What is lease royalty?

When minerals are produced from a leased property, the owner is usually paid a share of the production income. This money is known as a "royalty payment." The amount of the royalty payment is specified in the lease agreement.

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Term Royalty Deed that Terminates Upon Expiration of Lease

Queens New York Term Royalty Deed that Terminates Upon Expiration of Lease

Name: Queens New York Term Royalty Deed that Terminates Upon Expiration of Lease
Brand: US Legal Forms
Rating: 4.7 (488 reviews)

Category:

Oil Gas and Minerals - Deeds

State:

Multi-State

County:

Queens

Control #:

US-OG-046

Format:

Instant download

Description

This form provides for a conveyance of royalty for a limited period of time. The interest conveyed terminates and reverts to the Grantor when the identified oil and gas lease terminates.

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FAQ

When minerals are produced from a leased property, the owner is usually paid a share of the production income. This money is known as a "royalty payment." The amount of the royalty payment is specified in the lease agreement.

A conveyance is simply the legal process of transferring certain property or interests from one person to another, or Grantor to Grantee. During the conveyance of the property, oftentimes the person transferring the property, the Grantor, will reserve certain rights attached to the property being conveyed.

Mineral rights deeds are not the same as royalty deeds. Royalty deeds do not allow for surface access, or for the initiation of the extraction and sale of minerals. A royalty owner will only benefit economically if the mineral owner decides to produce and sell the minerals.

A mineral interest owner also possesses the right to receive lease bonuses, delay rental payments, shut-in payments and royalties. A royalty interest, on the other hand, is the property interest created that entitles the owner to receive a share of the production.

A royalty interest carved or reserved from the mineral estate is an interest in land, but has no right of use and possession and no right to explore for or produce the mineral estate. Its sole right is to receive royalties once production is established, no more.

A royalty interest is a non-possessory real property interest in oil and gas production free of production and operating expenses, which may be created by grant or by reservation or exception.

A royalty deed is more restrictive than a mineral deed. Another name for a royalty deed is non-participating production interest. In this case, the deed holder has fewer rights and less control over the property below the surface.

What Is A Royalty Deed? A royalty deed gives its holder the right to receive a percentage of the profits from the sale of the minerals, if and when they are actually produced. This kind of legal document does not convey all of the mineral rights to the holder, only the right to receive royalties.

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C. Termination of Mineral Royalties. 1. Prescription. Rights of parties to oil and gas lease or royalty deed after expiration of fixed term where production temporarily ceases, 100 A.L.R.2d 885.The lease contained a shut-in royalty clause, but the term royalty deed did not. 17 Also, a deed reserving "one-half. An Act to impose an Assessment on Runs in the Unsettled and. Intermediate Districts and to increase the Rent of Lands leased. Use the Personal Information during or after the term of this Contract;. (v) upon termination or expiry of the Contract, return,. Ownership reverts to the deed holder upon the expiration of thirdparty leases.

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Queens New York Term Royalty Deed that Terminates Upon Expiration of Lease

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