This form is used when Grantors own the mineral interest in and control the executive rights to the mineral estate in and under the Lands and the Grantee desires to enter into this Agreement to enable it, in accordance with the terms and conditions of this Agreement, to identify, delineate, generate, configure, and lease oil and gas prospects on the Lands.
Allegheny Pennsylvania Seismic Exploration and Option to Lease Agreement — Long Form is a legally binding document that outlines the terms and conditions between a party interested in seismic exploration and the property owner of Allegheny, Pennsylvania. This agreement grants the seismic exploration company the right to conduct surveys, tests, and related activities on the property in order to assess its suitability for oil, gas, or mineral extraction. The agreement typically includes several important sections, such as: 1. Parties involved: This section identifies the parties entering into the agreement, including the property owner, referred to as the lessor, and the seismic exploration company, referred to as the lessee. 2. Grant of rights: This clause specifies the rights granted to the lessee, permitting them to enter the property for seismic exploration purposes. It outlines the scope and extent of the activities allowed, such as conducting surveys, drilling test wells, and collecting samples. 3. Duration and exclusivity: This section defines the duration of the agreement, including any renewal options, and whether the lessee has exclusive rights to explore and lease the property during this period. If there are different types of long-form agreements, variations in the duration and exclusivity may exist. 4. Compensation and royalties: The compensation clause outlines the financial terms negotiated between the parties. It includes details on lease bonuses, rental payments, and royalties payable to the lessor based on the extracted resources' value. The rates and conditions for these payments are typically clearly defined. 5. Obligations and liabilities: This section outlines the responsibilities and duties of both the lessor and lessee. The lessee must adhere to compliance with all relevant laws and regulations, maintain liability insurance, and restore the property following exploration activities. The lessor may have certain obligations, such as providing access to the property and cooperating with the lessee's activities. 6. Termination and default: This clause specifies the conditions under which either party can terminate the agreement prematurely, such as a breach of terms or bankruptcy. It also covers the actions required in the event of termination, such as the lessee's obligation to remove equipment from the property. It is important to note that variations of Allegheny Pennsylvania Seismic Exploration and Option to Lease Agreement — Long Form may exist based on specific circumstances, negotiations, and unique provisions applicable to the respective parties involved. However, the above information covers the general content and sections typically included in such agreements.Allegheny Pennsylvania Seismic Exploration and Option to Lease Agreement — Long Form is a legally binding document that outlines the terms and conditions between a party interested in seismic exploration and the property owner of Allegheny, Pennsylvania. This agreement grants the seismic exploration company the right to conduct surveys, tests, and related activities on the property in order to assess its suitability for oil, gas, or mineral extraction. The agreement typically includes several important sections, such as: 1. Parties involved: This section identifies the parties entering into the agreement, including the property owner, referred to as the lessor, and the seismic exploration company, referred to as the lessee. 2. Grant of rights: This clause specifies the rights granted to the lessee, permitting them to enter the property for seismic exploration purposes. It outlines the scope and extent of the activities allowed, such as conducting surveys, drilling test wells, and collecting samples. 3. Duration and exclusivity: This section defines the duration of the agreement, including any renewal options, and whether the lessee has exclusive rights to explore and lease the property during this period. If there are different types of long-form agreements, variations in the duration and exclusivity may exist. 4. Compensation and royalties: The compensation clause outlines the financial terms negotiated between the parties. It includes details on lease bonuses, rental payments, and royalties payable to the lessor based on the extracted resources' value. The rates and conditions for these payments are typically clearly defined. 5. Obligations and liabilities: This section outlines the responsibilities and duties of both the lessor and lessee. The lessee must adhere to compliance with all relevant laws and regulations, maintain liability insurance, and restore the property following exploration activities. The lessor may have certain obligations, such as providing access to the property and cooperating with the lessee's activities. 6. Termination and default: This clause specifies the conditions under which either party can terminate the agreement prematurely, such as a breach of terms or bankruptcy. It also covers the actions required in the event of termination, such as the lessee's obligation to remove equipment from the property. It is important to note that variations of Allegheny Pennsylvania Seismic Exploration and Option to Lease Agreement — Long Form may exist based on specific circumstances, negotiations, and unique provisions applicable to the respective parties involved. However, the above information covers the general content and sections typically included in such agreements.
