Alaska Partial Release of Lien on Assigned Overriding Royalty Interest

• Category: Oil Gas and Minerals - Releases
• State: Multi-State
• Control #: US-OG-406
• Format: Word; Rich Text

Description

This form of release is used when Lienholder releases, relinquishes, and surrenders to Mortgagor/ Grantor's Assignee all of Lienholder's rights, claims, and liens under the Mortgage/Deed of Trust in and to an undivided overriding royalty interest. Keywords: Alaska, partial release of lien, assigned overriding royalty interest, types Description: In Alaska, a partial release of lien on an assigned overriding royalty interest is a legal document that allows a party to release a portion of the lien placed on the assigned overriding royalty interest (ORRIS). An assigned ORRIS refers to the transfer of a portion of the mineral rights to another party who may receive a percentage of profits generated from the production or extraction of minerals on a particular property. The need for a partial release of lien on assigned ORRIS arises when there is an existing lien or encumbrance on the property, and the owner of the assigned ORRIS desires to free a portion of the royalty interest from the lien. This can be due to various reasons, such as refinancing, selling the partially released royalty interest, or resolving a debt or obligation. Different types of Alaska partial release of lien on assigned overriding royalty interest may include: 1. Fractional Partial Release: This type of release allows for a specific fraction or percentage of the assigned ORRIS to be released from the lien, while retaining the remaining portion under the lien. 2. Time-based Partial Release: In this type of release, the lien is partially lifted for a specific period, allowing the assigned ORRIS owner to exercise certain rights or perform transactions during that period while the remaining ORRIS remains under the lien. 3. Purpose-specific Partial Release: This type of release is based on a specific purpose, such as using the released portion of the assigned ORRIS to secure a loan or finance a specific project, while the remainder of the interest remains encumbered by the lien. It is important to carefully draft and execute the partial release of lien on assigned ORRIS, adhering to the applicable laws and regulations of Alaska. Parties involved in such transactions should seek legal advice to ensure compliance and protect their rights and interests. In conclusion, an Alaska partial release of lien on assigned overriding royalty interest allows for the release of a portion of the royalty interest held under a lien. This legal document can be customized based on different interests and purposes, such as a fractional, time-based, or purpose-specific release. Seeking professional guidance is crucial to navigate the complex legal requirements surrounding these transactions.

Keywords: Alaska, partial release of lien, assigned overriding royalty interest, types Description: In Alaska, a partial release of lien on an assigned overriding royalty interest is a legal document that allows a party to release a portion of the lien placed on the assigned overriding royalty interest (ORRIS). An assigned ORRIS refers to the transfer of a portion of the mineral rights to another party who may receive a percentage of profits generated from the production or extraction of minerals on a particular property. The need for a partial release of lien on assigned ORRIS arises when there is an existing lien or encumbrance on the property, and the owner of the assigned ORRIS desires to free a portion of the royalty interest from the lien. This can be due to various reasons, such as refinancing, selling the partially released royalty interest, or resolving a debt or obligation. Different types of Alaska partial release of lien on assigned overriding royalty interest may include: 1. Fractional Partial Release: This type of release allows for a specific fraction or percentage of the assigned ORRIS to be released from the lien, while retaining the remaining portion under the lien. 2. Time-based Partial Release: In this type of release, the lien is partially lifted for a specific period, allowing the assigned ORRIS owner to exercise certain rights or perform transactions during that period while the remaining ORRIS remains under the lien. 3. Purpose-specific Partial Release: This type of release is based on a specific purpose, such as using the released portion of the assigned ORRIS to secure a loan or finance a specific project, while the remainder of the interest remains encumbered by the lien. It is important to carefully draft and execute the partial release of lien on assigned ORRIS, adhering to the applicable laws and regulations of Alaska. Parties involved in such transactions should seek legal advice to ensure compliance and protect their rights and interests. In conclusion, an Alaska partial release of lien on assigned overriding royalty interest allows for the release of a portion of the royalty interest held under a lien. This legal document can be customized based on different interests and purposes, such as a fractional, time-based, or purpose-specific release. Seeking professional guidance is crucial to navigate the complex legal requirements surrounding these transactions.