Description: A Wyoming Notice of Extension of Primary Term of Lease for Recording is a legal document used to officially notify parties involved in a lease agreement that an extension is being granted for the primary term of the lease. It is recorded to ensure transparency and protect the rights of all parties involved in the lease agreement. Keywords: Wyoming, Notice of Extension, Primary Term, Lease, Recording Types of Wyoming Notice of Extension of Primary Term of Lease For Recording: 1. Residential Lease Extension Notice: This type of notice is used for residential properties, notifying tenants and landlords about the extension of the primary term of their lease agreement. It includes details such as the new lease end date and any revised terms or conditions. 2. Commercial Lease Extension Notice: This notice is specific to commercial properties and is used to inform businesses and landlords about the extension of the primary term of their lease agreement. It includes information about the new lease duration and any changes to the lease terms, such as rent adjustments or lease renewal options. 3. Agricultural Lease Extension Notice: This notice is designed for agricultural properties, notifying both landowners and tenants about the extension of the primary term of their lease agreement. It may mention any modifications to rental rates, length of the lease, or any other relevant changes to the original agreement. 4. Mineral Lease Extension Notice: This type of notice is used for lease agreements involving mineral rights, typically for oil, gas, or mining purposes. It informs the involved parties about the extension of the primary term of the lease and may include any adjustments to royalties, leasing terms, or any other relevant terms. 5. Surface Lease Extension Notice: This notice is used when extending the primary term of a surface lease, typically applied to land used for recreational, agricultural, or commercial purposes. It notifies the involved parties about the extension and may include any revised terms or conditions related to land use, rent, or lease duration. 6. Residential Sublease Extension Notice: In cases where the tenant wants to extend the primary term of their sublease agreement, this notice is used to inform both the sublessor and sublessee about the extension. It may include the new sublease duration and any modifications to the original sublease terms. Remember to consult with a legal professional or use a trusted online platform to ensure the accuracy and validity of the Wyoming Notice of Extension of Primary Term of Lease for Recording based on your specific situation.
Wyoming Notice of Extension of Primary Term of Lease For Recording
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How to fill out Wyoming Notice Of Extension Of Primary Term Of Lease For Recording?
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FAQ
If the lease does not contain a cessation of production clause, the lessee may nevertheless be protected by the common law ?temporary cessation of production? doctrine. This doctrine allows the lessee to avoid lease termination by establishing that the cessation of production is only temporary.
Held by production is an oil & gas industry term indicating a property is under lease and that the lease is being perpetuated in the secondary term by the production of oil or gas in paying quantities. An oil & gas may be in HBP status for many years if the wells located on the leased land keep producing.
A savings clause in an oil & gas lease that keeps the lease in effect after a once-productive well stops producing oil or gas if certain conditions are met. The lessee must either begin reworking the well to restore production or start drilling a new well within a specified time.
A quick definition of cessation-of-production clause: This clause usually states that the lease will be maintained as long as production does not stop for more than an agreed period of time, usually sixty to ninety days.
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.
The primary term on average is 3 years. Companies can add a 2-year extension if they wish. The company that executed the lease uses this time period to achieve drilling the well. Once that is completed, the secondary term begins and lasts for as long as the well is producing.
A landlord is also permitted to terminate the rental agreement with an Unconditional Quit notice. Wyo. Stat. §§ 1-21-1002 to 1-21-1003.
California's Statute of Frauds requires a lease to be in writing if it either: 1. has a term longer than one year; or 2. has a term less than one year which expires more than one year after the agreement is reached.
