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 King Washington Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease is a legal document that outlines the terms and conditions of royalty payments for nonparticipating owners of land under an oil and gas lease in the King Washington region. This agreement is essential to ensure fair and transparent compensation for the nonparticipating owners. Keywords: King Washington, agreement, payment, nonparticipating royalty, segregated tracts, oil and gas lease. There may be different types or variations of the King Washington Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease based on specific circumstances or the involved parties. Some possible variations or related agreements could include: 1. King Washington Agreement — Participation Option: This agreement allows nonparticipating owners to choose between receiving a nonparticipating royalty or becoming a participating owner in the oil and gas lease. 2. King Washington Agreement — Royalty Adjustment: This agreement outlines the process for adjusting royalty payments based on changes in commodity prices or other factors that may impact the value of the oil and gas produced. 3. King Washington Agreement — Lease Renewal: In the case of lease renewal, this agreement sets forth the terms and conditions for continuing the payment of nonparticipating royalty for segregated tracts covered by the renewed lease. 4. King Washington Agreement — Surface Use Compensation: This agreement focuses on compensating nonparticipating owners for any surface use or disturbance caused by the oil and gas operations conducted on their land. 5. King Washington Agreement — Third-Party Liability: This variation addresses the liability and compensation arrangements for nonparticipating owners in cases where third-party damages or accidents occur on the leased tracts. These various types of agreements can be tailored to meet specific needs and situations within the King Washington region, ensuring that nonparticipating owners are adequately compensated and their rights protected under the oil and gas lease.
