This form is used when an Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all oil, gas, and other minerals produced, saved, and marketed from the Lands and Leases equal to a percentage of 8/8 (the Override ).
Idaho Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a legal document commonly used in the state of Idaho to transfer ownership of an overriding royalty interest (ORRIS) from one party to another. This document is essential for individuals and businesses involved in the oil and gas industry, particularly those with multiple leases. An overriding royalty interest is a non-operating interest in an oil or gas lease that entitles the owner to a share of the profits generated from the lease's production. This interest is separate from the standard royalty payment and is typically reserved for the lease's original owner or assigned to third parties, such as investors or landowners. The Idaho Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form ensures a smooth and legal transfer of this interest in outlining the specific terms and conditions of the assignment. By employing this form, both the assignor (the current holder of the ORRIS) and the assignee (the party acquiring the ORRIS) protect their rights and responsibilities in the arrangement. The keywords relevant to this topic are as follows: 1. Overriding Royalty Interest: This term refers to the non-operating interest in an oil or gas lease, which is the subject of the assignment. 2. Assignment: The act of transferring ownership of the overriding royalty interest from one party to another. 3. Multiple Leases: Refers to the situation in which the assignment involves more than one oil or gas lease agreement. 4. No Proportionate Reduction: Indicates that the assignment does not reduce the percentage or amount of the overriding royalty interest on any specific lease. 5. Long Form: Specifies that the assignment document is comprehensive and includes detailed clauses regarding various aspects of the overriding royalty interest transfer. It is worth noting that there may not be different types of Idaho Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form. However, the specifics of the assignment, such as the parties involved, the percentage transferred, and other essential terms, can vary depending on the individual circumstances of each case. Overall, this document plays a crucial role in facilitating the transfer of overriding royalty interests in multiple leases while ensuring that the rights and obligations of all parties involved are protected and clearly defined.
