Pima Arizona Term Royalty Deed

• Category: Oil Gas and Minerals - Deeds
• State: Multi-State
• County: Pima
• Control #: US-OG-045
• Format: Word; Rich Text

Description

This form conveys a royalty interest for a specified term of years. If there is production at the end of that term, or the lands are subject to an oil and gas lease, the interest will continue to be owned by the grantee until production ceases. Lima Arizona Term Royalty Deed is a legal document that grants rights to the owner of mineral rights or oil and gas interests in a specified period of time in Lima, Arizona. This type of deed transfers the rights to receive royalties from the production of minerals or oil/gas from the granter to the grantee. In Lima, Arizona, various types of Term Royalty Deeds may exist, depending on the specific terms and conditions outlined in the agreement. Some common types of Lima Arizona Term Royalty Deeds include: 1. Fixed-Term Royalty Deed: This type of deed grants the royalty rights for a specific period, typically a fixed number of years, after which the rights revert to the granter. 2. Renewable Term Royalty Deed: With this type of deed, the royalty rights can be extended or renewed upon certain conditions or the mutual agreement of both parties involved. 3. Conditional Term Royalty Deed: A conditional term deed involves a set of specific conditions that must be met before the grantee can exercise their rights to receive royalties. These conditions could include minimum production levels or specific drilling activities taking place. 4. Non-Participating Term Royalty Deed: In this case, the grantee receives royalties, but does not have the right to participate in any other aspects of the mineral or oil/gas operations, such as decision-making or leasing activities. 5. Working Interest Term Royalty Deed: Unlike other types of term royalty deeds, a working interest royalty deed grants the grantee both the right to receive royalties and the ability to actively participate in the management and operations of the mineral or oil/gas interests. Whether you are purchasing, selling, or leasing mineral rights or oil and gas interests in Lima, Arizona, understanding the specific terms and conditions of a Term Royalty Deed is crucial. Consulting with a qualified attorney or real estate professional is recommended to ensure a thorough comprehension of the rights and obligations associated with these deeds.

Lima Arizona Term Royalty Deed is a legal document that grants rights to the owner of mineral rights or oil and gas interests in a specified period of time in Lima, Arizona. This type of deed transfers the rights to receive royalties from the production of minerals or oil/gas from the granter to the grantee. In Lima, Arizona, various types of Term Royalty Deeds may exist, depending on the specific terms and conditions outlined in the agreement. Some common types of Lima Arizona Term Royalty Deeds include: 1. Fixed-Term Royalty Deed: This type of deed grants the royalty rights for a specific period, typically a fixed number of years, after which the rights revert to the granter. 2. Renewable Term Royalty Deed: With this type of deed, the royalty rights can be extended or renewed upon certain conditions or the mutual agreement of both parties involved. 3. Conditional Term Royalty Deed: A conditional term deed involves a set of specific conditions that must be met before the grantee can exercise their rights to receive royalties. These conditions could include minimum production levels or specific drilling activities taking place. 4. Non-Participating Term Royalty Deed: In this case, the grantee receives royalties, but does not have the right to participate in any other aspects of the mineral or oil/gas operations, such as decision-making or leasing activities. 5. Working Interest Term Royalty Deed: Unlike other types of term royalty deeds, a working interest royalty deed grants the grantee both the right to receive royalties and the ability to actively participate in the management and operations of the mineral or oil/gas interests. Whether you are purchasing, selling, or leasing mineral rights or oil and gas interests in Lima, Arizona, understanding the specific terms and conditions of a Term Royalty Deed is crucial. Consulting with a qualified attorney or real estate professional is recommended to ensure a thorough comprehension of the rights and obligations associated with these deeds.