
Tennessee Durable Power of Attorney to Execute Oil and Gas Lease
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How to fill out Tennessee Durable Power Of Attorney To Execute Oil And Gas Lease?
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A Tennessee general power of attorney form is used to select a person who can handle financial acts on another's behalf. This power of attorney is not ?durable? and therefore will be void upon the incapacity of the principal.
A clause in an oil & gas lease that provides that if the leased land is later owned by separate parties, such as in a sale of part of the property, the lessee can continue to operate, develop, and treat the lease as a whole and pay royalties to each owner based on its percentage of ownership of the entire area.
What is the granting clause? The granting clause is the clause under which the owner of the oil and gas rights leases the oil and gas rights to the oil and gas company along with the right to develop the oil and gas on a specifically described piece of real estate.
A ?special warranty? is a covenant made by the lessor to defend the lessee against encumbrances or clouds on the oil and gas title created by the lessor during his ownership of the estate. The protection offered by this warranty is therefore limited to those title defects caused or created by the lessor himself.
Tennessee law requires a durable power of attorney to be either signed before two witnesses or signed and notarized in order to be valid. It also must specifically state its authorization to make health care decisions.
Typical granting clauses include language such as ?oil, gas, and other minerals,?2 ?oil and all gas of whatsoever nature or kind,?3 or some variation of these simplistic descriptions.
in clause (or shutin royalty clause) traditionally allows the lessee to maintain the lease by making shutin payments on a well capable of producing oil or gas in paying quantities where the oil or gas cannot be marketed, whether due to a lack of pipeline connection or otherwise.
An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
