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.
The Broward County Pugh Clause is a specific provision commonly found in real estate contracts in Broward County, Florida. It is named after Judge Samuel Pugh, who first introduced this clause in the state's legal system. The Broward County Pugh Clause, also known as the Pugh Clause, serves as a safeguard for both buyers and sellers involved in property transactions. The purpose of the Broward County Pugh Clause is to protect the seller's interests and prevent the buyer from obtaining ownership of mineral rights by merely purchasing a portion of the property. This clause stipulates that if a buyer decides to exercise the right to cancel or default on a portion of the property involved in the transaction, the seller reserves the rights to retain any mineral rights associated with that particular area. The Broward County Pugh Clause, designed to prevent "fractionalization" of mineral rights, ensures that any termination or default action by the buyer will not affect the seller's ownership of the remaining mineral rights. This clause is particularly important in areas where underground resources, such as oil or gas, are found. It allows the seller to retain full control and ownership of the valuable mineral rights. The Broward County Pugh Clause is generally included in real estate contracts involving properties within Broward County, Florida, but similar clauses may exist in other counties or states with different names. While the specific language of the clause may vary, its fundamental purpose remains the same — to protect the seller's mineral rights in case of partial cancellation or default by the buyer. In summary, the Broward County Pugh Clause is a crucial provision in real estate contracts that safeguards the seller's mineral rights in the event of partial cancellation or default. By retaining ownership of the remaining mineral rights, the seller can ensure proper control over valuable underground resources. It is vital for both buyers and sellers involved in Broward County property transactions to understand and include this clause to protect their interests effectively.The Broward County Pugh Clause is a specific provision commonly found in real estate contracts in Broward County, Florida. It is named after Judge Samuel Pugh, who first introduced this clause in the state's legal system. The Broward County Pugh Clause, also known as the Pugh Clause, serves as a safeguard for both buyers and sellers involved in property transactions. The purpose of the Broward County Pugh Clause is to protect the seller's interests and prevent the buyer from obtaining ownership of mineral rights by merely purchasing a portion of the property. This clause stipulates that if a buyer decides to exercise the right to cancel or default on a portion of the property involved in the transaction, the seller reserves the rights to retain any mineral rights associated with that particular area. The Broward County Pugh Clause, designed to prevent "fractionalization" of mineral rights, ensures that any termination or default action by the buyer will not affect the seller's ownership of the remaining mineral rights. This clause is particularly important in areas where underground resources, such as oil or gas, are found. It allows the seller to retain full control and ownership of the valuable mineral rights. The Broward County Pugh Clause is generally included in real estate contracts involving properties within Broward County, Florida, but similar clauses may exist in other counties or states with different names. While the specific language of the clause may vary, its fundamental purpose remains the same — to protect the seller's mineral rights in case of partial cancellation or default by the buyer. In summary, the Broward County Pugh Clause is a crucial provision in real estate contracts that safeguards the seller's mineral rights in the event of partial cancellation or default. By retaining ownership of the remaining mineral rights, the seller can ensure proper control over valuable underground resources. It is vital for both buyers and sellers involved in Broward County property transactions to understand and include this clause to protect their interests effectively.
