If a lease will expire, by its own terms, and the lessee desires to maintain the lease in effect by the payment of bonus, rather than commencing operations, and the terms of the original lease continue to be acceptable to the lessor, the parties may elect to amend the existing lease to extend the primary term, rather than entering into a new lease. This form addresses that situation.
Title: Oakland Michigan Amendment to Oil and Gas Lease to Extend Primary Term: A Comprehensive Overview Description: This article provides a detailed description of the various types of Oakland Michigan Amendments to Oil and Gas Leases specifically designed to extend the primary term. It explores the significance of these amendments and highlights relevant keywords to better understand their implications. Keywords: Oakland Michigan, amendment, oil and gas lease, primary term extension, types 1. Oakland Michigan — An overview of the geographic location and significance of Oakland County, Michigan in the context of oil and gas leasing. 2. Amendment — Explaining the purpose and significance of an amendment in the context of oil and gas leases. 3. Oil and Gas Lease — Elaborating on the contractual agreement between the lessor and lessee, which grants the lessee the right to explore, drill, and produce oil and gas on the lessor's property. 4. Primary Term — Defining the initial period during which the lessee has the exclusive right to explore and develop the leased property for oil and gas. 5. Extension — Detailing the necessity and benefits of extending the primary term of an oil and gas lease. Types of Oakland Michigan Amendments to Extend Primary Term: 1. Rental Extension Amendment — Exploring a specific type of amendment that extends the primary term by extending the rental payment obligations of the lessee. 2. Force Mature Extension Amendment — Highlighting a specific type of amendment triggered by unexpected circumstances (force majeure events) that prevent the lessee from fulfilling their lease obligations within the primary term. 3. Advanced Development Amendment — Describing an amendment used to extend the primary term by demonstrating the intent and progress of the lessee's oil and gas development activities. 4. Mutual Agreement Extension Amendment — Outlining an amendment that extends the primary term by mutual agreement between the lessor and lessee, often negotiated based on specific conditions or circumstances. The article offers extensive insights into the various types of Oakland Michigan Amendments to Oil and Gas Leases, focusing on their significance in extending the primary term. It provides a comprehensive understanding of how these amendments can impact the oil and gas industry in the region, giving readers a deeper understanding of Oakland's lease extension procedures and the related legal implications.Title: Oakland Michigan Amendment to Oil and Gas Lease to Extend Primary Term: A Comprehensive Overview Description: This article provides a detailed description of the various types of Oakland Michigan Amendments to Oil and Gas Leases specifically designed to extend the primary term. It explores the significance of these amendments and highlights relevant keywords to better understand their implications. Keywords: Oakland Michigan, amendment, oil and gas lease, primary term extension, types 1. Oakland Michigan — An overview of the geographic location and significance of Oakland County, Michigan in the context of oil and gas leasing. 2. Amendment — Explaining the purpose and significance of an amendment in the context of oil and gas leases. 3. Oil and Gas Lease — Elaborating on the contractual agreement between the lessor and lessee, which grants the lessee the right to explore, drill, and produce oil and gas on the lessor's property. 4. Primary Term — Defining the initial period during which the lessee has the exclusive right to explore and develop the leased property for oil and gas. 5. Extension — Detailing the necessity and benefits of extending the primary term of an oil and gas lease. Types of Oakland Michigan Amendments to Extend Primary Term: 1. Rental Extension Amendment — Exploring a specific type of amendment that extends the primary term by extending the rental payment obligations of the lessee. 2. Force Mature Extension Amendment — Highlighting a specific type of amendment triggered by unexpected circumstances (force majeure events) that prevent the lessee from fulfilling their lease obligations within the primary term. 3. Advanced Development Amendment — Describing an amendment used to extend the primary term by demonstrating the intent and progress of the lessee's oil and gas development activities. 4. Mutual Agreement Extension Amendment — Outlining an amendment that extends the primary term by mutual agreement between the lessor and lessee, often negotiated based on specific conditions or circumstances. The article offers extensive insights into the various types of Oakland Michigan Amendments to Oil and Gas Leases, focusing on their significance in extending the primary term. It provides a comprehensive understanding of how these amendments can impact the oil and gas industry in the region, giving readers a deeper understanding of Oakland's lease extension procedures and the related legal implications.
