This form is used when, as a result of continuous production from the Lease and Lands, payout, as defined in an Assignment, has occurred, and Declarant is entitled to elect to convert the Override to a Working Interest, as provided for in the Assignment.
The Kansas Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that pertains to the conversion of overriding royalty interest (ORRIS) to working interest (WI) in the state of Kansas. This declaration allows individuals or parties with ORRIS to convert their ownership rights into a more active role as working interest owners. Keywords: Kansas, Declaration of Election, Convert, Overriding Royalty Interest, Working Interest. There are different types of the Kansas Declaration of Election to Convert Overriding Royalty Interest to Working Interest based on various scenarios and circumstances. Some of these types include: 1. Individual Conversion: This type of declaration is utilized when an individual owner of overriding royalty interest in Kansas decides to convert their interests into working interest. It involves the individual making a formal declaration to the appropriate authorities and consenting to the necessary changes in ownership structure. 2. Corporate Conversion: In this case, a corporation or company that holds overriding royalty interest in Kansas elects to convert their ORRIS to working interest. This type of declaration requires the involvement of the company's board of directors or authorized representatives, who must provide the necessary documentation to effectuate the conversion. 3. Partnership Conversion: If a partnership holds overriding royalty interest in Kansas, it may choose to convert its interests into working interest. This type of declaration involves the agreement and consent of all partners, as well as the formal execution of the necessary legal documents. 4. Trust Conversion: In situations where a trust owns overriding royalty interest in Kansas, the trustee(s) can submit a Kansas Declaration of Election to Convert Overriding Royalty Interest to Working Interest. This declaration would require the trust beneficiaries to be informed of the proposed conversion and provide their consent if necessary. Regardless of the type, the Kansas Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a vital legal instrument that allows owners of ORRIS in Kansas to take on a more active role in the management and decision-making process of the corresponding mineral interests.
