I just got contacted regarding an inheritance of royalty in Texas that started production in 2022. I am completely new to this. I am currently researching and will be asking for more detailed information. In the meantime, can anyone tell me if this is standard language? What are the implications of item 9?
Grantor and Grantee have agreed that any successful title curative completed by Grantee will result in Grantee receiving a fee for services rendered.
Grantee will pay for all cost incurred in curing title.
Successful title curative is defined by Grantor being in pay status with the operator of mineral interests in the State of Texas or in any other state the Grantor requests that the Grantee to cure title.
Grantor agrees to convey to Grantee a service fee equal to 20% of all suspense money held by the operator for all mineral interests in the State of Texas beginning with the first month production and ending with the current month production.
Grantor agrees to pay Grantee the 20% service fee directly, upon the operator of the aforementioned mineral interests making payment to the Grantor.
The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any court of the United States or any state having jurisdiction, this being in addition to any other remedy to which they are entitled at law or in equity.
Grantor and Grantee agree that a faxed or scanned signed document of the Agreement shall be binding.
This instrument may be executed in any number or identical counterparts, each of which for all purposes, shall be considered an original, and allow which shall constitute collectively, one instrument.
Grantor shall grant the Grantee the right to purchase all or part of said minerals at an agreed upon price. Upon receipt of any offer to purchase the Grantor’s Interest, Grantor intends to accept. Grantor shall notify Grantee of the offer’s terms and conditions. Grantee may elect to acquire the Interest on the same terms and conditions within thirty days (30) of receipt of Grantor’s notice of the Grantor’s offer.
Looks like some professionals who found unclaimed funds sent to state. You can look up to see if your name or other family as unclaimed funds at https://www.claimittexas.gov/. The website will guide you as to what is needed. I would never sign that agreement!
The contract is extremely one-sided and it is not your side. You will be financially whacked. Do not sign any legal document that you do do not understand fully, including how you could be adversely affected. All contracts are negotiable and usually I recommend consulting an attorney. This contact is so deplorable that it should go into your shredder.
I seem to recall that it is illegal in Texas to charge someone for assistance in getting their unclaimed property.It’s possible this applies to attorneys only.
Neither my family name, or the name of the distant relative are on the unclaimed funds website. I’m assuming this is because production only started last year, so not enough time has passed for the funds to be considered unclaimed? Does that sound plausible? And if so, what would be a good next step?
B) Also run family names on county clerk website or Texasfile to search for the oil and gas lease, or unit declaration for the well. The unit declaration should list the leases pooled to the well.
C) if you can identify the well & lease, contact Vedun owner relations and ask if monies are in Suspense due to a title problem.