Greetings all....this is about a "ratification of a lease"
Our LLC has been asked to sign a "ratification of a lease" for the lease my now -deceased mother-in-law signed in 2006. This lease was amended in 2009 to include a higher percentage of royalty, etc...
Following is the lease...it's not that long...but looking for input if anyone else has experienced this...Here goes...
KNOW ALL MEN BY THESE PRESENTS:
That for a valuable consideration, receipt of which is hereby acknowledged, the undersigned: do(es) hereby ratify, adopt and confirm in all respects an Oil and Gas Lease dated the day of ____ between (mom-in-law) as Lessor and , (Oil Company) as Lessee, said lease being recorded , and all extensions and amendments thereof (including but not limited to the Amendment of Oil and Gas Lease executed by (me), and (my wife), as personal representatives of the Estate of (mom-in-law’s name), deceased, and recorded (date) in Document #1111111) covering all of that certain tract of land situated in the County of Roosevelt , State of North Dakota , described as follows:
Insofar as the above referenced "Lease" covers the following described lands:
(legal description of land and number of acres)
and do(es) hereby grant, lease and let the land described in said lease unto the above named Lessee, it's heirs, successors, and assigns, upon the terms and conditions and subject to the provisions of the lease, and said lease is by reference made a part hereof with the same force and effect as if the undersigned had originally joined in the execution thereof as Lessor.
I've been told that this is a common thing...but wanted to check this out with the corporate wisdom that I've found on this site. Note that I deleted the specifics so as to keep this somewhat confidential. THANKS for offering your experience and wisdom.
Dave