Wayne Michigan Memorandum Giving Notice of Exploration Agreement Creating An Area of Mutual Interest, Which Contains A Preferential Purchase Right

State:
Multi-State
County:
Wayne
Control #:
US-OG-346
Format:
Word; 
Rich Text
Instant download

Description

This is a form of a Memorandum to give notice of the existence of an unrecorded Exploration Agreement that creates an area of mutual interest and contains a Preferential Purchase Right between the Parties to the Agreement.

How to fill out Memorandum Giving Notice Of Exploration Agreement Creating An Area Of Mutual Interest, Which Contains A Preferential Purchase Right?

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FAQ

A LAW EACH DAY (KEEPS TROUBLE AWAY) - Jose C. Sison - April 27, 2010 am. This case is about the rights of a riparian or littoral owner, or the owner of the land adjacent to the banks of rivers or shores of the sea to the accretions or alluvial deposits due to the actions of the sea or river.

'Subject to contract' is a useful label which is usually understood to mean that the parties are still negotiating and have not yet reached a final, binding agreement. It helps parties to see at once whether there is a binding contract, or whether they are still in the negotiation stage.

Subject to. adj. referring to the acquisition of title to real property upon which there is an existing mortgage or deed of trust when the new owner agrees to take title with the responsibility to continue to make the payments on the promissory note secured by the mortgage or deed of trust.

The words subject to other provisions of the Constitution mean that if there is an irreconcilable conflict between the pre-existing law and a provision or provisions of the Constitution, the latter shall prevail to the extent of that inconsistency.

Subject matter of a contract definition is the terms and conditions covered by this legally binding agreement. When two parties are involved in contract negotiations, the words subject to contract or without prejudice are used to indicate that negotiations are ongoing and the contract is not final.

1. n. Oil and Gas Business The right that nonselling participating parties have in a lease, well or unit to proportionately acquire the interest that a participating party proposes to sell to a third party.

Preference Right means any right or agreement that enables or may enable any Person to purchase or acquire any Subject Interest or any interest therein or portion thereof as a result of the conveyance, sale, assignment, mortgage or other transfer of the Production Payment or any interest therein or portion thereof.

If a subject to clause is in the contract, the seller commits to that buyer for a period of time and cannot accept any other offers during that time period. If another offer is received by the seller within the subject to time period, the seller can request the buyer remove the clause.

Preferential Purchase Rights means rights of any Person (other than rights of condemnation, eminent domain, or other similar rights of any Person) to purchase or acquire any interest in any of the Purchased Assets, including rights that are conditional upon a sale of any Purchased Assets or any other event or condition

1. n. Oil and Gas Business The right that nonselling participating parties have in a lease, well or unit to proportionately acquire the interest that a participating party proposes to sell to a third party.

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Wayne Michigan Memorandum Giving Notice of Exploration Agreement Creating An Area of Mutual Interest, Which Contains A Preferential Purchase Right