This form of declaration provides notice that the unit owner pools, unitizes, and combines the Unit Leases, including all renewals, extensions, ratifications, and amendments of the Unit Leases and the lands covered by those Leases and the mineral and/or royalty estates in the lands subject to the Leases into a unit for the exploration, development, and production of oil, gas, and associated hydrocarbons (the Unit ).
The District of Columbia Declaration of Pooled Unit — Long Form is a legal document that is commonly used in real estate transactions within the District of Columbia. This document is typically utilized when multiple parties jointly own a property or properties, and wish to clarify the rights, responsibilities, and benefits of each party involved. The declaration serves to establish the creation of a pooled unit, which refers to the collective ownership and management of the property by the participating parties. It outlines the specific terms and conditions governing the pooled unit, such as the establishment of an operating agreement, provisions for collective decision-making, and the distribution of profits and expenses. This comprehensive long form declaration ensures that all parties understand and agree to the terms of their partnership. The District of Columbia Declaration of Pooled Unit — Long Form provides a legal framework for managing diverse types of properties, including residential buildings, commercial establishments, and mixed-use properties. It allows property owners to pool their resources, expertise, and financial investments to maximize the potential of their real estate assets. By jointly managing and sharing the benefits and costs associated with property ownership, this declaration fosters collaboration and creates a structure for effective decision-making. Different types of District of Columbia Declaration of Pooled Unit — Long Form may exist to cater to specific property types or arrangements. For instance, there could be specialized declarations designed for residential condos, office buildings, retail centers, or industrial complexes. Each type of declaration may have its own set of provisions tailored to address the unique needs and requirements of the respective property. These variations ensure that the pooled unit's declaration explicitly reflects the specific characteristics and objectives of the property and its owners. In conclusion, the District of Columbia Declaration of Pooled Unit — Long Form is an essential legal instrument in the real estate realm, facilitating joint ownership, management, and decision-making for various properties. It provides a clear and detailed framework for multiple owners to synergistically utilize their assets, while protecting the interests and rights of each party involved.
