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 Harris Texas Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease is a legal agreement specific to the state of Texas that outlines the terms and conditions regarding the payment of nonparticipating royalty for segregated tracts covered by a single oil and gas lease. This agreement is crucial in ensuring fair and equitable distribution of royalty payments to nonparticipating landowners or mineral rights holders. The Harris Texas Agreement aims to provide a comprehensive framework for the calculation, collection, and distribution of nonparticipating royalty payments for oil and gas extraction activities on segregated tracts. Segregated tracts refer to portions of land that are eligible for separate royalty calculations, typically due to variations in mineral rights ownership or leasing arrangements. Key provisions within the Harris Texas Agreement may include guidelines for the determination of nonparticipating royalty rates, computation methods for royalties, payment schedules, and auditing provisions to ensure accuracy and transparency of payments. Additionally, the agreement may specify procedures for resolving disputes between participating and nonparticipating interest holders, and provisions for any amendments or modifications to the agreement. Different types or variations of the Harris Texas Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease may exist, depending on specific circumstances, contractual provisions, or industry practices. Some variations may include: 1. Model Harris Texas Agreement: A standardized agreement template developed by industry associations or regulatory bodies to provide a consistent framework for nonparticipating royalty payments across various oil and gas leases in Texas. 2. Customized Harris Texas Agreement: Individualized agreements tailored to specific lease contracts, incorporating specific terms and conditions negotiated between the involved parties. 3. Amended Harris Texas Agreement: An agreement that has been modified or updated to reflect changes in ownership, leasing arrangements, payment structures, or regulatory requirements. 4. Supplemental Harris Texas Agreement: An additional agreement that addresses specific issues or considerations not covered by the primary agreement, such as bonus payments, overriding royalties, or secondary sources of income. It is important to consult legal experts or professionals experienced in Texas oil and gas lease agreements to ensure compliance with state-specific regulations and to address any unique circumstances that may arise.The Harris Texas Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease is a legal agreement specific to the state of Texas that outlines the terms and conditions regarding the payment of nonparticipating royalty for segregated tracts covered by a single oil and gas lease. This agreement is crucial in ensuring fair and equitable distribution of royalty payments to nonparticipating landowners or mineral rights holders. The Harris Texas Agreement aims to provide a comprehensive framework for the calculation, collection, and distribution of nonparticipating royalty payments for oil and gas extraction activities on segregated tracts. Segregated tracts refer to portions of land that are eligible for separate royalty calculations, typically due to variations in mineral rights ownership or leasing arrangements. Key provisions within the Harris Texas Agreement may include guidelines for the determination of nonparticipating royalty rates, computation methods for royalties, payment schedules, and auditing provisions to ensure accuracy and transparency of payments. Additionally, the agreement may specify procedures for resolving disputes between participating and nonparticipating interest holders, and provisions for any amendments or modifications to the agreement. Different types or variations of the Harris Texas Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease may exist, depending on specific circumstances, contractual provisions, or industry practices. Some variations may include: 1. Model Harris Texas Agreement: A standardized agreement template developed by industry associations or regulatory bodies to provide a consistent framework for nonparticipating royalty payments across various oil and gas leases in Texas. 2. Customized Harris Texas Agreement: Individualized agreements tailored to specific lease contracts, incorporating specific terms and conditions negotiated between the involved parties. 3. Amended Harris Texas Agreement: An agreement that has been modified or updated to reflect changes in ownership, leasing arrangements, payment structures, or regulatory requirements. 4. Supplemental Harris Texas Agreement: An additional agreement that addresses specific issues or considerations not covered by the primary agreement, such as bonus payments, overriding royalties, or secondary sources of income. It is important to consult legal experts or professionals experienced in Texas oil and gas lease agreements to ensure compliance with state-specific regulations and to address any unique circumstances that may arise.
