Lease Burdens. “Lease Burdens” means the royalties, overriding royalties, production payments, net profit interests, and all similar interests burdening the Leases or production therefrom, that are: (i) legally binding and enforceable at law or in equity; and (ii) the obligation with respect to which was created prior to the Effective Date, whether or not conveyed or of record prior to such date.
Lease Burdens. No Party hereto shall burden or encumber any other Party's legal or equitable interest in a Permit, Lease, Option or Farm-In with any overriding royalty, production payment, mortgage, security interest or other burden except as provided in Sections 4.8 above, without the consent of the other Participants; provided, however, that in its efforts to obtain a Lease, Option or Farm-In from a third-party, a Party hereto may burden such Lease, Option or Farm-In with a royalty, overriding royalty, production payment or other similar burden (other than a lien or security interest), or acquire such interest subject to reservation of such a burden, in favor of a third party owning such Lease, Option or Farm-In (farmor, mineral owner, assignor, lessee or lessor) in such Party's reasonable efforts to obtain the Lease, Option or Farm-In. If any Party hereto burdens or encumbers its own Ownership Interest, whether legal or beneficial, vested or contingent, in any Option, Lease or Farm-In with any overriding royalty, production payment, lien, security interest or other burden (hereinafter referred to as "Subsequently Created Burdens") except as provided in this Section 4.9 or in Section 4.8 above, and such Party is thereafter required under the terms of this Agreement, or the applicable Operating Agreement, to assign or relinquish to any other Party or Participants, all or a portion of its Ownership Interest and/or the production attributable thereto, said other Party or Participants shall receive such assignment and/or production free and clear of such Subsequently Created Geophysical Exploration Agreement Southwest Danbury Project 11 12 Burdens and such Party shall indemnify and hold harmless the Party or Participants entitled to the assignment or forfeiture from any and all claims and demands for payment asserted by owners of such Subsequently Created Burdens.
Lease Burdens. Seller’s ownership of a Lease set forth on Exhibit A is such that it entitles Seller to receive a decimal share of oil and gas, and other hydrocarbons produced underlying the lands covered by said Lease which is less than the decimal share set forth for such Lease on Exhibit A in the column headed “Net Revenue Interest”, provided that any Defect of the kind described in this Section 7.2(c) that is also a Defect under Section 7.2(b) shall be exclusively treated as a Defect under Section 7.2(b).
Lease Burdens. Except as provided herein to the contrary, any assignment or reassignment of acreage tendered to Farmor pursuant to the terms hereof shall be free and clear of all lease burdens, overriding royalty interests, payments out of production or any further encumbrances in excess of or in addition to those owed as lessor's royalty under the Leases covering the Farmout Acreage that may have been created by Farmee.
Lease Burdens. El Paso represents and warrants by, through and under El Paso that the only interest burdening El Paso's interest in the Lease is the Lessor's twenty-five percent (25%) royalty interest and certain overriding royalty interests representing a .0258336 interest in the Lease for which Lessor has not yet secured releases.
Lease Burdens. Each Party entitled to receive a share of Production shall make, or cause to be made, payments for that portion of the Lease Burdens constituting the Royalty Share due the State of Alaska on such Party's share of Production or the proceeds allocated thereto under this Agreement. Each Party shall be obligated to pay, or cause to be paid, all other Lease Burdens attributable to its Working Interest, and shall be liable for any additional Costs occasioned thereby.
Lease Burdens. Except as may otherwise be provided in the Gas Balancing Agreement attached as Exhibit 6, Unit Operator shall make all Lease Burden payments on all Production as set forth in this Section 6.8. Any net profits, carried or any other interest shall be paid by the Party from whom the payment is due according to the terms of the grantor reservation of the interest. Each Party taking in kind or separately disposing of Production shall promptly pay Unit Operator that share of the proceeds from the sale of such Production if sold, or the market value thereof if not sold but used off the Premises, equal to the amount of the landowner royalty payable out of such Production. Unit Operator shall make landowner royalty payments on all Production based upon the amounts so received. Each Party shall provide to the Unit Operator sufficient information to allow Unit Operator to make all required royalty payments and shall, on not less than a monthly basis, advise Unit Operator of all sales of Production made by such Party specifying purchaser, price, volume, gross proceeds, all costs deducted, and net proceeds. On a quarterly basis, Unit Operator shall forward to all Parties a statement of royalty accounting showing the amounts received by Unit Operator from each Party and the landowner royalty payments made by Unit Operator.
Lease Burdens. 5 1.32. Losses.........................................................5 1.33. Material Adverse Effect........................................5 1.34. Maximum Indemnity Amount.......................................5 1.35. Net Revenue Interest...........................................5 1.36. Office Leases..................................................5 1.37. Permits........................................................5 1.38. Permitted Encumbrances.........................................6 1.39.
Lease Burdens. Xxxxe Burdens" means the royalties, overriding royalties, production payments (other than the Production Payment), net profit interests, and all similar interests burdening the Leases or production therefrom, that are legally binding and enforceable at law or in equity.
Lease Burdens. 37 21.3 Payments to be Borne by Parties................................ 38
