Kings New York Supplemental Declaration of Pooled Unit

State:
Multi-State
County:
Kings
Control #:
US-OG-370
Format:
Word; 
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Description

This declaration is used when a unit operator desires to supplement and amend a Declaration of Pooled Unit to include in the unit the oil, gas and mineral leases described in Exhibit A to this Supplement, covering lands within the confines of the Unit Area.

The Kings New York Supplemental Declaration of Pooled Unit is a legal document that outlines the rules and regulations governing the shared ownership structure of a condominium or cooperative housing complex in Kings County, New York. This declaration establishes the rights and responsibilities of individual unit owners and the collective association of owners within the shared property. The Kings New York Supplemental Declaration of Pooled Unit covers various aspects such as the purpose, formation, and administration of the pooled unit ownership. It sets forth the obligations of each unit owner, including payment of monthly maintenance fees, adherence to bylaws, and participation in association meetings and decision-making processes. Additionally, the Kings New York Supplemental Declaration of Pooled Unit outlines the common facilities and areas that are jointly owned and delineates the rules regarding their use. These may include parking spaces, recreational amenities, hallways, elevators, and common storage areas. The declaration will specify any restrictions or guidelines for these shared spaces, ensuring harmonious use and maintenance by all owners. Furthermore, the Kings New York Supplemental Declaration of Pooled Unit addresses the process for making alterations or improvements to individual units, as well as any restrictions regarding leasing or subletting of units. It may also cover provisions for insurance, dispute resolution, and the establishment and management of reserve funds for future repairs and capital improvements. Different types of Kings New York Supplemental Declaration of Pooled Unit may exist depending on the specific housing complex or association. For example, there could be variations based on the type of ownership structure, such as condominiums or cooperatives. The declaration may also differ based on the size or amenities of the shared property, as well as any unique provisions or restrictions set by the association. Overall, the Kings New York Supplemental Declaration of Pooled Unit is a crucial legal document that establishes the framework for shared ownership and governance within a condominium or cooperative housing complex in Kings County, New York. It ensures the fair and orderly operation of the property while safeguarding the rights and interests of individual unit owners.

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FAQ

Generally, a pooling clause will allow the leased premises to be combined with other lands to form a drilling unit, wherein proceeds from production anywhere on the drilling unit are allocated according to the percentage of the acreage of each tract divided by the total acreage of the drilling unit.

To calculate your oil and gas royalties, you would first divide 50 by 1,000, and then multiply this number by . 20, then by $5,004,000 for a gross royalty of $50,040. Once you calculate your gross royalty amount, compare it to the number you see on your royalty check stubs.

Pooling is the combination of all or portions of multiple oil and gas leases to form a unit for the drilling of a single oil and/or gas well. The unit is generally one or a combination of government survey quarter-quarter sections.

It also records a "Declaration of Pooling" or similarly named document in the land records office at the local Courthouse. The declaration shows the boundaries of the pooling unit and identifies all the landowners and amount of property each landowner actually has in the unit.

Pooling is the combination of all or portions of multiple oil and gas leases to form a unit for the drilling of a single oil and/or gas well. The unit is generally one or a combination of government survey quarter-quarter sections.

Pooling refers to joining together enough acreage to allow issuance of a drilling permit for a single well. Unitization refers to joining together large areas such as an entire reservoir or field to optimize operations, introduce efficiencies, and reduce costs. Both pooling and unitization can be voluntary or forced.

Unitization is the agreement to jointly operate an entire producing reservoir or a prospectively productive area of oil and/or gas. The entire unit area is operated as a single entity, without regard to lease boundaries, and allows for the maximum recovery of production from the reservoir.

Generally, a pooling clause will allow the leased premises to be combined with other lands to form a drilling unit, wherein proceeds from production anywhere on the drilling unit are allocated according to the percentage of the acreage of each tract divided by the total acreage of the drilling unit.

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Kings New York Supplemental Declaration of Pooled Unit