King Washington Declaration of Election by Lessor to Convert Royalty Interest to Working Interest

• Category: Oil Gas and Minerals - Declarations
• State: Multi-State
• County: King
• Control #: US-OG-311
• Format: Word; Rich Text

Description

This form is used when the Declarant reserved a (Fraction or Percentage) royalty interest, and the option, but not the obligation, to convert the reserved royalty interest to an undivided percentage working interest, at payout, as defined in the Lease. The King Washington Declaration of Election by Lessor to Convert Royalty Interest to Working Interest is a legal document that pertains to the conversion of a royalty interest, typically held by the lessor, into a working interest. This declaration outlines the specific terms and conditions under which the conversion will take place. Keywords: King Washington, Declaration of Election, Lessor, Convert, Royalty Interest, Working Interest Types of King Washington Declarations of Election by Lessor to Convert Royalty Interest to Working Interest may include: 1. Standard Conversion Declaration: This type of declaration is a straightforward agreement where the lessor chooses to convert their royalty interest into a working interest. It typically includes the essential terms and conditions for the conversion process. 2. Deferred Conversion Declaration: In some cases, the lessor may opt for a deferred conversion, where the conversion of the royalty interest to working interest is delayed until specific conditions are met. This type of declaration would outline the conditions and the timeline for conversion. 3. Partial Conversion Declaration: This type of declaration allows the lessor to convert only a portion of their royalty interest into a working interest. They may choose to retain a percentage of the royalty interest while converting the remaining portion. The declaration would specify the exact percentage to be converted and the terms governing the retained royalty interest. 4. Conversion with Override Declaration: Occasionally, a lessor may elect to convert their royalty interest to a working interest but retain an override interest. An override interest typically grants the lessor a certain percentage of the proceeds from the working interest while also receiving their working interest share. The declaration would outline the specific terms and calculations for the override interest. 5. Secondary Conversion Declaration: This type of declaration may come into play if the lessor has previously converted their royalty interest to a working interest and now wishes to convert it back into a royalty interest. It would outline the conditions and requirements for executing this secondary conversion. In summary, the King Washington Declaration of Election by Lessor to Convert Royalty Interest to Working Interest is a crucial legal document that determines the terms and conditions for the conversion process. Various types of declarations exist to cater to the unique preferences and circumstances of the lessor.

The King Washington Declaration of Election by Lessor to Convert Royalty Interest to Working Interest is a legal document that pertains to the conversion of a royalty interest, typically held by the lessor, into a working interest. This declaration outlines the specific terms and conditions under which the conversion will take place. Keywords: King Washington, Declaration of Election, Lessor, Convert, Royalty Interest, Working Interest Types of King Washington Declarations of Election by Lessor to Convert Royalty Interest to Working Interest may include: 1. Standard Conversion Declaration: This type of declaration is a straightforward agreement where the lessor chooses to convert their royalty interest into a working interest. It typically includes the essential terms and conditions for the conversion process. 2. Deferred Conversion Declaration: In some cases, the lessor may opt for a deferred conversion, where the conversion of the royalty interest to working interest is delayed until specific conditions are met. This type of declaration would outline the conditions and the timeline for conversion. 3. Partial Conversion Declaration: This type of declaration allows the lessor to convert only a portion of their royalty interest into a working interest. They may choose to retain a percentage of the royalty interest while converting the remaining portion. The declaration would specify the exact percentage to be converted and the terms governing the retained royalty interest. 4. Conversion with Override Declaration: Occasionally, a lessor may elect to convert their royalty interest to a working interest but retain an override interest. An override interest typically grants the lessor a certain percentage of the proceeds from the working interest while also receiving their working interest share. The declaration would outline the specific terms and calculations for the override interest. 5. Secondary Conversion Declaration: This type of declaration may come into play if the lessor has previously converted their royalty interest to a working interest and now wishes to convert it back into a royalty interest. It would outline the conditions and requirements for executing this secondary conversion. In summary, the King Washington Declaration of Election by Lessor to Convert Royalty Interest to Working Interest is a crucial legal document that determines the terms and conditions for the conversion process. Various types of declarations exist to cater to the unique preferences and circumstances of the lessor.