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 ).
A Hawaii Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a legal document used in the state of Hawaii to transfer or assign a portion of the overriding royalty interest on a single lease to another party. This type of assignment is common in oil and gas leases, where the overriding royalty interest allows the owner to receive a percentage of the profits from the production of oil and gas. The document outlines the specific details of the assignment, including the name of the assignor (the party transferring the interest) and the assignee (the party receiving the interest). It also includes the lease number and description of the property, along with the percentage or portion of the overriding royalty interest being assigned. The purpose of a proportionate reduction in this assignment is to divide the overriding royalty interest proportionally among multiple assignees. This may occur when the assignor chooses to assign a portion of their interest to more than one assignee. Each assignee will then have a proportional share of the total overriding royalty interest. Different types of Hawaii Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction can be categorized based on the percentage or portion being assigned. For example, there could be assignments where 50% of the overriding royalty interest is assigned to one party and the remaining 50% is assigned to another. Other types could involve assigning uneven proportions, such as 30% to one party and 70% to another. This type of assignment is significant in the oil and gas industry, as it allows for the efficient transfer of interests among parties involved in the lease. It ensures that each assignee receives a fair and proportionate share of the profits generated from the production of oil and gas on the leased property. In conclusion, a Hawaii Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a legal document that outlines the transfer or assignment of a portion of the overriding royalty interest on a single lease in Hawaii. It enables the division of the interest proportionally among multiple assignees and plays a vital role in the oil and gas industry.A Hawaii Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a legal document used in the state of Hawaii to transfer or assign a portion of the overriding royalty interest on a single lease to another party. This type of assignment is common in oil and gas leases, where the overriding royalty interest allows the owner to receive a percentage of the profits from the production of oil and gas. The document outlines the specific details of the assignment, including the name of the assignor (the party transferring the interest) and the assignee (the party receiving the interest). It also includes the lease number and description of the property, along with the percentage or portion of the overriding royalty interest being assigned. The purpose of a proportionate reduction in this assignment is to divide the overriding royalty interest proportionally among multiple assignees. This may occur when the assignor chooses to assign a portion of their interest to more than one assignee. Each assignee will then have a proportional share of the total overriding royalty interest. Different types of Hawaii Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction can be categorized based on the percentage or portion being assigned. For example, there could be assignments where 50% of the overriding royalty interest is assigned to one party and the remaining 50% is assigned to another. Other types could involve assigning uneven proportions, such as 30% to one party and 70% to another. This type of assignment is significant in the oil and gas industry, as it allows for the efficient transfer of interests among parties involved in the lease. It ensures that each assignee receives a fair and proportionate share of the profits generated from the production of oil and gas on the leased property. In conclusion, a Hawaii Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a legal document that outlines the transfer or assignment of a portion of the overriding royalty interest on a single lease in Hawaii. It enables the division of the interest proportionally among multiple assignees and plays a vital role in the oil and gas industry.
