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Permalink Reply by Suzy on June 8, 2015 at 2:31pm

Thanks ... I did.

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Permalink Reply by Nancy Mosley on June 8, 2015 at 3:25pm

Suzy, assignments of leases happen a lot, and are sort of selling the lease and wells etc (no wells in your case) but are not selling the mineral rights. I have seen leases where it is not allowed to assign the lease without permission of the lessor, but that is very rare.

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Permalink Reply by Barry D on June 8, 2015 at 3:27pm

Suzy,

Not having read your lease I can only assume that it is similar to others.

The renewal option is usually at the discretion of the Lessee (the company). However, I have seen leases with language that invites participation of the Lessor (the landowner), but very unusual.

Most leases have a clause that allows for the assignment of the lease. Again, this is usually an option given to the Lessee. However, I have seen leases where the company must involve the landowner.

It would be a good idea to read your lease and look for these clauses in your lease. If you have questions about the language just come back here and post.

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Permalink Reply by Suzy on June 8, 2015 at 4:05pm

Hi Barry. I will pull it up and read it. If memory serves, Triad/MH had an additional 5yr extension option already given by us to them if they chose to exercise it at the end of the first 5 yrs. I'm curious if the 2nd "5 year lease term" option would be automatic with the new Buyer or if we could negotiate a bit :-)

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Permalink Reply by Barry D on June 9, 2015 at 12:47am

The terms of the lease apply to any assigns.

The new company would have to come to you for any changes. Or, the present company could come to you and ask for changes they might need to complete the assignment/sale.

Either way you would be contacted.

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Permalink Reply by Suzy on June 9, 2015 at 4:58am

Thanks Barry.

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