This form is used when the Assignor transfers, assigns, and conveys to Assignee, as a production payment, a percentage of 8/8 of all oil, gas, and other minerals produced and saved from the Lands under the terms of the Lease and any renewals or extensions of the Lease which are obtained by Assignor or Assignor's successors and/or assigns.
A Hawaii Assignment of Production Payment by Lessee to Third Party is a legal document that transfers the rights of a production payment from the lessee (the person or party who holds the lease) to a third party. This assignment allows the lessee to assign their right to receive payment to a different party, typically for financial or legal reasons. In Hawaii, there are different types of Assignment of Production Payment by Lessee to Third Party documents, each serving specific purposes: 1. Absolute Assignment: This type of assignment completely transfers all rights and ownership of the production payment to the third party. The lessee no longer has any future rights or claim to the revenue generated by the production. 2. Partial Assignment: A partial assignment allows the lessee to transfer only a portion of the production payment to the third party. The lessee retains rights to the remaining portion of the revenue generated by the production. 3. Conditional Assignment: This type of assignment is contingent upon certain conditions being met. For example, the lessee may assign the production payment to a third party on the condition that they receive an upfront payment or a specific percentage of the revenue generated. 4. Revocable Assignment: A revocable assignment grants the lessee the right to cancel or revoke the assignment at a later date if certain conditions are met. This type of assignment provides flexibility to the lessee if circumstances change. 5. Irrevocable Assignment: In contrast to a revocable assignment, an irrevocable assignment cannot be canceled or revoked by the lessee once it is executed. The third party maintains full control and ownership of the assigned production payment. Keywords: Hawaii, Assignment of Production Payment, Lessee, Third Party, Absolute Assignment, Partial Assignment, Conditional Assignment, Revocable Assignment, Irrevocable Assignment.A Hawaii Assignment of Production Payment by Lessee to Third Party is a legal document that transfers the rights of a production payment from the lessee (the person or party who holds the lease) to a third party. This assignment allows the lessee to assign their right to receive payment to a different party, typically for financial or legal reasons. In Hawaii, there are different types of Assignment of Production Payment by Lessee to Third Party documents, each serving specific purposes: 1. Absolute Assignment: This type of assignment completely transfers all rights and ownership of the production payment to the third party. The lessee no longer has any future rights or claim to the revenue generated by the production. 2. Partial Assignment: A partial assignment allows the lessee to transfer only a portion of the production payment to the third party. The lessee retains rights to the remaining portion of the revenue generated by the production. 3. Conditional Assignment: This type of assignment is contingent upon certain conditions being met. For example, the lessee may assign the production payment to a third party on the condition that they receive an upfront payment or a specific percentage of the revenue generated. 4. Revocable Assignment: A revocable assignment grants the lessee the right to cancel or revoke the assignment at a later date if certain conditions are met. This type of assignment provides flexibility to the lessee if circumstances change. 5. Irrevocable Assignment: In contrast to a revocable assignment, an irrevocable assignment cannot be canceled or revoked by the lessee once it is executed. The third party maintains full control and ownership of the assigned production payment. Keywords: Hawaii, Assignment of Production Payment, Lessee, Third Party, Absolute Assignment, Partial Assignment, Conditional Assignment, Revocable Assignment, Irrevocable Assignment.
