This form is used when working interest owners desire to adopt, ratify, and confirm the Unit Designation insofar as it covers their rights, title, and interests in and to the Oil, Gas, and Mineral Leases and the lands included in the Unit created by the Unit Designation, and agree their respective interests are subject to all terms and provisions of the Unit Designation.
Florida Ratification of Unit Designation by Working Interest Owners
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Multi-State
Control #:
US-OG-386
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Word;
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FAQ
As of March 20, 2023, the FAR-BAR updated the Condominium Rider to require that a seller provide a buyer, at the seller's expense, a copy of the milestone inspection and structural integrity reserve study, if applicable and if available from the governing association.
§718.112, Fla. Stat. A Structural Integrity Reserve Study is an official record of the Association, which must be maintained by the Association for fifteen (15) years. A prospective purchaser of a Unit has the right to inspect an Association's most recent Structural Integrity Reserve Study.
Section 718.110(14), Florida Statutes, applicable to Condominiums, provides that: ?An amendment prohibiting unit owners from renting their units or altering the duration of the rental period applies only to unit owners who consent to the amendment and unit owners who acquire title to their units after the effective ...
To ?ratify? a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.
Florida Statutes 718.111(12)(b) and 718.111(12)(c) provide unit owners the right to view and make copies of official records; however, aside from very basic guidelines, the association remains responsible for creating reasonable rules surrounding the frequency, time, location, notice and manner of unit owner record ...
Section 718.112(2)(c), F.S. 2. Attend board and committee meetings except meetings to discuss personnel matters or meetings between the board or a committee and the association's attorney with respect to proposed or pending litigation when the meeting is held for the purpose of seeking or rendering legal advice.
