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Simple English definitions for legal terms

assignment clause

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A quick definition of assignment clause:

An assignment clause, also known as a change-of-ownership clause in the oil and gas industry, is a provision in a lease agreement that outlines the notice requirements for a lessee when there is a change in ownership of the leased land. This clause ensures that the lessee is aware of any changes in ownership and can recognize the new owner before any obligations are transferred.

A more thorough explanation:

An assignment clause, also known as a change-of-ownership clause, is a provision in an oil-and-gas lease that outlines the notice requirements for a lessee when there is a change in ownership of the leased land. This clause specifies the obligations of the lessee to recognize the new owner and continue the lease agreement.

For example, if a company leases land for oil and gas exploration, the assignment clause in the lease agreement would specify that the lessee must be notified in writing of any change in ownership of the land. The lessee would then have a certain amount of time to recognize the new owner and continue the lease agreement.

Another example would be if the original landowner sells the land to a new owner, the assignment clause would require the new owner to provide written notice to the lessee of the change in ownership. The lessee would then have to recognize the new owner and continue the lease agreement.

These examples illustrate how an assignment clause protects the interests of both the lessee and the landowner by ensuring that any change in ownership is properly communicated and recognized in the lease agreement.

assigner | Assignment Division

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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