This form is signed by and on behalf of the Unit Operator covering lands in which a Unit was formed and established by the Unit Agreement. Pursuant to the specified Article/Section of the Agreement, the purposes for which the Unit was established are no longer in effect and the parties to the Agreement (being the original Working Interest Owners in Tracts included in the Unit, or their successors) have elected to terminate the Agreement.
The Kentucky Certificate of Termination of Unit is a legal document that signifies the dissolution or termination of a unit within an organization or corporation in the state of Kentucky. This certificate is typically filed with the Kentucky Secretary of State to ensure compliance with state regulations and to officially terminate the unit's existence. The Kentucky Certificate of Termination of Unit serves as proof that the designated unit has concluded its activities, and all obligations and liabilities have been settled or transferred to appropriate parties. It is an essential step in the legal process of dissolving a unit within an organization and allows for the removal of the unit's name from official records and filings. There are various types of Kentucky Certificate of Termination of Unit, specific to the different kinds of units that can be dissolved. Some common types include Limited Liability Company (LLC) Termination Certificate, Partnership Termination Certificate, and Corporation Termination Certificate. The Kentucky LLC Termination Certificate is used when a limited liability company decides to dissolve its operations and terminate its existence. This certificate declares that all debts, liabilities, and obligations of the LLC have been settled or transferred, and the company is no longer active. Similarly, the Kentucky Partnership Termination Certificate is applicable when a partnership intends to dissolve and terminate its operations. This certificate indicates that all partnership affairs, debts, and obligations have been resolved, and the partnership has ceased to exist under Kentucky law. Lastly, the Kentucky Corporation Termination Certificate is used for corporations seeking to formally dissolve and terminate their existence. This certificate confirms that the corporation has completed all required steps for dissolution, including settling all obligations, notifying shareholders, and obtaining necessary approvals. In summary, the Kentucky Certificate of Termination of Unit is a crucial legal document filed with the Secretary of State, signifying the dissolution and termination of a specific unit within an organization or corporation. It is necessary to submit the appropriate type of certificate based on the unit's legal entity, such as LLC, partnership, or corporation. By completing this process, businesses can comply with Kentucky state regulations and officially conclude the operations of a unit.
