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Simple English definitions for legal terms

change-of-ownership clause

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A quick definition of change-of-ownership clause:

A change-of-ownership clause is a rule in an oil-and-gas lease that says the person leasing the land must be told if the land's ownership changes. This is so the lessee knows who to work with and can continue their lease agreement with the new owner.

A more thorough explanation:

A change-of-ownership clause is a provision in an oil-and-gas lease that outlines the notice that must be given to the lessee in the event of a change in the ownership of the leased land. This clause is also known as an assignment clause.

For example, if a company leases a piece of land for oil and gas exploration, and the land is sold to a new owner, the change-of-ownership clause specifies how much notice the lessee must receive before they are required to recognize the new owner. This notice period allows the lessee to adjust their operations and ensure that they are complying with the terms of the lease.

Another example could be a rental agreement for a residential property. If the property is sold to a new owner, the change-of-ownership clause would specify how much notice the tenant must receive before they are required to recognize the new owner and make any necessary changes to their rental agreement.

Overall, the change-of-ownership clause is an important provision in any lease or rental agreement that helps protect the rights of both the lessor and the lessee in the event of a change in ownership.

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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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