Lease Acquisitions Sample Clauses
The LEASE ACQUISITIONS clause defines the terms and procedures under which a party may acquire leasehold interests in property. It typically outlines the requirements for identifying suitable properties, obtaining necessary approvals, and executing lease agreements, often specifying the roles and responsibilities of each party involved in the acquisition process. This clause ensures that the process of securing leases is conducted in an orderly and transparent manner, minimizing misunderstandings and allocating responsibility for due diligence and compliance.
Lease Acquisitions. Madoff will make available up to $175,000 for the acquisition of acreage associated with the Section 81 Well. All such acreage and the acquisition thereof shall be subject to Madoff approval after Madoff has had the opportunity to conduct due diligence with respect thereto.
Lease Acquisitions. Said deposits by Dolphin and ▇▇▇▇▇▇ shall be applied to acquire 4,000 Net Mineral Acres in Leases under the Apollo Agreements.
Lease Acquisitions. 25 Section 5.2. Title to Partnership Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Section 5.3. Lease Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Section 5.4. Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 ARTICLE VI Management ----------
Lease Acquisitions. (a) BEC shall contribute and assign to the Partnership pursuant to Section 3.1
(a) the assets constituting the Business. The interest in each oil and/or gas property contributed to the Partnership by BEC shall cover all depths and horizons owned by BEC in and under the Lease for such property.
(b) With respect to those assets that BEC cannot transfer to the Partnership on the Effective Date due to the failure or inability of BEC to obtain the consents of third parties necessary to effect such transfer (such assets are identified on Exhibit H hereto and are referred to herein as the "Unassigned Assets"), BEC shall use its best efforts to obtain such consents or otherwise take such action as shall be required to effect the transfer of the Unassigned Assets to the Partnership as soon as possible after the Effective Date. If BEC determines, after consulting with the GAP Representatives, that any Unassigned Asset cannot be transferred to the Partnership because of the failure or refusal of any third party to consent to such transfer, then BEC shall hold such Unassigned Asset in trust for the benefit of the Partnership, make such Unassigned Asset available for use by the Partnership
(c) Subject to Section 6.2, during the term of this Agreement, the Chief Executive Officer and the Managing General Partner (if requested by the Chief Executive Officer) may cause the Partnership to acquire additional Leases that it deems suitable for acquisition by the Partnership for exploration or development purposes to the extent funds of the Partnership are available therefor.
Lease Acquisitions. If either Party shall acquire any non-producing or producing Lease (and for this Subsection 10.1.1 "Lease" shall not include a Farmout) covering lands within the AMI, the other Party shall have the first and prior right to acquire its Proportionate Acquisition Interest in such Lease at cost, which right shall be exercised within fifteen (15) days after notification of the acquisition of such a Lease (and failure to respond within said time shall be deemed an election not to so acquire). A Party acquiring any such Lease shall promptly notify the other Party ("Notified Party") in writing of the acquisition thereof describing the interest acquired, stating the Lease Acquisition Costs thereof, and forwarding copies of all title information pertaining to the acquired Lease which is available to the acquiring Party. If the Notified Party elects or is deemed to have elected not to acquire its Proportionate Acquisition Interests in such Lease, then the Notified Party shall have no right, title or interest in or claim to such Lease. If the Notified Party elects to acquire its Proportionate Acquisition Interest in a Lease, such election shall be deemed an irrevocable obligation to pay such Party's share of the Lease Acquisition Costs thereof promptly upon receipt of an assignment from the acquiring Party. If any Lease covers lands lying both inside and outside the AMI, these provisions shall apply to only that portion of the Lease lying within the AMI. If Leases are acquired as a package, these provisions shall apply only to those Leases within, or partially within, the AMI. Further, the provisions of this Subsection 10.1.1 shall apply on a Lease by Lease basis to producing and non-producing Leases within (or partially within) the AMI acquired by as a result of merger, consolidation or other corporate acquisition. However, in such event the Lease Acquisition Costs for each non-producing Lease so acquired shall be the current fair leasing value of such Lease, and the Lease Acquisition Costs for each producing Lease so acquired shall be the current fair market value thereof determined based on the net discounted value of the future production therefrom.
Lease Acquisitions