Corpus Christi Texas Change of Land Description in Oil and Gas Lease The change of land description in an oil and gas lease in Corpus Christi, Texas refers to the modification or alteration made to the initial description of the leased land. This change is necessary when there are updates in land boundaries, survey records, or if the leased area needs to be expanded or reduced. It is crucial for both the lessor and lessee to have a clear understanding of these changes to ensure the lease agreement accurately reflects the current land conditions. Below are some types of Corpus Christi Texas Change of Land Description in Oil and Gas Lease: 1. Boundary Adjustment: This type of change occurs when the landowner or a governmental authority alters the boundaries of the land for various reasons such as road construction or other development projects. 2. Addition or Subtraction of Parcels: Sometimes, the leased land may consist of multiple parcels or tracts. Changes in the lease agreement might occur when new parcels are added to the leasehold or existing ones are removed. 3. Redefining Legal Descriptions: Legal descriptions identify the boundaries and location of the leased land. Changes may involve updating or correcting these descriptions to reflect accurate survey information or resolve any discrepancies in previous versions. 4. Expansion or Reduction of Acreage: In some cases, the oil and gas lease may require adjustments to the total acreage covered by the lease. Expansion occurs when additional contiguous land is included, while reduction happens when part of the leased land is excluded. 5. Change in Rights and Obligations: Apart from the physical land changes, alterations in the lease agreement might involve modifications in the rights and obligations of both the lessor and lessee. These changes could include adjustments in royalties, surface use agreements, or drilling requirements. It is important for both parties involved in the oil and gas lease agreement to document any change of land description precisely and accurately. This helps avoid future disputes and ensures that all parties are aligned in their understanding of the leased land's configuration and boundaries. Professional assistance from land surveyors, legal experts, and land management companies is crucial in navigating and documenting these change of land descriptions in Corpus Christi, Texas oil and gas leases.
Corpus Christi Texas Change of Land Description in Oil and Gas Lease
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State Free Royalty NPRI A state Free Royalty interest is similar to a non-participating royalty interest. An oil, gas, or other mineral lease on land in which the state reserves a mineral or royalty interest is not effective until a certified copy of the recorded lease is filed in the General Land Office.
Memorandum of Lease. (Oil & Gas) This form is a memorandum of lease that summarizes an oil and gas lease without disclosing confidential information contained in the lease itself. It is filed in the county in which the leased property is located to put third parties on notice that a lease exists.
Enacted in 1919, the Relinquishment Act, as interpreted by the Courts, reserves all minerals to the State in those lands sold with a mineral classification between September 1, 1895 and June 29, 1931.
In 1912, the law was made retroactive by the Texas Supreme Court, giving the mineral rights back to all property owners, including those retained by the government. The Relinquishment Act of 1919, amended, made the surface owner an agent of the state for leasing land.
An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.
By Practical Law Real Estate. Maintained ? California. A recordable memorandum of lease used to put third parties on notice of a leasehold interest encumbering real property in California. This Standard Document can be used with commercial leases involving office, retail, industrial, restaurant, or investment
The ?primary term? is the period of time during which an oil and gas lease will remain in effect, usually from one to ten years, in the absence of production, drilling or other operations specified by the Lease.
A memorandum of lease is a recordable instrument that is used to alert third parties?such as lenders, other tenants of the property, and prospective buyers?that there is a leasehold interest encumbering a piece of real property.
A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.
