This form is used when the Lessee and the Lessor agree to amend the lease to extend the primary term from three years to six years. The terms and provisions of this amendment of the Lease is binding the the benefit of the Lessor and Lessee and their respecitve heirs, devisees, successors, and personal representatives.
The Killeen Texas Amendment to Oil, Gas, and Mineral Lease is a legal document that brings modifications or updates to an existing lease agreement between a property owner and an oil, gas, and mineral exploration company in Killeen, Texas. This amendment ensures that all parties involved are on the same page and understand the specific changes being made to the original lease agreement. Keywords: Killeen Texas, Amendment, Oil, Gas, Mineral Lease, property owner, exploration company, legal document, modifications, updates. Types of Killeen Texas Amendment to Oil, Gas, and Mineral Lease: 1. Extension Amendment: This type of amendment extends the duration of the existing lease agreement. It may be applied when either the exploration company needs more time to complete their operations or when the property owner agrees to offer an extension. 2. Royalty Amendment: A royalty amendment may be necessary when there is a change in the percentage or method of calculation for the payment of royalties to the property owner. This can include adjustments in royalty rates, guaranteed minimum royalty payments, or the inclusion of new clauses related to royalty calculation. 3. Surface Use Amendment: If the original lease did not specifically address surface usage and associated issues, a surface use amendment may be required. This amendment outlines the rights, limitations, and responsibilities of the exploration company regarding surface access, drilling locations, access roads, restoration, and any other relevant matters. 4. Assignment or Transfer Amendment: When a lease agreement is transferred or assigned to another company or entity, an assignment or transfer amendment is executed to ensure all rights, obligations, and responsibilities are duly transferred to the new party. 5. Pooling or Unitization Amendment: In situations where multiple leases in the same area are combined into a single drilling unit for more efficient resource extraction, a pooling or unitization amendment is crafted. This amendment establishes new terms and conditions, including the allocation of royalties and other financial considerations among the multiple property owners. 6. Rights and Obligations Amendment: This type of amendment is used to modify or clarify the rights and obligations of both the exploration company and the property owner as agreed upon in the original lease. It may include adjustments to operational obligations, rent payments, access conditions, or any other contractual provisions. Remember, since the Killeen Texas Amendment to Oil, Gas, and Mineral Lease is a legally binding document, it is essential to consult legal professionals or experts to ensure compliance with local, state, and federal laws and regulations in order to protect the rights and interests of all parties involved.The Killeen Texas Amendment to Oil, Gas, and Mineral Lease is a legal document that brings modifications or updates to an existing lease agreement between a property owner and an oil, gas, and mineral exploration company in Killeen, Texas. This amendment ensures that all parties involved are on the same page and understand the specific changes being made to the original lease agreement. Keywords: Killeen Texas, Amendment, Oil, Gas, Mineral Lease, property owner, exploration company, legal document, modifications, updates. Types of Killeen Texas Amendment to Oil, Gas, and Mineral Lease: 1. Extension Amendment: This type of amendment extends the duration of the existing lease agreement. It may be applied when either the exploration company needs more time to complete their operations or when the property owner agrees to offer an extension. 2. Royalty Amendment: A royalty amendment may be necessary when there is a change in the percentage or method of calculation for the payment of royalties to the property owner. This can include adjustments in royalty rates, guaranteed minimum royalty payments, or the inclusion of new clauses related to royalty calculation. 3. Surface Use Amendment: If the original lease did not specifically address surface usage and associated issues, a surface use amendment may be required. This amendment outlines the rights, limitations, and responsibilities of the exploration company regarding surface access, drilling locations, access roads, restoration, and any other relevant matters. 4. Assignment or Transfer Amendment: When a lease agreement is transferred or assigned to another company or entity, an assignment or transfer amendment is executed to ensure all rights, obligations, and responsibilities are duly transferred to the new party. 5. Pooling or Unitization Amendment: In situations where multiple leases in the same area are combined into a single drilling unit for more efficient resource extraction, a pooling or unitization amendment is crafted. This amendment establishes new terms and conditions, including the allocation of royalties and other financial considerations among the multiple property owners. 6. Rights and Obligations Amendment: This type of amendment is used to modify or clarify the rights and obligations of both the exploration company and the property owner as agreed upon in the original lease. It may include adjustments to operational obligations, rent payments, access conditions, or any other contractual provisions. Remember, since the Killeen Texas Amendment to Oil, Gas, and Mineral Lease is a legally binding document, it is essential to consult legal professionals or experts to ensure compliance with local, state, and federal laws and regulations in order to protect the rights and interests of all parties involved.
