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.
Salt Lake Utah Seismic Exploration and Option to Lease Agreement — Long Form is a comprehensive legal document that outlines the terms and conditions for seismic exploration and option to lease in the Salt Lake area of Utah. This agreement governs the relationship between the mineral rights owner or lessor and the seismic exploration company or lessee. In this agreement, several key provisions are addressed, which include the following: 1. Parties and Background: The agreement begins by identifying the parties involved, including the lessor (mineral rights' owner) and lessee (seismic exploration company). It also highlights the purpose of the agreement and the area of Salt Lake, Utah, to be explored and leased. 2. Exploration Activity: This section outlines the seismic exploration activities to be conducted by the lessee. It specifies the methods, techniques, and equipment to be used, ensuring compliance with industry standards and regulations. Additionally, it may include provisions for environmental protection and restoration obligations. 3. Option to Lease: The agreement grants the lessee an option to lease the mineral rights of the lessor. The terms and conditions of this option, including the duration, price, and notification requirements, are clearly defined. It may also outline any restrictions or limitations on the exploration activities during the option period. 4. Compensation: The compensation provisions address the payments to be made by the lessee to the lessor for the seismic exploration and option to lease. This includes upfront payments, annual rentals, and royalties based on production, if the option to lease is exercised. 5. Term and Termination: This section establishes the duration of the agreement, including the option period and, if exercised, the lease period. It outlines the circumstances under which the agreement can be terminated by either party, such as breach of obligations or force majeure events. Different types of Salt Lake Utah Seismic Exploration and Option to Lease Agreement — Long Form may include variations based on specific terms and conditions. These variations may depend on factors such as the duration and scope of the seismic exploration, the financial terms, the size and location of the leased area, and any additional obligations imposed on either party. Overall, the Salt Lake Utah Seismic Exploration and Option to Lease Agreement — Long Form is a legally binding document that protects the rights and interests of both the mineral rights owner and the seismic exploration company. It establishes a framework for conducting seismic exploration in Salt Lake, Utah, while ensuring fair compensation and compliance with applicable laws and regulations.Salt Lake Utah Seismic Exploration and Option to Lease Agreement — Long Form is a comprehensive legal document that outlines the terms and conditions for seismic exploration and option to lease in the Salt Lake area of Utah. This agreement governs the relationship between the mineral rights owner or lessor and the seismic exploration company or lessee. In this agreement, several key provisions are addressed, which include the following: 1. Parties and Background: The agreement begins by identifying the parties involved, including the lessor (mineral rights' owner) and lessee (seismic exploration company). It also highlights the purpose of the agreement and the area of Salt Lake, Utah, to be explored and leased. 2. Exploration Activity: This section outlines the seismic exploration activities to be conducted by the lessee. It specifies the methods, techniques, and equipment to be used, ensuring compliance with industry standards and regulations. Additionally, it may include provisions for environmental protection and restoration obligations. 3. Option to Lease: The agreement grants the lessee an option to lease the mineral rights of the lessor. The terms and conditions of this option, including the duration, price, and notification requirements, are clearly defined. It may also outline any restrictions or limitations on the exploration activities during the option period. 4. Compensation: The compensation provisions address the payments to be made by the lessee to the lessor for the seismic exploration and option to lease. This includes upfront payments, annual rentals, and royalties based on production, if the option to lease is exercised. 5. Term and Termination: This section establishes the duration of the agreement, including the option period and, if exercised, the lease period. It outlines the circumstances under which the agreement can be terminated by either party, such as breach of obligations or force majeure events. Different types of Salt Lake Utah Seismic Exploration and Option to Lease Agreement — Long Form may include variations based on specific terms and conditions. These variations may depend on factors such as the duration and scope of the seismic exploration, the financial terms, the size and location of the leased area, and any additional obligations imposed on either party. Overall, the Salt Lake Utah Seismic Exploration and Option to Lease Agreement — Long Form is a legally binding document that protects the rights and interests of both the mineral rights owner and the seismic exploration company. It establishes a framework for conducting seismic exploration in Salt Lake, Utah, while ensuring fair compensation and compliance with applicable laws and regulations.
