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 Nassau New York 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 related to the payment of nonparticipating royalty on oil and gas production from specific tracts covered by a single lease in Nassau, New York. This agreement ensures fair compensation for nonparticipating royalty interest owners. Keywords: Nassau New York, Agreement, Payment, Nonparticipating Royalty, Segregated Tracts, Oil and Gas Lease. Types of Nassau New York Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease: 1. Standard Agreement: The standard agreement defines the general terms and conditions governing the payment of nonparticipating royalty under segregated tracts covered by one oil and gas lease in Nassau, New York. It provides a comprehensive framework for the payment process. 2. Modified Agreement: In certain cases, parties involved in the agreement may choose to modify specific clauses or conditions according to their individual requirements. A modified agreement can address unique circumstances or negotiated arrangements specific to the Nassau, New York region. 3. Joint Agreement: When multiple parties hold nonparticipating royalty interests in segregated tracts, a joint agreement can be established. This ensures coordination and cooperation among the different interest owners and governs the payment of royalties collectively. 4. Amended Agreement: An amended agreement may be necessary to update or revise the original terms and conditions due to changes in regulations, industry practices, or any other relevant factors. It ensures the agreement remains up-to-date and compliant with legal requirements. 5. Termination Agreement: In some cases, parties may decide to terminate the existing agreement governing the payment of nonparticipating royalty. A termination agreement outlines the procedures and conditions for the conclusion of the agreement, including final payments and release of obligations. 6. Supplementary Agreement: A supplementary agreement is an optional document that can be added to the original agreement to address additional terms or conditions. It may cover topics such as dispute resolution mechanisms, future adjustments to the royalty rates, or any other specific aspects agreed upon by the parties. The Nassau New York Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease aims to create a transparent and fair framework for the payment of royalties in the oil and gas industry in Nassau, New York.The Nassau New York 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 related to the payment of nonparticipating royalty on oil and gas production from specific tracts covered by a single lease in Nassau, New York. This agreement ensures fair compensation for nonparticipating royalty interest owners. Keywords: Nassau New York, Agreement, Payment, Nonparticipating Royalty, Segregated Tracts, Oil and Gas Lease. Types of Nassau New York Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease: 1. Standard Agreement: The standard agreement defines the general terms and conditions governing the payment of nonparticipating royalty under segregated tracts covered by one oil and gas lease in Nassau, New York. It provides a comprehensive framework for the payment process. 2. Modified Agreement: In certain cases, parties involved in the agreement may choose to modify specific clauses or conditions according to their individual requirements. A modified agreement can address unique circumstances or negotiated arrangements specific to the Nassau, New York region. 3. Joint Agreement: When multiple parties hold nonparticipating royalty interests in segregated tracts, a joint agreement can be established. This ensures coordination and cooperation among the different interest owners and governs the payment of royalties collectively. 4. Amended Agreement: An amended agreement may be necessary to update or revise the original terms and conditions due to changes in regulations, industry practices, or any other relevant factors. It ensures the agreement remains up-to-date and compliant with legal requirements. 5. Termination Agreement: In some cases, parties may decide to terminate the existing agreement governing the payment of nonparticipating royalty. A termination agreement outlines the procedures and conditions for the conclusion of the agreement, including final payments and release of obligations. 6. Supplementary Agreement: A supplementary agreement is an optional document that can be added to the original agreement to address additional terms or conditions. It may cover topics such as dispute resolution mechanisms, future adjustments to the royalty rates, or any other specific aspects agreed upon by the parties. The Nassau New York Agreement Governing Payment of Nonparticipating Royalty Under Segregated Tracts Covered by one Oil and Gas Lease aims to create a transparent and fair framework for the payment of royalties in the oil and gas industry in Nassau, New York.
