This form is used when the Operator desires to amend the Designation of Pooled Unit, as permitted by the terms of the Leases included in the Unit, to (increase/reduce) the size of the Unit so that, on the Effective Date of this Amendment, the Unit will consist of a specific number of acres of land, which lands are to be depicted on a plat attached to this Amendment.
A New York Amendment to Pooled Unit Designation refers to a legal document that enables changes to be made to an existing pooled unit designation in the state of New York. This amendment aims to modify or update the terms and conditions that govern the creation and operation of a pooled unit, including the ownership and distribution of assets within the unit. Keywords: New York, Amendment, Pooled Unit Designation, legal document, changes, modify, update, existing, terms and conditions, creation, operation, ownership, distribution, assets. Different types of New York Amendments to Pooled Unit Designation can include: 1. Expansion Amendment: This type of amendment allows for the enlargement of an existing pooled unit, giving participants the opportunity to include additional assets or stakeholders in the unit. It typically involves revising the terms regarding the composition and distribution of the unit. 2. Restructuring Amendment: A restructuring amendment is utilized to redefine the structure or organization of a pooled unit in New York. It may involve changing the allocation of assets, revising the voting rights of participants, or altering the governance structure of the unit. 3. Dissolution Amendment: If participants intend to terminate or dissolve a pooled unit in New York, a dissolution amendment is necessary. This document outlines the process and procedures for the orderly winding down of the unit, ensuring that assets are distributed appropriately among the participants. 4. Allocation Amendment: An allocation amendment focuses on reallocating ownership rights and distribution percentages among the participants in a pooled unit. This type of amendment is utilized when there is a need to adjust the share of assets received by individual participants based on changing circumstances or contributions. 5. Administrative Amendment: An administrative amendment is typically minor in nature and does not alter the fundamental aspects of a pooled unit. It may be used to amend administrative details, such as changing the contact information for the unit or updating procedural guidelines. Regardless of the specific type, a New York Amendment to Pooled Unit Designation is crucial for effecting changes within a pooled unit while complying with the legal requirements outlined by the state of New York. It helps maintain transparency, fairness, and effective management of pooled assets for the benefit of all participants.
