This form is used to resolve any question as to how royalty is to be paid to the Parties in the event of production, under the Lease, on any part of the Lands. The Parties are entering into this Agreement to stipulate and agree to the ownership of each Party's respective share of the royalty reserved in the Lease payable for production attributable to their Interests from a well located anywhere on the Lands.
The Chicago Illinois Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease is a legal agreement that outlines the terms and conditions surrounding the payment of nonparticipating royalty for segregated tracts covered by a single oil and gas lease in the Chicago, Illinois area. This agreement ensures that all parties involved in the extraction and production of oil and gas in the region are fairly compensated for their interests. Keywords: Chicago Illinois, agreement, governing payment, nonparticipating royalty, segregated tracts, oil and gas lease. Different types of Chicago Illinois Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease may include: 1. Residential Lease Agreement: This type of agreement pertains to segregated tracts that are primarily residential properties, where the owners receive nonparticipating royalty payments for the extraction and production of oil and gas. 2. Commercial Lease Agreement: In the context of commercial properties located within segregated tracts, this agreement governs the payment of nonparticipating royalty to the owners based on the oil and gas lease terms. 3. Agricultural Lease Agreement: This agreement is specific to segregated tracts used for agricultural purposes in the Chicago, Illinois area. It outlines the terms for the payment of nonparticipating royalty to the landowners when oil and gas activities occur on their properties. 4. Industrial Lease Agreement: For segregated tracts designated for industrial use, this agreement addresses the payment of nonparticipating royalty to the owners or tenants, acknowledging the potential extraction and production of oil and gas. 5. Public Land Lease Agreement: In cases where segregated tracts are owned or controlled by government entities, this agreement governs the payment of nonparticipating royalty for the extraction and production of oil and gas on public lands within the Chicago, Illinois jurisdiction. These various types of agreements ensure that the nonparticipating royalty payments are appropriately calculated and distributed to the relevant parties according to their respective interests and properties.The Chicago Illinois Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease is a legal agreement that outlines the terms and conditions surrounding the payment of nonparticipating royalty for segregated tracts covered by a single oil and gas lease in the Chicago, Illinois area. This agreement ensures that all parties involved in the extraction and production of oil and gas in the region are fairly compensated for their interests. Keywords: Chicago Illinois, agreement, governing payment, nonparticipating royalty, segregated tracts, oil and gas lease. Different types of Chicago Illinois Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease may include: 1. Residential Lease Agreement: This type of agreement pertains to segregated tracts that are primarily residential properties, where the owners receive nonparticipating royalty payments for the extraction and production of oil and gas. 2. Commercial Lease Agreement: In the context of commercial properties located within segregated tracts, this agreement governs the payment of nonparticipating royalty to the owners based on the oil and gas lease terms. 3. Agricultural Lease Agreement: This agreement is specific to segregated tracts used for agricultural purposes in the Chicago, Illinois area. It outlines the terms for the payment of nonparticipating royalty to the landowners when oil and gas activities occur on their properties. 4. Industrial Lease Agreement: For segregated tracts designated for industrial use, this agreement addresses the payment of nonparticipating royalty to the owners or tenants, acknowledging the potential extraction and production of oil and gas. 5. Public Land Lease Agreement: In cases where segregated tracts are owned or controlled by government entities, this agreement governs the payment of nonparticipating royalty for the extraction and production of oil and gas on public lands within the Chicago, Illinois jurisdiction. These various types of agreements ensure that the nonparticipating royalty payments are appropriately calculated and distributed to the relevant parties according to their respective interests and properties.
