Michigan 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. The Michigan Correction Assignment of Overriding Royalty Interest Correcting Lease Description is a legal document used in the state of Michigan to rectify and update any errors or inaccuracies in a previously executed lease description related to an overriding royalty interest (ORRIS). An overriding royalty interest is a right to receive a certain percentage or fraction of the production from a property, typically reserved by the mineral interest owner. This interest allows the ORRIS owner to receive a share of the proceeds generated from the production of oil, gas, or minerals, without having to bear the cost or responsibility of drilling or operating the property. The Correction Assignment is necessary when there is an existing lease that contains errors or inconsistencies in its description, such as incorrect acreage, property boundaries, numbering, or legal descriptions. These errors may have occurred due to typographical mistakes, surveying issues, or oversight during the initial drafting of the lease agreement. The purpose of this document is to amend and correct the erroneous lease description to ensure accuracy and clarity concerning the ORRIS. It is a crucial step to avoid disputes, confusion, and potential legal issues that may arise from erroneous lease descriptions. Different types of Correction Assignments may involve various aspects of lease description corrections, including: 1. Acreage correction: This type of correction assignment is used when there are discrepancies in the calculation or recording of the leased acreage. It aims to rectify any errors regarding the total acreage covered by the lease. 2. Boundary correction: In cases where the lease description improperly defines the boundaries of the property, a boundary correction assignment is executed. It clarifies the accurate and agreed-upon boundaries of the leased property, ensuring that the ORRIS applies to the correct area. 3. Legal description correction: This correction assignment is utilized when there are errors in the legal descriptions within the lease, such as faulty metes and bounds, incorrect section-township-range identifiers, or inaccurate references to survey maps. The legal description correction ensures that all references and descriptions accurately depict the intended leased property. The Michigan Correction Assignment of Overriding Royalty Interest Correcting Lease Description requires the involvement of all relevant parties, including the lessor (property owner), lessee (the party with the right to operate the property), and the overriding royalty interest owner. The document typically includes details such as the original lease agreement, the specific errors identified, the correct description, and the signatures of all parties involved. It is essential to consult an attorney or a legal professional familiar with Michigan's laws to ensure that the Correction Assignment is drafted correctly, adhering to the state's specific requirements and regulations. The accuracy of the corrected lease description helps protect the parties involved and ensures a transparent and valid arrangement regarding the overriding royalty interest on the leased property.

The Michigan Correction Assignment of Overriding Royalty Interest Correcting Lease Description is a legal document used in the state of Michigan to rectify and update any errors or inaccuracies in a previously executed lease description related to an overriding royalty interest (ORRIS). An overriding royalty interest is a right to receive a certain percentage or fraction of the production from a property, typically reserved by the mineral interest owner. This interest allows the ORRIS owner to receive a share of the proceeds generated from the production of oil, gas, or minerals, without having to bear the cost or responsibility of drilling or operating the property. The Correction Assignment is necessary when there is an existing lease that contains errors or inconsistencies in its description, such as incorrect acreage, property boundaries, numbering, or legal descriptions. These errors may have occurred due to typographical mistakes, surveying issues, or oversight during the initial drafting of the lease agreement. The purpose of this document is to amend and correct the erroneous lease description to ensure accuracy and clarity concerning the ORRIS. It is a crucial step to avoid disputes, confusion, and potential legal issues that may arise from erroneous lease descriptions. Different types of Correction Assignments may involve various aspects of lease description corrections, including: 1. Acreage correction: This type of correction assignment is used when there are discrepancies in the calculation or recording of the leased acreage. It aims to rectify any errors regarding the total acreage covered by the lease. 2. Boundary correction: In cases where the lease description improperly defines the boundaries of the property, a boundary correction assignment is executed. It clarifies the accurate and agreed-upon boundaries of the leased property, ensuring that the ORRIS applies to the correct area. 3. Legal description correction: This correction assignment is utilized when there are errors in the legal descriptions within the lease, such as faulty metes and bounds, incorrect section-township-range identifiers, or inaccurate references to survey maps. The legal description correction ensures that all references and descriptions accurately depict the intended leased property. The Michigan Correction Assignment of Overriding Royalty Interest Correcting Lease Description requires the involvement of all relevant parties, including the lessor (property owner), lessee (the party with the right to operate the property), and the overriding royalty interest owner. The document typically includes details such as the original lease agreement, the specific errors identified, the correct description, and the signatures of all parties involved. It is essential to consult an attorney or a legal professional familiar with Michigan's laws to ensure that the Correction Assignment is drafted correctly, adhering to the state's specific requirements and regulations. The accuracy of the corrected lease description helps protect the parties involved and ensures a transparent and valid arrangement regarding the overriding royalty interest on the leased property.