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Simple English definitions for legal terms

lesser-interest clause

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A quick definition of lesser-interest clause:

A lesser-interest clause is a provision in an oil-and-gas lease that allows the person leasing the land to reduce their payments if the landowner does not own 100% of the mineral interest. This means that if the landowner only owns a portion of the minerals, the lease payments will be reduced proportionately. It is also known as a proportionate-reduction clause.

A more thorough explanation:

A lesser-interest clause is a provision in an oil-and-gas lease that allows the lessee to reduce payments proportionately if the lessor turns out to own less than 100% of the mineral interest. This clause is also known as a proportionate-reduction clause.

Suppose a landowner leases their land to an oil company for drilling purposes. The lease agreement includes a lesser-interest clause that states if the landowner only owns 75% of the mineral rights, the oil company will only pay 75% of the agreed-upon amount. This clause protects the oil company from overpaying for a lease and ensures that the landowner is only compensated for the percentage of mineral rights they actually own.

Another example could be a situation where a landowner has already leased a portion of their mineral rights to another company. In this case, the lesser-interest clause would allow the new lessee to pay a reduced amount based on the percentage of mineral rights that are still available for lease.

Overall, the lesser-interest clause is a way to ensure fair compensation for both the landowner and the lessee in an oil-and-gas lease agreement.

lesser-evils defense | lesser offense

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
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.
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