Lease Obligations

This window stores information about the owners of the land that each lease contains. These are the people that will be paid delay rental payments for their share of the lease.

Lease
The lease ID code that the landowner is associated with.

Payee
The landowner's ID code. The landowner must have first been defined in the Owner Information file.

Status
The status of this landowner. The available choices are Active, Inactive and on Hold.

BASIC INFO TAB

Acres Owned
The number of acres that are owned by this land owner.

Rental Per Acre
The fee charged per acre for rental.

Payment Freq
Select whether the payments should be monthly, quarterly, semi-annually or annually.

Monthly - Paid every month.
Quarterly - Paid in January, April, July, October.
Semi-Annually - Paid in January, July.
Annually - Paid in January.

Pmt Each Period
The total payment resulting from the landowner's total acreage multiplied by the rental per acre fee.

Yearly Pmt Total
Total amount paid during the current year. This field updates automatically based on amounts already paid out.

Payment Total to Date
The total amount paid for rent to date. This field updates automatically based on amounts already paid out.

Payment Start Date
The date when payments started.

Next Payment Date
Date when the next payment is due.

Contract Start
The date when the contract began.

Contract Expires
Date when the contract expires.

Recording Date
The date the lease was recorded.

Book/Page
The book and page where this lease is recorded.

Lease Duration
The length of the lease.

Expiration Date
The date the lease expires.

Instrument No.
The number of the instrument associated with this lease if the records are stored electronically.

Payment Description
A description that is used for the payment.

CLAUSES TAB
This tab allows you to type informational notes about each clause that applies to the obligation. Clauses that you can select are:
- Renewal
- Pooling
- Depth Restriction
- Shut-In
- ORRI
- Free Gas

NOTES TAB
This tab allows you to type general notes about the lease obligation.