This form is used in the event any part to this Agreement elects not to participate in a Horizontal Exploratory Well, the non-participating party shall, on commencement of operations for the well, relinquish to the participating party one hundred percent (100%) of its rights, title, and interests in and to that portion of the Contract Area included within the Drilling Unit for the well and one hundred percent (100%) of the party’s rights, title, and interests in and to that portion of the Contract Area.
South Carolina Relinquishment Provision - Horizontal Well
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US-OG-718
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How to fill out Relinquishment Provision - Horizontal Well?
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FAQ
What is horizontal property? Horizontal property refers to properties with different owners within a building. That is, it is the property that is segregated and that, therefore, each of the properties belongs exclusively to one owner. These people will also be the co-owners of common building elements.
It is unlawful for a person to use a wireless electronic communication device to compose, send, or read a text-based communication while operating a motor vehicle on the public streets and highways of this State. SC Code Section 56-5-3890.
The South Carolina Horizontal Property Act, S.C. Code Ann. §§ 27-31-10, et. seq, (1976 Code, as amended) governs the formation, management, powers, and operation of horizontal property regimes that expressly elect to be governed by the Act by recording a master deed (or Declaration).
Horizontal Property Regime (HPR), or condominium ownership, is a legal system allowing multiple parties to own individual property units. Each owner has a separate deed and a shared responsibility for the maintenance and upkeep of the property.
Section 27-31-250 - Repair or reconstruction; vote of co-owners; application of insurance proceeds.
A horizontal-property act is a law that governs the ownership and management of cooperatives and condominiums. It sets out the rights and responsibilities of owners, tenants, and management companies.
Horizontal Property Regime This is the term that was originally used for condominiums in Indiana. Many such communities are now called condominiums. Indiana has a very specific statute that only applies to condominiums.
Condominiums are regulated by the horizontal property acts enacted in most states. The four unities characteristic of a tenancy in common are possession, interest, title, and time.
