This form creates an Area of Mutual Interest ( AMI ) comprising the Contract Area. During the term of this AMI, if any Party acquires all or any interest in any Oil and Gas Leases, any mineral interest, or any farmouts or other contracts which affect lands and minerals lying within the AMI, the Acquiring Party shall promptly advise each of the other Parties of the acquisition, at which time each Offeree shall have the right to acquire its proportionate interest in the Oil and Gas Interest.
Nevada Area of Mutual Interest
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Multi-State
Control #:
US-OG-695
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Word;
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FAQ
Common interest communities (CICs), also known as community associations, are hyperlocal, quasi-governmental organizations that bind a group of homeowners (members) to a set of shared requirements facilitated by specific state statutes and outlined in governing documents (Declaration / CC&Rs, Bylaws, Rules and ...
Within the United States, when a CID is developed, the developer is required to incorporate (in a form) a homeowner association (HOA) prior to any property sales. The role of the HOA is to manage the CID once the control is transferred from the developer.
Types of ?common interest community? include condominiums, planned communities and homeowners' associations and timeshares.
Common-interest communities are also known as common-interest developments or CIDs. CIDs are comprised of individually owned units with an undivided interest in common areas. A subdivision developer creates a CID by recording a subdivision plat and a set of legal governing documents.
NRS 116.310312 Power of executive board to enter grounds of unit to conduct certain maintenance or remove or abate public nuisance or to enter grounds or interior of unit to abate water or sewage leak or take other action; holder of security interest in unit required to provide certain information to association; ...
In Nevada, condominiums, condominium-hotels and timeshares are known as common-interest communities.
What does Common interest mean? An interest, as of adjoining users of a common wall or floor, not amounting to a right of property, but entitling the party interested to a say in the use of the common item.
NRS 116.021 - "Common-interest community" defined.
Common interest community means real estate described in a declaration with respect to which a person, by virtue of such person's ownership of a unit, is obligated to pay for real estate taxes, insurance premiums, maintenance, or improvement of other real estate described in a declaration.
