The form is used when the Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all of the oil, gas and other minerals produced, saved and marketed from the Lease equal to a pecentage of 8/8 (the Override ).
Idaho Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction: In the state of Idaho, an Assignment of Overriding Royalty Interest (ORRIS) is a legal document that allows the owner of an ORRIS to transfer their rights to another party. This assignment can be done without requiring a proportionate reduction for the assignor. Depending on the specific circumstances, there are different types of Idaho Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction: 1. ORRIS Ownership Transfer: This type of assignment occurs when the current owner of an ORRIS decides to transfer their interest to another individual or entity. The owner can assign all or a portion of their ORRIS without having a proportionate reduction in their ownership. 2. Partial ORRIS Transfer: In some cases, the ORRIS owner may choose to transfer only a part of their interest to a third party. This can be done without proportionately reducing the assignor's ownership. 3. Assignment of ORRIS to an Entity: An ORRIS owner may choose to assign their interest to a business entity, such as a corporation or partnership. The assignment can be made without requiring a proportionate reduction in ownership. 4. ORRIS Assignment as Collateral: In certain situations, an ORRIS owner might use their royalty interest as collateral for a loan or other financial transaction. This assignment is made with the understanding that the assignor retains their full ownership without a proportionate reduction. 5. Temporary ORRIS Assignment: There may be instances where an ORRIS owner wants to assign their interest for a limited period. This can be done without affecting the owner's proportionate reduction, allowing them to reclaim their interest once the specified time has elapsed. It is important to note that the specific terms and conditions of each Idaho Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction can vary based on the agreement between the assignor and assignee. Legal counsel should be consulted to ensure compliance with Idaho state laws and to protect the rights and interests of all parties involved.
