Virginia Amendment to Oil and Gas Lease with Terms of the Amendments to Be inserted in Form
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FAQ
By way of background, a ?free use? clause is a provision in an oil/gas lease which gives the lessee the right to use gas produced from the leasehold.
A right of first refusal is a tenant's right to meet the offer of a third-party to the landlord for the additional space.
In oil and gas leases, the habendum clause defines the primary term and secondary term of the lease, dictating how long the lease is in force. When used in the context of oil and gas leases, the focus of the habendum clause is on the "and so long thereafter" portion that extends the lease if conditions are met.
A rental amount paid due to sales of the tenant. For example: A lease for a service station may contain a provision for a certain addition to the rent for every gallon of gasoline over a certain amount sold each month.
It is used to change, delete or add specific terms or provisions within the original agreement while leaving the rest of the document intact. Because this type of change is made to an existing contract, all parties must agree to the amendment before it can be added to the document.
A lease amendment is a document between a landlord and tenant that can be used to legally modify the terms in an active lease agreement. Adding a lease amendment to an existing lease can ensure landlords are fully protected when changes occur that the original document does not cover.
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 modification of lease, also called a lease amendment or lease modification, is an agreement that formally changes the original terms and conditions of a lease. It allows the parties to agree to changes without having to sign an entirely new lease.