Arizona Assignment of Overriding Royalty Interest For A Term of Years

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-289
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease and Land for a specified term. An Arizona Assignment of Overriding Royalty Interest for a Term of Years is a legal document that transfers the rights to receive a portion of the royalties from an oil, gas, or mineral lease to another party for a specific period of time. This assignment is commonly used in the energy industry to facilitate the transfer of interests in oil and gas leases. This type of agreement allows the assignor (the party transferring the interest) to allocate a specific percentage or fraction of their overriding royalty interest to the assignee (the receiving party) for a designated term. The term of years refers to the specific duration for which the assignee will enjoy the benefits and obligations associated with the overriding royalty interest. Keywords: Arizona, assignment, overriding royalty interest, term of years, oil, gas, mineral lease, energy industry, transfer, assignor, assignee, percentage, fraction, benefits, obligations. Different types of Arizona Assignments of Overriding Royalty Interest for a Term of Years may include: 1. Partial Assignment: This type of assignment involves transferring only a portion or percentage of the overriding royalty interest from the assignor to the assignee. The assignor retains ownership of the remaining interest. 2. Absolute Assignment: An absolute assignment transfers the entire overriding royalty interest to the assignee, effectively relinquishing all ownership rights and benefits associated with the interest during the term of years. 3. Temporary Assignment: This type of assignment is valid for a temporary or specific period, typically for a few years or until a specific condition is met. Once the term expires or the condition is fulfilled, the overriding royalty interest reverts to the assignor. 4. Assignments with Diversionary Interest: In certain cases, an assignment may include a provision for the overriding royalty interest to revert to the assignor or a designated party upon the occurrence of specific events, such as the depletion of resources or the expiration of the lease. 5. Assignments with Additional Consideration: Occasionally, an assignment may involve the assignee providing monetary or non-monetary compensation to the assignor in exchange for the overriding royalty interest, in addition to the agreed-upon percentage or fraction. 6. Assignments with Provisions for Future Terms: In some scenarios, the assignment may outline provisions for the renewal or extension of the term of years for the overriding royalty interest, allowing the assignee to continue enjoying the benefits beyond the initial term. Keywords: Partial assignment, absolute assignment, temporary assignment, diversionary interest, additional consideration, future terms.

An Arizona Assignment of Overriding Royalty Interest for a Term of Years is a legal document that transfers the rights to receive a portion of the royalties from an oil, gas, or mineral lease to another party for a specific period of time. This assignment is commonly used in the energy industry to facilitate the transfer of interests in oil and gas leases. This type of agreement allows the assignor (the party transferring the interest) to allocate a specific percentage or fraction of their overriding royalty interest to the assignee (the receiving party) for a designated term. The term of years refers to the specific duration for which the assignee will enjoy the benefits and obligations associated with the overriding royalty interest. Keywords: Arizona, assignment, overriding royalty interest, term of years, oil, gas, mineral lease, energy industry, transfer, assignor, assignee, percentage, fraction, benefits, obligations. Different types of Arizona Assignments of Overriding Royalty Interest for a Term of Years may include: 1. Partial Assignment: This type of assignment involves transferring only a portion or percentage of the overriding royalty interest from the assignor to the assignee. The assignor retains ownership of the remaining interest. 2. Absolute Assignment: An absolute assignment transfers the entire overriding royalty interest to the assignee, effectively relinquishing all ownership rights and benefits associated with the interest during the term of years. 3. Temporary Assignment: This type of assignment is valid for a temporary or specific period, typically for a few years or until a specific condition is met. Once the term expires or the condition is fulfilled, the overriding royalty interest reverts to the assignor. 4. Assignments with Diversionary Interest: In certain cases, an assignment may include a provision for the overriding royalty interest to revert to the assignor or a designated party upon the occurrence of specific events, such as the depletion of resources or the expiration of the lease. 5. Assignments with Additional Consideration: Occasionally, an assignment may involve the assignee providing monetary or non-monetary compensation to the assignor in exchange for the overriding royalty interest, in addition to the agreed-upon percentage or fraction. 6. Assignments with Provisions for Future Terms: In some scenarios, the assignment may outline provisions for the renewal or extension of the term of years for the overriding royalty interest, allowing the assignee to continue enjoying the benefits beyond the initial term. Keywords: Partial assignment, absolute assignment, temporary assignment, diversionary interest, additional consideration, future terms.