Maine 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. Maine Correction Assignment of Overriding Royalty Interest Correcting Lease Description is a legal document that concerns the correction of lease descriptions related to overriding royalty interests in Maine. This document is essential for ensuring accurate and up-to-date lease information, addressing any errors or discrepancies in the lease description that may have occurred due to oversight or other reasons. The primary purpose of the Maine Correction Assignment of Overriding Royalty Interest Correcting Lease Description is to rectify errors in the lease description related to overriding royalty interests. These interests pertain to the right to receive a portion of the gross production from an oil or gas well, typically reserved for the lease owner, known as the lessor. By executing this correction assignment, the party responsible for the error acknowledges the mistake and commits to making the necessary amendments. The corrected lease description is then utilized for record-keeping, financial calculations, and any future transactions or negotiations involving the overriding royalty interests. Different types of Correction Assignment of Overriding Royalty Interest Correcting Lease Description may vary based on the specific issues addressed or the parties involved. For instance, there could be correction assignments for lease descriptions with typographical errors, missing or misstated legal descriptions, or incorrect well identification numbers. Key elements within the Maine Correction Assignment of Overriding Royalty Interest Correcting Lease Description include: 1. Parties: Identification and contact information for the assigning party (corrector) and the party that originally executed the lease. 2. Recitals: A statement outlining the background and reason for executing the correction assignment. 3. Error Description: A detailed explanation of the error in the original lease description, including references to any relevant exhibits or attachments. 4. Corrected Description: A clear and accurate representation of the corrected lease description, with all necessary amendments and modifications. 5. Representations and Warranties: Statements made by the corrector, ensuring that they have the legal authority to correct the lease description, and asserting that the corrected description is accurate to the best of their knowledge. 6. Execution: Signatures of both parties involved, along with notary information and the date of execution. It's crucial to consult with legal professionals experienced in Maine's laws and regulations to ensure compliance and accuracy when preparing a Correction Assignment of Overriding Royalty Interest Correcting Lease Description.

Maine Correction Assignment of Overriding Royalty Interest Correcting Lease Description is a legal document that concerns the correction of lease descriptions related to overriding royalty interests in Maine. This document is essential for ensuring accurate and up-to-date lease information, addressing any errors or discrepancies in the lease description that may have occurred due to oversight or other reasons. The primary purpose of the Maine Correction Assignment of Overriding Royalty Interest Correcting Lease Description is to rectify errors in the lease description related to overriding royalty interests. These interests pertain to the right to receive a portion of the gross production from an oil or gas well, typically reserved for the lease owner, known as the lessor. By executing this correction assignment, the party responsible for the error acknowledges the mistake and commits to making the necessary amendments. The corrected lease description is then utilized for record-keeping, financial calculations, and any future transactions or negotiations involving the overriding royalty interests. Different types of Correction Assignment of Overriding Royalty Interest Correcting Lease Description may vary based on the specific issues addressed or the parties involved. For instance, there could be correction assignments for lease descriptions with typographical errors, missing or misstated legal descriptions, or incorrect well identification numbers. Key elements within the Maine Correction Assignment of Overriding Royalty Interest Correcting Lease Description include: 1. Parties: Identification and contact information for the assigning party (corrector) and the party that originally executed the lease. 2. Recitals: A statement outlining the background and reason for executing the correction assignment. 3. Error Description: A detailed explanation of the error in the original lease description, including references to any relevant exhibits or attachments. 4. Corrected Description: A clear and accurate representation of the corrected lease description, with all necessary amendments and modifications. 5. Representations and Warranties: Statements made by the corrector, ensuring that they have the legal authority to correct the lease description, and asserting that the corrected description is accurate to the best of their knowledge. 6. Execution: Signatures of both parties involved, along with notary information and the date of execution. It's crucial to consult with legal professionals experienced in Maine's laws and regulations to ensure compliance and accuracy when preparing a Correction Assignment of Overriding Royalty Interest Correcting Lease Description.