Wayne Michigan Affidavit As to Termination of Production Payment

• Category: Oil Gas and Minerals - Affidavits
• State: Multi-State
• County: Wayne
• Control #: US-OG-171
• Format: Word; Rich Text

Description

An affidavit is statement of facts which is sworn to (or affirmed) before an officer who has authority to administer an oath (e.g. a notary public). This affidavit form is used when the Production Payment is deemed to have been satisfied and no longer burdens the Oil and Gas Leases on the Land. Wayne Michigan Affidavit As to Termination of Production Payment is a legal document used to officially terminate and release any production payment obligations between the parties involved in the production of oil, gas, or minerals. This affidavit is commonly used in the state of Michigan, specifically in Wayne County, to formalize the ending of these payment obligations. In Wayne Michigan, there are no specific types of Wayne Michigan Affidavit As to Termination of Production Payment, as it serves as a standardized document for terminating production payment obligations. However, its content may vary based on the specific details of the production agreement and the parties involved. The affidavit typically includes the following information: 1. Identification of the Parties: It identifies the parties involved, including the producer, operator, and payee(s) receiving the production payments. 2. Production Agreement Details: It specifies the production agreement or lease number, effective date, and any assignment or amendment information related to the production payments. 3. Termination Date: The affidavit clearly states the agreed-upon termination date for the production payment obligations. This date signifies the cessation of any further payment obligations. 4. Acknowledgment of Payment: It confirms that all required production payments have been made, including any accrued interest and outstanding sums owed, leading up to the termination date. 5. Release of Liabilities: The affidavit releases the operator and producer from any further responsibilities or liabilities related to the production payments, starting from the termination date. 6. Notary Acknowledgment: The document is signed by the parties involved, and it contains a notary acknowledgment section where a duly authorized person verifies the authenticity of the signatures. It is essential to consult with an attorney or legal professional specializing in oil, gas, or mineral production law to ensure accuracy and adherence to the applicable laws and regulations in Wayne Michigan. They can provide guidance on tailoring the affidavit to suit the specific requirements of the production agreement and facilitate smooth termination of the production payment obligations.

Wayne Michigan Affidavit As to Termination of Production Payment is a legal document used to officially terminate and release any production payment obligations between the parties involved in the production of oil, gas, or minerals. This affidavit is commonly used in the state of Michigan, specifically in Wayne County, to formalize the ending of these payment obligations. In Wayne Michigan, there are no specific types of Wayne Michigan Affidavit As to Termination of Production Payment, as it serves as a standardized document for terminating production payment obligations. However, its content may vary based on the specific details of the production agreement and the parties involved. The affidavit typically includes the following information: 1. Identification of the Parties: It identifies the parties involved, including the producer, operator, and payee(s) receiving the production payments. 2. Production Agreement Details: It specifies the production agreement or lease number, effective date, and any assignment or amendment information related to the production payments. 3. Termination Date: The affidavit clearly states the agreed-upon termination date for the production payment obligations. This date signifies the cessation of any further payment obligations. 4. Acknowledgment of Payment: It confirms that all required production payments have been made, including any accrued interest and outstanding sums owed, leading up to the termination date. 5. Release of Liabilities: The affidavit releases the operator and producer from any further responsibilities or liabilities related to the production payments, starting from the termination date. 6. Notary Acknowledgment: The document is signed by the parties involved, and it contains a notary acknowledgment section where a duly authorized person verifies the authenticity of the signatures. It is essential to consult with an attorney or legal professional specializing in oil, gas, or mineral production law to ensure accuracy and adherence to the applicable laws and regulations in Wayne Michigan. They can provide guidance on tailoring the affidavit to suit the specific requirements of the production agreement and facilitate smooth termination of the production payment obligations.