The Washington Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document that facilitates the transfer of overriding royalty interests from one party to another, specifically related to working interests associated with multiple leases. This comprehensive agreement outlines the terms, conditions, and responsibilities of both the assignor (the party transferring the interest) and the assignee (the party acquiring the interest). Keywords: Washington, Assignment, Overriding Royalty Interest, Working Interest, Multiple Leases, Limited Warranty, Long Form Types of Washington Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form: 1. Washington Assignment of Overriding Royalty Interest: This type of document solely focuses on the transfer of overriding royalty interests associated with working interests in Washington. It outlines the specific terms and conditions relevant to this type of assignment. 2. Washington Assignment of Overriding Royalty Interest Out of Working Interest: This variation emphasizes the transfer of overriding royalty interests out of working interests, highlighting the removal of such interests from a particular project or lease. It may include additional clauses related to surrendering or extinguishing the assigned interests. 3. Washington Assignment of Overriding Royalty Interest with Multiple Leases: This form is specifically tailored for situations where multiple leases are involved. It addresses the complexities that arise when overriding royalty interests are derived from various leases, ensuring the assignment is properly executed and recorded. 4. Washington Assignment of Overriding Royalty Interest Out of Working Interest with Limited Warranty: This particular long form document may contain clauses related to the limited warranty provided by the assignor. It clarifies that the assignor guarantees the rights and interests being transferred but provides limited assurance against any potential claims or disputes. Note: The specifics of the various forms may vary depending on the parties involved, the scope of the overriding royalty interests, and the particular lease agreements applicable. Consultation with legal professionals is strongly advised to ensure compliance with Washington state laws and the specific needs of the assignment.
Washington Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
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FAQ
Overriding Royalty Interest (ORRI) ORRIs are created out of the working interest in a property and do not affect mineral owners. An overriding royalty interest (ORRI) is often kept or assigned to a geologist, landman, brokerage, or any entity that was able to reserve an interest in the properties.
Calculating Overriding Royalty Interest An ORRI is a straight percentage. For example, a 2% override would appear on the royalty statement as 0.02 interest in the proceeds from the sale of the leased hydrocarbons.
An overriding royalty interest (ORRI) is an undivided interest in a mineral lease giving the holder the right to a proportional share (receive revenue) of the sale of oil and gas produced. The ORRI is carved out of the working interest or lease.
Like Royalty Interest (RI), an ORRI ends when the oil and gas lease ends. ORRI and MI/RI (mineral/royalty) interests in the same tract of land may be valued differently. Unlike the mineral interest, which lasts in perpetuity, overriding royalties expire with the lease.
An overriding royalty interest (ORRI) is an interest carved out of a working interest. It is: A percentage of gross production that is not charged with any expenses of exploring, developing, producing, and operating a well.
An overriding royalty agreement is a contract that gives an entity the right to receive revenue from certain productions or sales. The specific type of occurence that royalties are required to be paid on is included in the overriding royalty agreement.
An overriding royalty interest (ORRI) is an undivided interest in a mineral lease giving the holder the right to a proportional share (receive revenue) of the sale of oil and gas produced. The ORRI is carved out of the working interest or lease.
An override provision allows for ongoing royalty payment on future albums, sometimes including those not produced by the original producer.