The Kentucky Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage is a legal document that outlines the transfer of overriding royalty interest from the working interest owner to another party in the state of Kentucky. In this type of assignment, the working interest owner (also known as the assignor) agrees to transfer a specific percentage of their overriding royalty interest to another individual or entity (known as the assignee). The overriding royalty interest is a share of the revenue generated from the production of oil, gas, or other minerals extracted from a particular lease. The Kentucky Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage serves as proof of the transfer and establishes the assignee's rights to receive their proportionate share of the revenue. This document contains various sections and stipulations, including: 1. Parties: This section identifies the assignor (working interest owner) and the assignee (the party receiving the overriding royalty interest). 2. Recitals: This part typically provides background information about the lease and the assignment, including the lease's location, effective date, and any relevant prior assignments. 3. Assignment: Here, the assignor formally assigns a stated percentage of their overriding royalty interest to the assignee. The specific percentage will be clearly stated, and all details regarding the assigned interest will be documented. 4. Consideration: This section outlines the compensation or consideration exchanged between the assignor and the assignee. It may include monetary payment, valuable considerations, or other negotiated terms. 5. Warranties and Covenants: The assignor typically provides warranties and covenants regarding the ownership of the overriding royalty interest, ensuring that there are no conflicting agreements or claims. 6. Indemnification: This part covers any indemnification provisions, indicating that the assignor will defend the assignee against any claims arising from the assignment. 7. Governing Law: This section states that the agreement is governed by the laws of the state of Kentucky, establishing jurisdiction in case of any disputes. It's important to note that there may be variations of the Kentucky Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage due to the specific terms and conditions negotiated between the parties involved. These variations may define additional provisions, address specific concerns, or accommodate unique circumstances. Some relevant keywords for this topic may include Kentucky oil and gas leases, royalty interests, overriding royalty interest assignments, working interest owners, Kentucky mineral rights, lease assignments, oil and gas production revenue sharing, mineral extraction agreements, and Kentucky legal documents for energy industry.
The Kentucky Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage is a legal document that outlines the transfer of overriding royalty interest from the working interest owner to another party in the state of Kentucky. In this type of assignment, the working interest owner (also known as the assignor) agrees to transfer a specific percentage of their overriding royalty interest to another individual or entity (known as the assignee). The overriding royalty interest is a share of the revenue generated from the production of oil, gas, or other minerals extracted from a particular lease. The Kentucky Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage serves as proof of the transfer and establishes the assignee's rights to receive their proportionate share of the revenue. This document contains various sections and stipulations, including: 1. Parties: This section identifies the assignor (working interest owner) and the assignee (the party receiving the overriding royalty interest). 2. Recitals: This part typically provides background information about the lease and the assignment, including the lease's location, effective date, and any relevant prior assignments. 3. Assignment: Here, the assignor formally assigns a stated percentage of their overriding royalty interest to the assignee. The specific percentage will be clearly stated, and all details regarding the assigned interest will be documented. 4. Consideration: This section outlines the compensation or consideration exchanged between the assignor and the assignee. It may include monetary payment, valuable considerations, or other negotiated terms. 5. Warranties and Covenants: The assignor typically provides warranties and covenants regarding the ownership of the overriding royalty interest, ensuring that there are no conflicting agreements or claims. 6. Indemnification: This part covers any indemnification provisions, indicating that the assignor will defend the assignee against any claims arising from the assignment. 7. Governing Law: This section states that the agreement is governed by the laws of the state of Kentucky, establishing jurisdiction in case of any disputes. It's important to note that there may be variations of the Kentucky Assignment of Overriding Royalty Interest in Working Interest Owner, Single Lease, Stated Percentage due to the specific terms and conditions negotiated between the parties involved. These variations may define additional provisions, address specific concerns, or accommodate unique circumstances. Some relevant keywords for this topic may include Kentucky oil and gas leases, royalty interests, overriding royalty interest assignments, working interest owners, Kentucky mineral rights, lease assignments, oil and gas production revenue sharing, mineral extraction agreements, and Kentucky legal documents for energy industry.
