This form is typically for the benefit of the lessee, as evidence of the change by the lessor of the depository for rentals, provided for in the lease being ratified. It also serves as a ratification by the lessor that the lease that is the subject of the ratification is still in full force and effect.
Wayne Michigan Ratification and Amendment to Oil and Gas Lease to Change Depository The Wayne Michigan Ratification and Amendment to Oil and Gas Lease to Change Depository is a legal document that outlines the process of modifying an existing lease agreement related to oil and gas exploration and production in Wayne, Michigan. This amendment specifically addresses the need to change the depository where the lease payments are held. When entering into an oil and gas lease agreement, it is common for the landowner and the lessee to agree upon a specific depository where the payments made under the lease will be held. However, over time, circumstances may arise that necessitate a change in the designated depository. Reasons for this change could include changes in regulations, mergers or acquisitions of financial institutions, or simply a desire to switch to a more suitable depository. The Wayne Michigan Ratification and Amendment to Oil and Gas Lease to Change Depository provides a method for both parties to ratify and approve the amendment to the original lease agreement. It ensures that the new depository is officially recognized and legally binding. This amendment safeguards the interests of both the landowner and the lessee and ensures that the lease payments are handled securely and transparently. Different types of Wayne Michigan Ratification and Amendment to Oil and Gas Lease to Change Depository might include modifications to the payment terms, updates to the contact information of the designated depository, or changes to the bank account details where the funds should be transferred. These amendments could be specific to a particular lease agreement, lease period, or even a particular oil or gas well on the property. Key terms and phrases relevant to this content: 1. Wayne Michigan 2. Ratification 3. Amendment 4. Oil and Gas Lease 5. Change Depository 6. Landowner 7. Lessee 8. Lease payments 9. Oil and gas exploration 10. Production 11. Depository modification 12. Financial institution 13. Regulations 14. Mergers and acquisitions 15. Security of payments 16. Transparent handling of funds 17. Payment terms modification 18. Contact information 19. Bank account details 20. Property ownership.
