Kentucky Correction Assignment of Overriding Royalty Interest Correcting Lease Description

• Category: Oil Gas and Minerals - Corrections
• State: Multi-State
• Control #: US-OG-028
• Format: Word; Rich Text

Description

This form is used when it is the intention of the Assignor and the Assignee to correct the description of the Oil and Gas Leases in an Assignment. Title: Understanding Kentucky Correction Assignment of Overriding Royalty Interest Correcting Lease Description Introduction: The Kentucky Correction Assignment of Overriding Royalty Interest (ORRIS) Correcting Lease Description is an important legal process that aims to rectify any inaccuracies or discrepancies in the lease description related to overriding royalty interests. This assignment ensures transparency and accuracy in the assignment of these interests, benefiting both parties involved. Let's delve deeper into the different types of Kentucky Correction Assignment of ORRIS Correcting Lease Descriptions and how they function. 1. Kentucky Correction Assignment of ORRIS Correcting Lease Description: The Kentucky Correction Assignment of Overriding Royalty Interest Correcting Lease Description is a legally binding document outlining the necessary changes required to bring accuracy to the lease description of ORRIS. This assignment aims to amend any errors, omissions, or misleading information that might exist in the original lease agreement. 2. Types of Kentucky Correction Assignment of ORRIS Correcting Lease Descriptions: a) Amendment and Correction: This type of correction typically occurs when there are minor errors, such as misspelled names, incorrect parcel identification, or incorrect acreage calculations. This type of correction ensures that the ORRIS is assigned accurately to the intended parties. b) Clarification and Addition: In some cases, the lease description may lack specific details necessary for clear identification of the assigned interest. This type of correction seeks to provide additional information or clarifications, such as well or property names, to avoid any confusion and ensure a proper assignment. c) Termination and Reassignment: Sometimes, an existing ORRIS may need to be terminated for various reasons, such as expiration or mutual agreement. In such cases, a correction assignment is required to terminate the previous ORRIS interest and reallocate or assign a new interest to the relevant party. d) Geographic Location Corrections: This type of correction occurs when the original lease description inaccurately reflects the location of the leased property or well. The correction assignment ensures that the correct geographic description is provided to prevent any future complications regarding its assignment. Conclusion: The Kentucky Correction Assignment of Overriding Royalty Interest Correcting Lease Description is a vital process that aims to address inaccuracies and ensure transparency when assigning ORRIS interests. By rectifying any errors or omissions in the lease description, this assignment promotes fairness and clarity in the industry. Whether it involves amendment and correction, clarification and addition, termination and reassignment, or geographic location corrections, these correction assignments play a crucial role in maintaining accuracy and integrity within Kentucky's oil and gas industry.

Title: Understanding Kentucky Correction Assignment of Overriding Royalty Interest Correcting Lease Description Introduction: The Kentucky Correction Assignment of Overriding Royalty Interest (ORRIS) Correcting Lease Description is an important legal process that aims to rectify any inaccuracies or discrepancies in the lease description related to overriding royalty interests. This assignment ensures transparency and accuracy in the assignment of these interests, benefiting both parties involved. Let's delve deeper into the different types of Kentucky Correction Assignment of ORRIS Correcting Lease Descriptions and how they function. 1. Kentucky Correction Assignment of ORRIS Correcting Lease Description: The Kentucky Correction Assignment of Overriding Royalty Interest Correcting Lease Description is a legally binding document outlining the necessary changes required to bring accuracy to the lease description of ORRIS. This assignment aims to amend any errors, omissions, or misleading information that might exist in the original lease agreement. 2. Types of Kentucky Correction Assignment of ORRIS Correcting Lease Descriptions: a) Amendment and Correction: This type of correction typically occurs when there are minor errors, such as misspelled names, incorrect parcel identification, or incorrect acreage calculations. This type of correction ensures that the ORRIS is assigned accurately to the intended parties. b) Clarification and Addition: In some cases, the lease description may lack specific details necessary for clear identification of the assigned interest. This type of correction seeks to provide additional information or clarifications, such as well or property names, to avoid any confusion and ensure a proper assignment. c) Termination and Reassignment: Sometimes, an existing ORRIS may need to be terminated for various reasons, such as expiration or mutual agreement. In such cases, a correction assignment is required to terminate the previous ORRIS interest and reallocate or assign a new interest to the relevant party. d) Geographic Location Corrections: This type of correction occurs when the original lease description inaccurately reflects the location of the leased property or well. The correction assignment ensures that the correct geographic description is provided to prevent any future complications regarding its assignment. Conclusion: The Kentucky Correction Assignment of Overriding Royalty Interest Correcting Lease Description is a vital process that aims to address inaccuracies and ensure transparency when assigning ORRIS interests. By rectifying any errors or omissions in the lease description, this assignment promotes fairness and clarity in the industry. Whether it involves amendment and correction, clarification and addition, termination and reassignment, or geographic location corrections, these correction assignments play a crucial role in maintaining accuracy and integrity within Kentucky's oil and gas industry.