Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

change-of-ownership clause

Read a random definition: hypothetical creditor

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.

change of condition | change of venue

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
LSD+ is ad-free, with DMs, discounts, case briefs & more.