This form is used when Assignor transfers, assigns and conveys to Assignee an overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and marketed from all of the Lands and Leases equal to a determined amount (the Override ).
The Arizona Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document that allows multiple owners or assignors to transfer their rights to receive royalties from an oil or gas lease. This assignment is specific to the state of Arizona and pertains to the overriding royalty interest (ORRIS), which is a percentage of the production of oil or gas from a specific piece of land. In this type of assignment, multiple assignors can collectively transfer their ORRIS to one or more assignees. The assignors are typically individuals or entities who have a legal claim to the ORRIS, either through direct ownership or previous assignments. The assignees, on the other hand, are the recipients of the ORRIS and will become entitled to receive the corresponding royalties. The Arizona Assignment of Overriding Royalty Interest in Multiple Assignors outlines various key details and provisions, ensuring a comprehensive transfer of rights. The document includes the legal description of the land, which specifies the location and boundaries of the property where the underlying oil or gas lease is located. Additionally, the assignment will mention the specific percentage of the ORRIS being assigned by each assignor. This percentage represents the proportionate share of the royalties that each assignor will transfer to the assignees. The document may also provide for the allocation of royalties among assignees, if applicable. Furthermore, the assignment will contain provisions related to warranties, representations, and indemnification. These provisions ensure that all assignors have the legal right to assign their ORRIS and that they will not cause any claims or disputes against the assignees in the future. Types of Arizona Assignment of Overriding Royalty Interest in Multiple Assignors may include: 1. Partial Assignment: This type of assignment involves only a portion or percentage of the assignor's ORRIS being transferred to the assignee(s). It allows the assignor to retain a portion of the royalties while sharing the remaining with the assignees. 2. Full Assignment: In this case, the assignor transfers their entire ORRIS to the assignee(s), relinquishing all entitlement to royalties from the oil or gas lease. This type of assignment is common when an assignor wishes to divest or liquidate their interests. 3. Proportional Assignment: A proportional assignment divides the ORRIS equally among the assignors and distribute it proportionally to the assignees. This type of assignment is often used when multiple assignors jointly share a single overriding royalty interest. It is important to note that the specific types and terminology used in an Arizona Assignment of Overriding Royalty Interest in Multiple Assignors may vary depending on individual agreements or preferences of the parties involved. Therefore, it's always recommended consulting with an attorney or legal professional to ensure accuracy and compliance with Arizona state laws.The Arizona Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document that allows multiple owners or assignors to transfer their rights to receive royalties from an oil or gas lease. This assignment is specific to the state of Arizona and pertains to the overriding royalty interest (ORRIS), which is a percentage of the production of oil or gas from a specific piece of land. In this type of assignment, multiple assignors can collectively transfer their ORRIS to one or more assignees. The assignors are typically individuals or entities who have a legal claim to the ORRIS, either through direct ownership or previous assignments. The assignees, on the other hand, are the recipients of the ORRIS and will become entitled to receive the corresponding royalties. The Arizona Assignment of Overriding Royalty Interest in Multiple Assignors outlines various key details and provisions, ensuring a comprehensive transfer of rights. The document includes the legal description of the land, which specifies the location and boundaries of the property where the underlying oil or gas lease is located. Additionally, the assignment will mention the specific percentage of the ORRIS being assigned by each assignor. This percentage represents the proportionate share of the royalties that each assignor will transfer to the assignees. The document may also provide for the allocation of royalties among assignees, if applicable. Furthermore, the assignment will contain provisions related to warranties, representations, and indemnification. These provisions ensure that all assignors have the legal right to assign their ORRIS and that they will not cause any claims or disputes against the assignees in the future. Types of Arizona Assignment of Overriding Royalty Interest in Multiple Assignors may include: 1. Partial Assignment: This type of assignment involves only a portion or percentage of the assignor's ORRIS being transferred to the assignee(s). It allows the assignor to retain a portion of the royalties while sharing the remaining with the assignees. 2. Full Assignment: In this case, the assignor transfers their entire ORRIS to the assignee(s), relinquishing all entitlement to royalties from the oil or gas lease. This type of assignment is common when an assignor wishes to divest or liquidate their interests. 3. Proportional Assignment: A proportional assignment divides the ORRIS equally among the assignors and distribute it proportionally to the assignees. This type of assignment is often used when multiple assignors jointly share a single overriding royalty interest. It is important to note that the specific types and terminology used in an Arizona Assignment of Overriding Royalty Interest in Multiple Assignors may vary depending on individual agreements or preferences of the parties involved. Therefore, it's always recommended consulting with an attorney or legal professional to ensure accuracy and compliance with Arizona state laws.
