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.
Queens, New York Amendment to Oil and Gas Lease to Extend Primary Term is a legal document that allows the extension of the primary term of an oil and gas lease in the Queens area of New York. This amendment is essential for parties involved in the leasing of land for oil and gas exploration and production, providing them with an opportunity to continue their activities beyond the initial primary term. In the context of Queens, New York, where the oil and gas industry is not as prominent as in other regions, the amendment to extend the primary term of an oil and gas lease allows leaseholders to explore and extract resources from the area for an extended period. This extension can be of great significance for companies engaged in oil and gas production, as it ensures continued operations and maximizes the potential for profitability. Different types of Queens, New York Amendments to Oil and Gas Lease to Extend Primary Term may include: 1. Standard Amendment: This type of amendment is the most common and involves extending the primary term of the lease by a specific timeframe, typically stated in years. It outlines the agreed-upon extension period and other relevant terms and conditions. 2. Renegotiation Amendment: In certain cases, both parties may agree to amend the original lease terms, such as adjusting royalty rates or acreage coverage alongside extending the primary term. This type of amendment involves a more intensive negotiation process to ensure the satisfaction of both parties involved. 3. Force Mature Amendment: In case of unforeseen events or circumstances beyond the control of the parties, such as natural disasters or regulatory restrictions, a force majeure amendment may be necessary. This amendment allows for the extension of the primary term to compensate for the time lost due to such events. Keywords: Queens, New York, amendment, oil and gas lease, extend, primary term, leaseholder, exploration, extraction, profitability, resources, renegotiation, royalty rates, acreage coverage, force majeure, regulatory restrictions, natural disasters.Queens, New York Amendment to Oil and Gas Lease to Extend Primary Term is a legal document that allows the extension of the primary term of an oil and gas lease in the Queens area of New York. This amendment is essential for parties involved in the leasing of land for oil and gas exploration and production, providing them with an opportunity to continue their activities beyond the initial primary term. In the context of Queens, New York, where the oil and gas industry is not as prominent as in other regions, the amendment to extend the primary term of an oil and gas lease allows leaseholders to explore and extract resources from the area for an extended period. This extension can be of great significance for companies engaged in oil and gas production, as it ensures continued operations and maximizes the potential for profitability. Different types of Queens, New York Amendments to Oil and Gas Lease to Extend Primary Term may include: 1. Standard Amendment: This type of amendment is the most common and involves extending the primary term of the lease by a specific timeframe, typically stated in years. It outlines the agreed-upon extension period and other relevant terms and conditions. 2. Renegotiation Amendment: In certain cases, both parties may agree to amend the original lease terms, such as adjusting royalty rates or acreage coverage alongside extending the primary term. This type of amendment involves a more intensive negotiation process to ensure the satisfaction of both parties involved. 3. Force Mature Amendment: In case of unforeseen events or circumstances beyond the control of the parties, such as natural disasters or regulatory restrictions, a force majeure amendment may be necessary. This amendment allows for the extension of the primary term to compensate for the time lost due to such events. Keywords: Queens, New York, amendment, oil and gas lease, extend, primary term, leaseholder, exploration, extraction, profitability, resources, renegotiation, royalty rates, acreage coverage, force majeure, regulatory restrictions, natural disasters.
