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Escrow Agreement for Sale of Undivided Interest in Oil and Gas Leases

Orange California Escrow Agreement for Sale of Undivided Interest in Oil and Gas Leases

Name: Orange California Escrow Agreement for Sale of Undivided Interest in Oil and Gas Leases
Brand: US Legal Forms
Rating: 4.72 (477 reviews)

Category:

Oil Gas and Minerals - Agreements

State:

Multi-State

County:

Orange

Control #:

US-OG-212

Format:

Instant download

Description

This form is used when a Principal and an Agent enter into a Escrow Agreement for the purpose of setting forth the terms and provisions by which the Agent will act as trustee for the holding of earnest money paid by a third party to the Principal under the Agreement.

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FAQ

Open an Escrow Account. Await the Lender's Appraisal. Secure Financing. Approve the Seller Disclosures. Obtain the Home Inspection. Purchase Hazard Insurance. Title Report and Insurance. The Final Walk-Through.

Escrow is the use of a third party, which holds an asset or funds before they are transferred from one party to another. The third-party holds the funds until both parties have fulfilled their contractual requirements.

1031 Exchange: another term for Like-Kind Exchange. 8/8ths / 8/8ths Basis: a term used to describe either the full Working Interest or full Net Revenue Interest with respect to a given Tract. Pursuant to an Oil and Gas Lease, the Lessor retains the Lessor Royalty.

1. n. Oil and Gas Business A share of production after all burdens, such as royalty and overriding royalty, have been deducted from the working interest. It is the percentage of production that each party actually receives.

A legal arrangement in which an asset (such as cash or stock) is deposited into an escrow account under the trust of a third party (the escrow agent) until satisfaction of a contractual contingency or condition.

Escrow is a legal arrangement in which a third party temporarily holds money or property until a particular condition has been met (such as the fulfillment of a purchase agreement).

After Payout (APO): The point at which a well's revenues surpass the costs to drill, complete and operate. 4. Base Royalty: the royalty reserved by the owner of the leasing rights upon execution of an oil and gas lease.

In an escrow, a legal document or property are delivered by a promisor to a third party to be held for a specified amount of time or until the satisfaction of a condition, at which time the third party is legally obliged to hand over the document or property to the promisee.

An escrow account is a separate account managed by a lender to collect advance insurance payments and tax payments from a homeowner. Usually, a lender will add up the total amount due for these payments in a year, divide it by 12, and tack on that extra amount to each mortgage payment.

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Land Contract - An agreement entered into for the sale and purchase of land. 1).Complete the Preliminary Change of Ownership Report ("PCOR") with all information;. 2). Deposit in a federally insured State or national Bank. 1.4. Compensatory Royalty Agreement . Will engage in the following economic activities: capitalizing enterprises to acquire, drill, and develop oil and gas leases within the geographic area.

This will include acquiring or drilling for oil and gas through drilling and development in areas within Federal jurisdiction to be utilized as a lease reserve, development plan, site development, drilling and development. 2). The Government will provide the following assistance for the completion of a lease: (1) Construction of a land lease; (2) Preliminary Change of Ownership (“POOR”) of the lease, (3) Designation of the Government and the lessee as joint lessees; (4) Acquisition: Acquisition of oil and gas leases within the geographic area under lease. 2.1. Acquisition (“POOR”). The following economic activities as described in this order are undertaken to acquire oil and gas leases within the geographic area under lease: (1) Designation of the Government and the lessee as joint lessees; (2) Acquisition: Acquisition of oil and gas leases within the geographic area under lease.

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Orange California Escrow Agreement for Sale of Undivided Interest in Oil and Gas Leases

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