CLOSING PROCEDURES AGREEMENT
KAISER-FRANCIS OIL COMPANY OPERATED PROPERTIES
If you are the successful bidder of the Kaiser-Francis Oil Company operated property, you must agree to the following Closing Procedures. Failure to follow this Procedure may result in your company being removed from our list of bidders.
Upon our receipt of the required 10% down payment mentioned in our bid package information, our Land Department will prepare the appropriate assignment to convey our interests in the property to you. A copy of the Assignment executed on behalf of Kaiser- Francis ("K-F") will be mailed to you for your review, with an original signature page for your execution, notarization, attestation and return to K-F.
We will also send you the original forms required by the State to show that you will be assuming operations of the property (e.g. Change of Operator).
If you wish to close the transaction in our offices, you will need to contact the Land Person handling the sale to set up a closing date. At closing, you will need to bring the executed signature page(s), executed forms, and a cashier's check (representing the full purchase price less the 10% down payment, plus County fees for recording the conveyance(s) and any applicable State and County sales taxes).
If you plan to close the purchase by U.S. Mail, or overnight courier, you must send, to the attention of the land person handling the sale, the executed signature page(s), executed State forms, and a cashier's check for the total sales price.
When we have received the above mentioned documents and your check, we will notify our Operations Department that the sale of this property has been finalized, and that we will be turning the property over to you. We will also call you and let you know that you may assume operations of the property.
UNDER NO CIRCUMSTANCES ARE YOU TO TAKE OVER PHYSICAL OPERATIONS OF THE PROPERTY UNTIL WE HAVE ADVISED YOU THAT WE HAVE RECEIVED THE ABOVE DOCUMENTS, YOUR CHECK, AND NOTIFIED OUR OPERATIONS DEPARTMENT.
NOTE: IF THE PROPERTY IS BEING PURCHASED FOR PLUGGING, YOU MUST CONTACT OUR FIELD PERSONNEL 24 HOURS PRIOR TO PLUGGING THE WELL TO ENABLE OUR FIELD PERSONNEL, AT THEIR OPTION, TO WITNESS THE PLUGGING OPERATION.
AGREED TO THIS _____ DAY OF ____________________, 20____ .
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(Type/Write Company Name)
BY: ______________________________________________________