This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
A Kings New York Reservation of A Call on, Or Preferential Right to Purchase Production by Lessor is a contractual provision in a lease agreement that grants the lessor certain privileges when it comes to purchasing or "calling on" the production of natural resources on the leased property. This provision is commonly used in oil and gas leases but may also apply to other resources such as minerals or timber. The purpose of this provision is to give the lessor the opportunity to capitalize on the production of natural resources on their property. By including a reservation of a call on or a preferential right to purchase production, the lessor ensures that they have a chance to benefit financially from any profitable extraction or exploitation of resources. There are several types of reservations or preferential rights that can be included in a Kings New York lease agreement. These include: 1. Reservation of a call right: This type of provision grants the lessor the exclusive right to purchase all or a portion of the production from the property before anyone else. The lessor can exercise this right by issuing a call notice to the lessee, specifying the quantity or percentage of production they wish to purchase. 2. Preferential right to purchase production: Similar to a reservation of a call right, this provision gives the lessor the first opportunity to purchase the production from the property but without the requirement of issuing a call notice. The lessor has the right to match the best offer or terms made by a third-party buyer. 3. Right of first refusal: This provision grants the lessor the option to purchase the production at a specific price and terms before the lessee can sell it to any other party. The lessor has the right to accept or decline the offer within a specified time frame. Including a Kings New York Reservation of A Call on, Or Preferential Right to Purchase Production by Lessor in a lease agreement provides the lessor with the ability to actively participate in any profitable production activities occurring on their property. It allows for potential financial gains while also giving the lessor a level of control over the use of their resources.A Kings New York Reservation of A Call on, Or Preferential Right to Purchase Production by Lessor is a contractual provision in a lease agreement that grants the lessor certain privileges when it comes to purchasing or "calling on" the production of natural resources on the leased property. This provision is commonly used in oil and gas leases but may also apply to other resources such as minerals or timber. The purpose of this provision is to give the lessor the opportunity to capitalize on the production of natural resources on their property. By including a reservation of a call on or a preferential right to purchase production, the lessor ensures that they have a chance to benefit financially from any profitable extraction or exploitation of resources. There are several types of reservations or preferential rights that can be included in a Kings New York lease agreement. These include: 1. Reservation of a call right: This type of provision grants the lessor the exclusive right to purchase all or a portion of the production from the property before anyone else. The lessor can exercise this right by issuing a call notice to the lessee, specifying the quantity or percentage of production they wish to purchase. 2. Preferential right to purchase production: Similar to a reservation of a call right, this provision gives the lessor the first opportunity to purchase the production from the property but without the requirement of issuing a call notice. The lessor has the right to match the best offer or terms made by a third-party buyer. 3. Right of first refusal: This provision grants the lessor the option to purchase the production at a specific price and terms before the lessee can sell it to any other party. The lessor has the right to accept or decline the offer within a specified time frame. Including a Kings New York Reservation of A Call on, Or Preferential Right to Purchase Production by Lessor in a lease agreement provides the lessor with the ability to actively participate in any profitable production activities occurring on their property. It allows for potential financial gains while also giving the lessor a level of control over the use of their resources.
