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 Pursuant to the specified Article/Section of the Agreement, the purposes for which the Unit was established are no longer in effect and the parties to the Agreement (being the original Working Interest Owners in Tracts included in the Unit, or their successors) have elected to terminate the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 Virginia Certificate of Termination of Unit is a legal document used to dissolve or terminate a unit, such as a partnership or a limited liability company (LLC), in the state of Virginia. This certificate is filed with the Virginia State Corporation Commission (SCC) to officially bring an end to the unit's existence. When filing a Virginia Certificate of Termination of Unit, certain key information must be included. This includes the name of the unit, its identification number assigned by the SCC, the date of the unit's formation, and the reason for termination. The certificate should also provide details of any outstanding debts or liabilities of the unit and how they will be settled. There are a few different types of Virginia Certificates of Termination of Unit, depending on the type of unit being terminated. These include: 1. Virginia Certificate of Termination of Partnership: This certificate is used when terminating a general partnership or a limited partnership in the state of Virginia. It is important to ensure that all partners have agreed to the termination and that any necessary legal requirements have been met. 2. Virginia Certificate of Termination of LLC: This certificate is used when terminating a Virginia limited liability company. It is important to follow the guidelines set forth by the Virginia Limited Liability Company Act and ensure that all members or managers have approved the termination. 3. Virginia Certificate of Termination of Joint Venture: This certificate is used when terminating a joint venture in Virginia. It is important to outline the terms of the termination agreement and ensure that all parties involved are in agreement. It is crucial to follow the specific guidelines and requirements set by the Virginia SCC when filing a Certificate of Termination of Unit. Failure to provide accurate and complete information could result in delays or rejection of the filing. It is advisable to consult with a legal professional or attorney to ensure compliance with all applicable laws and regulations.
