This form is a New York Lease agreement wherein Lessor grants, leases, and lets exclusively to Lessee the lands described within for the purposes of conducting seismic and geophysical operations, exploring, drilling, mining, and operating for, producing and owning oil, gas, sulfur, and all other minerals whether or not similar to those mentioned (collectively the oil or gas ), and the right to make surveys, lay pipelines, establish and utilize facilities for surface or subsurface disposal of salt water, construct roads and bridges, dig canals, build tanks, power stations, power lines, telephone lines, and other structures on the Lands, necessary or useful in Lessee's operations on the Lands or any other land adjacent to the Lands. This lease form also provides for pooling.
The Kings New York Rental Lease Pooling Provision is a contractual agreement commonly found in rental leases in the state of New York. It allows multiple tenants to join together and form a "pool" by combining their individual leases into a single joint lease. This provision is particularly beneficial in situations where a group of individuals, such as friends or roommates, want to rent a property together and share the financial responsibilities. One key aspect of the Kings New York Rental Lease Pooling Provision is that it offers flexibility to tenants. Each member of the pool is typically listed as a signatory on the lease, making them jointly and severally liable for the entire lease agreement. This means that each individual is responsible for the full rent payment, as well as any potential damages or other lease obligations. This provision ensures that landlords have the ability to seek the full amount owed even if one or more tenants fail to fulfill their obligations. Furthermore, the Kings New York Rental Lease Pooling Provision also provides a mechanism for determining how the rent, security deposit, and other expenses should be divided amongst the tenants. Typically, the provision outlines the specific allocation of costs amongst the tenants, which can be based on equal sharing or a predetermined agreement. This provision helps avoid confusion and conflicts amongst the tenants regarding rent contributions and expense sharing. It is worth mentioning that the Kings New York Rental Lease Pooling Provision may have different types or variations depending on the landlord's preferences or specific property requirements. Some common variations include: 1. Equal Sharing Provision: Under this type of pooling provision, all tenants share the rent and expenses equally, regardless of room size, occupancy, or other factors. This ensures an equitable distribution of costs amongst the pool members. 2. Room-Size-Based Provision: In cases where the rooms in the rental property vary in size or amenities, a room-size-based pooling provision may be included. This provision takes into account the differences in room quality and allocates the rent and expenses accordingly. 3. Occupancy-Based Provision: Sometimes, the Kings New York Rental Lease Pooling Provision can be occupancy-based, meaning that tenants pay according to the number of people residing in each room. This provision addresses situations where individuals may need additional space or amenities due to family members or specific personal needs. In summary, the Kings New York Rental Lease Pooling Provision is a contractual arrangement that allows multiple tenants to combine their individual leases into a single joint lease. It provides flexibility, clarifying the distribution of rent, security deposit, and expenses while ensuring that all tenants are jointly and severally liable for the lease obligations. Different types of variations, such as equal sharing, room-size-based, or occupancy-based provisions, may be included to cater to the unique needs of the prospective tenants and the property.
