27-674. Assignment of lease; recording

204 words·~1 min read·/az/title-27/27-674

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. In event of the assignment of a lease as to a segregated portion of the land, the rentals payable shall be apportioned between the portions according to the surface area of each. If the lease is assigned in whole or in part, liability for the breach of any obligation under the lease shall rest exclusively upon the owner of the lease or portion thereof who commits the breach.

B. All leases issued under the provisions of this article may be assignable in whole or in part. Assignments may not be made without the prior written approval of the department. The department may consider an application to assign a part of the lease in the same manner as if it were an original application to lease.

C. All assignments shall be on forms and made in the manner prescribed by the department. The department shall retain in its files executed duplicate originals of all issued leases and of all assignments. All leases and assignments shall be recorded, as other leases are recorded, in tract books kept for that purpose by the department.

D. All leases on file and all assignments filed with the department shall be constructive notice to all persons of their contents.