This form is used when Lessor desires to adopt, ratify, and confirm the Lease insofar as it covers Lessor's rights, title, and interests in the Lands and to set out the division of interest as to any rental payments which may be made pursuant to the terms of the Lease.
Virginia Ratification and Rental Division Order of Original Lessor and Lessee
State:
Multi-State
Control #:
US-OG-326
Format:
Word;
Rich Text
Instant download
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How to fill out Ratification And Rental Division Order Of Original Lessor And Lessee?
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FAQ
Except as modified hereby, all other terms and conditions of the Lease remain unchanged and in full force and effect and are hereby ratified and confirmed by the parties hereto. Tenant accepts the Existing Premises in its ?as is? and ?where is? condition.
To ?ratify? a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.
In the context of contract law, a person ratifies a contract when they accept the benefit, thereby rendering the contract legally enforceable. This can include signing a formal contract, but conduct may also ratify a contract.
Ratification is the official way to confirm something, usually by vote. It is the formal validation of a proposed law. We almost never use the word ratification except to talk about process by which proposed laws, treaties, and agreements are officially recognized.
After approval has been granted under a state's own internal procedures, it will notify the other parties that they consent to be bound by the treaty. This is called ratification. The treaty is now officially binding on the state.