The Oil and Gas Lease Sample Clauses

The Oil and Gas Lease. An oil and gas lease is not a “lease” at all. The modern oil, gas, and mineral lease (the lease) operates as a present conveyance of the minerals under the land descried in the lease. Specifically, the lease vests in the lessee a determinable fee in the oil, gas, and minerals in place that terminates upon specific events outlined therein.1 The oil, gas, and minerals in place are realty subject to ownership, severance, and sale.2 The result of the lease is that: 1) the lessee acquires a determinable fee title in the mineral estate; and 2) the lessor acquires a right to receive royalty proceeds from the production and sale of said minerals, along with a possibility of reverter in the oil and gas in place upon termination of the lease.3 In addition, the lessor typically receives a lease bonus for simply signing the lease. The lessee then “steps into the lessor’s shoes” and acts as the mineral owner, exploring for, developing, and producing the minerals.4 The “standard” lease no longer exists. Prior to the advent of word processing, the form of the lease consisted of various preprinted forms with preprinted terms in which the 1 Xxxxxx x. Xxxxx, 819 S.W.2d 459, 464 (Tex.1991); Prize Energy Resources, L.P. v. Xxxxx Xxxxxxx, Inc., 345 S.W.3d 537, 546 (Tex. App.–San Antonio 2011, no pet); Xxxxx x. Xxxxxxxxxx, 627 S.W.2d 190, 197 (Tex. App.-Austin 1981, no writ). 2 Texas Co. x. Xxxxxxxxx, 176 S.W. 717, 719 (Tex. 1915). 3 Xxxxxx, 819 S.W.2d at 464. 4 Id. xxxxxx and xxxxxx then added an addendum describing the particulars of their agreed lease alterations. Lessors and lessees are now capable of adding language anywhere within the form of the lease. Thus, each sentence and each paragraph of the lease must be closely read to determine what alterations have been made.
Sample 1
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Related to The Oil and Gas Lease

  • Minerals All minerals, crops, timber, trees, shrubs, flowers and landscaping features now or hereafter located on, under or above Land;

  • Contract Area Block which superficial projection is delimited by the polygon defined in Annex I or the plots of the Block remaining subject to the Agreement after the partial relinquishments provided for herein are made.

  • Leases The Property is not subject to any leases other than the Leases described in the rent roll attached hereto as Schedule V and made a part hereof. Borrower is the owner and lessor of landlord’s interest in the Leases. No Person has any possessory interest in the Property or right to occupy the same except under and pursuant to the provisions of the Leases. The current Leases are in full force and effect and, to the best of Borrower’s knowledge, (a) there are no defaults thereunder by either party and (b) there are no conditions that, with the passage of time or the giving of notice, or both, would constitute defaults thereunder. No Rent (including security deposits) has been paid more than one (1) month in advance of its due date. To the best of Borrower’s knowledge, all work to be completed by Borrower prior to the date hereof under each Lease has been performed as required and has been accepted by the applicable tenant, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by Borrower to any tenant has already been received by such tenant. There has been no prior sale, transfer or assignment, hypothecation or pledge of any Lease or of the Rents received therein. To the best of Borrower’s knowledge, no tenant listed on Schedule I has assigned its Lease or sublet all or any portion of the premises demised thereby, no such tenant holds its leased premises under assignment or sublease, nor does anyone except such tenant and its employees occupy such leased premises. No Tenant under any Lease has a right or option pursuant to such Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part. No Tenant has no right or option for additional space in the Improvements. Except as otherwise disclosed by the Environmental Report (as defined in the Mortgage), no hazardous wastes or toxic substances, as defined by applicable federal, state or local statutes, rules and regulations, have been disposed, stored or treated by any tenant under any Lease on or about the Property nor does Borrower have any knowledge of any Tenant’s intention to use its premises for any activity which, directly or indirectly, involves the use, generation, treatment, storage, disposal or transportation of any petroleum product or any toxic or hazardous chemical, material, substance or waste. True, correct and complete copies of the Leases have been provided to Lender and such Leases have not been modified or amended in any way.

  • Project Area The Project Area is the incorporated area of the City of San Xxxx.

  • Lease The Lease Agreement (Federal Express Corporation Trust No. N678FE) dated as of June 15, 1998, as amended and restated as of September 1, 1998, entered into by the Lessor and the Lessee concurrently with the execution and delivery of the Indenture, including, without limitation, supplementation by one or more Lease Supplements entered into pursuant to the applicable provisions of the Lease.

  • Acreage 7. Existing Use of Property:

  • Properties and Leases Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, the Company and the Company Subsidiaries have good and marketable title to all real properties and all other properties and assets owned by them, in each case free from liens, encumbrances, claims and defects that would affect the value thereof or interfere with the use made or to be made thereof by them. Except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, the Company and the Company Subsidiaries hold all leased real or personal property under valid and enforceable leases with no exceptions that would interfere with the use made or to be made thereof by them.

  • The Lease 4.1. By this lease the Landlord lets and the Tenant takes the Premises for the Term at the Rent and subject ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ ■ .

  • Head Lease 7.1. To comply with all the obligations imposed upon the Landlord by a Superior Landlord if the Premises are held under a Superior Lease.

  • Ground Lease Reserved.

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