The Washington Amendment to Oil and Gas Lease to Change Depository is a legal document used to modify an existing lease agreement between an oil and gas company and the lessor. This amendment allows the lessee to change the depository where the payments related to the lease are held or deposited. In the state of Washington, there are several types of amendments to oil and gas leases that pertain to changing the depository. These include: 1. Amendment to Change Depository Bank: This type of amendment is used when the lessee wants to switch the bank or financial institution where the payments are deposited. The amendment will provide details about the new depository, including the bank's name, address, and account information. 2. Amendment to Change Depository Account: In some cases, the lessee may wish to retain the same bank but change the specific account where the lease payments are deposited. This amendment specifies the account details, such as account number and routing information, for the new depository account. 3. Amendment to Change Depository for Royalty Payments: This type of amendment is specific to royalty payments, which are a percentage of the oil and gas production provided to the lessor. The amendment allows the lessee to modify the depository solely for royalty payments while keeping the existing depository for other lease-related payments. 4. Amendment to Add Multiple Depositories: In certain situations, the lessee may require the use of multiple depositories for various lease payments. This amendment allows the inclusion of multiple depositories, specifying which payments are to be made to each depository. When preparing a Washington Amendment to Oil and Gas Lease to Change Depository, it is essential to include relevant information such as the names and contact details of both parties involved, the effective date of the amendment, and a clear description of the changes regarding the depository. The amendment should be signed by both the lessee and the lessor, as well as notarized for validity. Oil and gas lease agreements are complex legal documents, and any modifications or amendments should always be prepared by an experienced attorney to ensure compliance with Washington state laws and regulations.
Washington Amendment to Oil and Gas Lease to Change Depository
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Negotiating an oil and gas lease will require some research upfront. If you're a landowner interested in working with an oil and gas company, you should explore their history and experience. You'll want to work with a reputable company that works in your best interests, holds a high standard, and maintains insurance.
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 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.
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.
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.
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.
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.
If at any time Assignee desires to transfer or dispose of all or any portion of the Overriding Royalty Interest, Assignee must first give to Assignor written notice thereof stating: (a) the amount of the Overriding Royalty Interest offered by Assignee; (b) the form of consideration (which shall be either cash or a ...