The Alabama Term Royalty Deed for Term of Existing Lease is a legal document that pertains to the transfer of royalty interests in mineral leases within the state of Alabama. This type of deed specifically applies to situations where an existing lease agreement is in place and the owner of the lease wants to transfer their royalty interests to another party for a specified term. Keywords: Alabama, Term Royalty Deed, existing lease, transfer, royalty interests, mineral leases. Different types of Alabama Term Royalty Deed for Term of Existing Lease include: 1. Non-Participating Royalty Interest (NPR) Deed: This type of deed is used when the owner of an NPR within an existing lease wants to transfer their royalty interests to another party for a fixed term. An NPR is a royalty interest that is created separately from the working interest and entitles the owner to a specified portion of the revenue derived from the lease. 2. Overriding Royalty Interest (ORRIS) Deed: An ORRIS grants a party the right to receive a portion of the royalty interest or revenue attributable to a lease. This type of Term Royalty Deed is used when the owner of an ORRIS wants to transfer their interest for a specific term. 3. Term Royalty Deed with Time Restricted Royalty: In some cases, an Alabama Term Royalty Deed for Term of Existing Lease may include specific time restrictions on when the royalty interest will be paid. This type of deed is used to establish a set timeframe during which the transferor will receive their royalty payments. 4. Fractional Royalty Interest Deed: When the owner of a fractional royalty interest, which is a portion of the total royalty interest, wants to transfer their ownership for a set term, they can use this type of deed. The fractional interest represents a specific percentage of the total royalty interest derived from the lease. In summary, the Alabama Term Royalty Deed for Term of Existing Lease is a legal document that enables the transfer of royalty interests within existing lease agreements in Alabama. This type of deed can vary based on the specific royalty interest involved, such as NPR, ORRIS, fractional interest, or time-restricted royalties.
Alabama Term Royalty Deed for Term of Existing Lease
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