Each of the royalty owners who signs this instrument agrees to become a party to and be bound by the provisions of the Unit Agreement as if the original of that Agreement had been signed; and, each of the working interest owners who signs this instrument agrees to become a party to and be bound by the provisions of the Unit Agreement and the Unit Operating Agreement.
Maryland Joiner to Unit Operating Agreement or Unit Agreement refers to a legal document executed by an entity or individual wishing to become a member or unit holder in a limited liability company (LLC) or partnership (LP) operating under Maryland law. This agreement outlines the terms, rights, and responsibilities of the newly joining party, while also incorporating and acknowledging the existing operating or unit agreement of the business. There are two main types of Maryland Joiner agreements: 1. Maryland Joiner to Unit Operating Agreement: This type of agreement is commonly used in LCS and signifies the joining party's intent to become a member of the company and abide by its existing operating agreement. The Maryland Joiner to Unit Operating Agreement is primarily used when the LLC operates as a real estate investment or other unitized structure. 2. Maryland Joiner to Unit Agreement: This agreement is more commonly associated with LPs and signifies the joining party's intent to become a unit holder and adhere to the existing unit agreement of the partnership. It is generally used when the LP operates in industries such as oil and gas, where ownership interests are divided into units. When a new party wants to join an existing business as a member or unit holder in Maryland, they are required to execute a Maryland Joiner to Unit Operating Agreement or Unit Agreement. This document typically includes the following key elements: 1. Identification of the joining party: The agreement must clearly identify the name and contact information of the individual or entity becoming a member or unit holder. 2. Acknowledgment of existing agreement: The joining party formally acknowledges the existence and terms of the original operating or unit agreement of the LLC or LP. 3. Rights and responsibilities: The Maryland Joiner agreement outlines the rights, obligations, and responsibilities of the joining party as a member or unit holder. It details the capital contributions, profit distributions, decision-making authority, and fiduciary duties, among other important provisions. 4. Voting rights: The agreement specifies the joining party's voting rights, including any limitations or special provisions related to decision-making within the company or partnership. 5. Transfer of interest: If the joining party wishes to transfer their membership or unit interest in the future, the agreement may outline the conditions and restrictions regarding such transfers. 6. Governing law and dispute resolution: The Maryland Joiner agreement generally specifies that Maryland law governs the interpretation and enforcement of the agreement. It may also address the preferred method of dispute resolution, such as arbitration or mediation. In summary, the Maryland Joiner to Unit Operating Agreement or Unit Agreement serves as a legal contract that solidifies the joining party's commitment to an existing LLC or LP entity in Maryland. It ensures that the newly admitted member or unit holder understands and agrees to abide by the terms and conditions set forth in the original operating or unit agreement.
