This form is used when an Assignor assigns, transfers, and conveys to Assignee an overriding royalty interest in the Lease and all of the oil and gas produced, saved and marketed from the Lease, out of the interest owned by Assignor, with proportionate reduction (the Override ).
District of Columbia Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a legal document that outlines the transfer of a portion of the lease's overriding royalty interest in the District of Columbia. This document is used when a party wishes to assign a share of their royalty interest to another party while maintaining a proportional reduction in the overall interest. In the District of Columbia, there may be different types of Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction, including: 1. Voluntary Assignment: This type of assignment occurs when the assigning party willingly transfers a portion of their royalty interest to another party. This can be done for various reasons, such as sharing the financial burden or diversifying their investment portfolio. 2. Involuntary Assignment: In some cases, the assignment may be involuntary, such as when it is mandated by a court order or as a result of bankruptcy proceedings. In these situations, the assigning party may have limited control over the assignment process. 3. Specific Royalty Interest Assignment: This type of assignment involves the transfer of a specific portion or percentage of the royalty interest attached to a single lease within the District of Columbia. It ensures that the assigning party retains ownership of the remaining royalty interest while reducing their overall stake. 4. Proportionate Reduction: The proportionate reduction aspect of this assignment ensures that all parties involved maintain a fair and proportional share of the overriding royalty interest. It means that if the assigning party holds a 20% interest in the lease initially, and they assign 10% to another party, they would retain a 10% interest, and the assigned party would own a 10% interest. In summary, the District of Columbia Assignment of Overriding Royalty Interest for Single Lease — Proportionate Reduction is a legally binding document that allows for the transfer of a portion of the royalty interest associated with a single lease in the District of Columbia. It may be voluntary or involuntary and ensures a proportionate reduction in the overall interest between the assigning and assigned parties.
District of Columbia Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a legal document that outlines the transfer of a portion of the lease's overriding royalty interest in the District of Columbia. This document is used when a party wishes to assign a share of their royalty interest to another party while maintaining a proportional reduction in the overall interest. In the District of Columbia, there may be different types of Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction, including: 1. Voluntary Assignment: This type of assignment occurs when the assigning party willingly transfers a portion of their royalty interest to another party. This can be done for various reasons, such as sharing the financial burden or diversifying their investment portfolio. 2. Involuntary Assignment: In some cases, the assignment may be involuntary, such as when it is mandated by a court order or as a result of bankruptcy proceedings. In these situations, the assigning party may have limited control over the assignment process. 3. Specific Royalty Interest Assignment: This type of assignment involves the transfer of a specific portion or percentage of the royalty interest attached to a single lease within the District of Columbia. It ensures that the assigning party retains ownership of the remaining royalty interest while reducing their overall stake. 4. Proportionate Reduction: The proportionate reduction aspect of this assignment ensures that all parties involved maintain a fair and proportional share of the overriding royalty interest. It means that if the assigning party holds a 20% interest in the lease initially, and they assign 10% to another party, they would retain a 10% interest, and the assigned party would own a 10% interest. In summary, the District of Columbia Assignment of Overriding Royalty Interest for Single Lease — Proportionate Reduction is a legally binding document that allows for the transfer of a portion of the royalty interest associated with a single lease in the District of Columbia. It may be voluntary or involuntary and ensures a proportionate reduction in the overall interest between the assigning and assigned parties.
