Franklin Ohio Amendment to Unit Agreement

• Category: Oil Gas and Minerals - Pooling and Unitization
• State: Multi-State
• County: Franklin
• Control #: US-OG-733
• Format: Word; Rich Text

Description

The form is used when the Owners, by unanimous consent, desire to amend a Unit Agreement. It may be executed in multiple counterparts, which, when taken together, shall be deemed one and the same instrument. The Franklin Ohio Amendment to Unit Agreement is a legal document that outlines the changes made to an existing unit agreement in Franklin, Ohio. This agreement is often used in situations where there is a need to modify the terms, provisions, or scope of the original agreement. The Franklin Ohio Amendment to Unit Agreement serves as a supplemental agreement that amends specific sections or clauses of the original unit agreement. It ensures that all parties involved are aware of and agree to the modifications and additions made to the initial agreement. The Franklin Ohio Amendment to Unit Agreement can be categorized into various types, depending on the nature of the changes being made. Some common types include: 1. Amendment to Unit Boundaries: This type of amendment is used when there is a need to redefine or modify the boundaries of the established unit. It may involve adding or removing certain land areas from the original unit. 2. Amendment to Working Interests: This type of amendment focuses on altering the working interests of the parties involved in the unit agreement. It may involve redistributing the ownership percentages or adding new working interest owners. 3. Amendment to Operations and Obligations: This type of amendment addresses changes in operational responsibilities and obligations of the parties. It may cover modifications in drilling operations, well management, reporting requirements, or environmental compliance. 4. Amendment to Royalty Interests: This type of amendment pertains to modifications made to the royalty interests of the parties involved. It may involve adjusting the royalty percentages, payment terms, or method of calculation. 5. Amendment to Term and Termination: This type of amendment addresses modifications to the duration or termination conditions of the unit agreement. It may extend or shorten the agreement's term or establish new termination triggers. 6. Amendment to Force Mature Clauses: This type of amendment focuses on modifying the force majeure clauses in the unit agreement. It may provide additional events or circumstances that excuse non-performance or delays caused by unforeseen events. Overall, the Franklin Ohio Amendment to Unit Agreement is a flexible tool that allows parties to modify and adapt their unit agreements to changing circumstances. It ensures that all parties have a clear understanding of the amendments made and helps maintain the agreement's effectiveness and fairness.

The Franklin Ohio Amendment to Unit Agreement is a legal document that outlines the changes made to an existing unit agreement in Franklin, Ohio. This agreement is often used in situations where there is a need to modify the terms, provisions, or scope of the original agreement. The Franklin Ohio Amendment to Unit Agreement serves as a supplemental agreement that amends specific sections or clauses of the original unit agreement. It ensures that all parties involved are aware of and agree to the modifications and additions made to the initial agreement. The Franklin Ohio Amendment to Unit Agreement can be categorized into various types, depending on the nature of the changes being made. Some common types include: 1. Amendment to Unit Boundaries: This type of amendment is used when there is a need to redefine or modify the boundaries of the established unit. It may involve adding or removing certain land areas from the original unit. 2. Amendment to Working Interests: This type of amendment focuses on altering the working interests of the parties involved in the unit agreement. It may involve redistributing the ownership percentages or adding new working interest owners. 3. Amendment to Operations and Obligations: This type of amendment addresses changes in operational responsibilities and obligations of the parties. It may cover modifications in drilling operations, well management, reporting requirements, or environmental compliance. 4. Amendment to Royalty Interests: This type of amendment pertains to modifications made to the royalty interests of the parties involved. It may involve adjusting the royalty percentages, payment terms, or method of calculation. 5. Amendment to Term and Termination: This type of amendment addresses modifications to the duration or termination conditions of the unit agreement. It may extend or shorten the agreement's term or establish new termination triggers. 6. Amendment to Force Mature Clauses: This type of amendment focuses on modifying the force majeure clauses in the unit agreement. It may provide additional events or circumstances that excuse non-performance or delays caused by unforeseen events. Overall, the Franklin Ohio Amendment to Unit Agreement is a flexible tool that allows parties to modify and adapt their unit agreements to changing circumstances. It ensures that all parties have a clear understanding of the amendments made and helps maintain the agreement's effectiveness and fairness.