This form is used when an Assignor transfers, assigns and conveys to Assignee an overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and marketed from all of the Lands and Leases equal to a determined amount (the Override ), reserving the right to pool the assigned interest.
Maryland Assignment of Overriding Royalty Interest, when the Assignor Reserves the Right to Pool the Assigned Interest — Short Form, is a legal document commonly used in the oil and gas industry. It allows for the transfer of the overriding royalty interest (ORRIS) from the assignor to the assignee, while also granting the assignor the right to pool or consolidate the assigned interest with other interests. This type of assignment typically involves assigning a portion of the ORRIS to the assignee, who will then receive a percentage of the gross revenues derived from the oil or gas production from a specific area or lease. The assignor, on the other hand, retains the right to pool this assigned interest with other interests they may hold, and collectively participate in the pooled production. There may be variations in the types of Maryland Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form, based on specific stipulations or circumstances. Some of these variations may include: 1. Assignment with Percentage Allocation: This document may specify the exact percentage allocation of the ORRIS to be assigned to the assignee, as well as any limitations or restrictions on the pooling of the assigned interest. 2. Assignment with Geographic Restrictions: In some cases, the assignment may be limited to a specific geographic area or lease, and the assignor may only reserve the right to pool within that particular area. 3. Assignment with Time Restrictions: There might be instances where the assignor reserves the right to pool the assigned interest for a specific duration or until a certain event occurs, after which the assignee may gain full control over the assigned interest. 4. Assignment with Payment Provisions: The document may outline the payment provisions, including the assignee's royalty entitlements, method of calculating the ORRIS, and the frequency or conditions of payment. 5. Assignment with Termination Clause: A termination clause may be included, allowing either party to terminate the assignment under certain circumstances, such as non-compliance with obligations or breach of contract. It is important for both the assignor and assignee to carefully review and understand the terms and conditions of the Maryland Assignment of Overriding Royalty Interest, ensuring that their rights, obligations, and limitations are clearly defined. Seeking legal counsel or assistance may be beneficial in drafting, reviewing, or executing such agreements to ensure compliance with Maryland state laws and industry regulations. In conclusion, the Maryland Assignment of Overriding Royalty Interest, when Assignor Reserves the Right to Pool the Assigned Interest — Short Form, is a legal document that facilitates the transfer of ORRIS while allowing the assignor to maintain the right to pool or consolidate the assigned interest with other interests. Various types of assignments may exist based on specific provisions and circumstances, such as percentage allocation, geographic or time restrictions, payment provisions, and termination clauses.Maryland Assignment of Overriding Royalty Interest, when the Assignor Reserves the Right to Pool the Assigned Interest — Short Form, is a legal document commonly used in the oil and gas industry. It allows for the transfer of the overriding royalty interest (ORRIS) from the assignor to the assignee, while also granting the assignor the right to pool or consolidate the assigned interest with other interests. This type of assignment typically involves assigning a portion of the ORRIS to the assignee, who will then receive a percentage of the gross revenues derived from the oil or gas production from a specific area or lease. The assignor, on the other hand, retains the right to pool this assigned interest with other interests they may hold, and collectively participate in the pooled production. There may be variations in the types of Maryland Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form, based on specific stipulations or circumstances. Some of these variations may include: 1. Assignment with Percentage Allocation: This document may specify the exact percentage allocation of the ORRIS to be assigned to the assignee, as well as any limitations or restrictions on the pooling of the assigned interest. 2. Assignment with Geographic Restrictions: In some cases, the assignment may be limited to a specific geographic area or lease, and the assignor may only reserve the right to pool within that particular area. 3. Assignment with Time Restrictions: There might be instances where the assignor reserves the right to pool the assigned interest for a specific duration or until a certain event occurs, after which the assignee may gain full control over the assigned interest. 4. Assignment with Payment Provisions: The document may outline the payment provisions, including the assignee's royalty entitlements, method of calculating the ORRIS, and the frequency or conditions of payment. 5. Assignment with Termination Clause: A termination clause may be included, allowing either party to terminate the assignment under certain circumstances, such as non-compliance with obligations or breach of contract. It is important for both the assignor and assignee to carefully review and understand the terms and conditions of the Maryland Assignment of Overriding Royalty Interest, ensuring that their rights, obligations, and limitations are clearly defined. Seeking legal counsel or assistance may be beneficial in drafting, reviewing, or executing such agreements to ensure compliance with Maryland state laws and industry regulations. In conclusion, the Maryland Assignment of Overriding Royalty Interest, when Assignor Reserves the Right to Pool the Assigned Interest — Short Form, is a legal document that facilitates the transfer of ORRIS while allowing the assignor to maintain the right to pool or consolidate the assigned interest with other interests. Various types of assignments may exist based on specific provisions and circumstances, such as percentage allocation, geographic or time restrictions, payment provisions, and termination clauses.
