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.
Montana Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legal document used in the state of Montana to transfer the ownership of an overriding royalty interest (ORRIS) from the assignor to the assignee while allowing the assignor to retain the right to pool the assigned interest. This document outlines the terms and conditions of the transfer and provides legal protection for both parties involved. The "Montana Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form" can be categorized into different types based on the specific terms and conditions outlined in the document. Some of these types include: 1. Fixed Percentage ORRIS Assignment: This type of assignment specifies a fixed percentage of the overriding royalty interest that will be transferred from the assignor to the assignee. The assignor reserves the right to pool the assigned interest, allowing them to combine it with other interests and effectively manage the resources. 2. Limited Timeframe Assignment: In this type of assignment, the overriding royalty interest is transferred for a specific period. After the expiration of this timeframe, the assignor regains full rights to the interest, including the right to pool. This offers flexibility to both parties involved and provides a defined term for the assignment. 3. Conditional Assignment: This type of assignment comes with certain conditions that must be met by the assignee. These conditions can include specific performance metrics, exploration milestones, or production targets. If the assignee fails to meet these conditions, the assignor may regain the right to pool the assigned interest. 4. Multi-Assignee Assignment: This type of assignment allows the assignor to transfer the overriding royalty interest to multiple assignees while reserving the right to pool. Each assignee receives a proportional share of the interest, and the assignor retains the ability to combine these shares for strategic purposes. Overall, the Montana Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a crucial legal document that facilitates the transfer of overriding royalty interests while protecting the rights of both the assignor and assignee. The different types mentioned above provide flexibility in addressing specific requirements and preferences of the parties involved in the transaction.
Montana Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legal document used in the state of Montana to transfer the ownership of an overriding royalty interest (ORRIS) from the assignor to the assignee while allowing the assignor to retain the right to pool the assigned interest. This document outlines the terms and conditions of the transfer and provides legal protection for both parties involved. The "Montana Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form" can be categorized into different types based on the specific terms and conditions outlined in the document. Some of these types include: 1. Fixed Percentage ORRIS Assignment: This type of assignment specifies a fixed percentage of the overriding royalty interest that will be transferred from the assignor to the assignee. The assignor reserves the right to pool the assigned interest, allowing them to combine it with other interests and effectively manage the resources. 2. Limited Timeframe Assignment: In this type of assignment, the overriding royalty interest is transferred for a specific period. After the expiration of this timeframe, the assignor regains full rights to the interest, including the right to pool. This offers flexibility to both parties involved and provides a defined term for the assignment. 3. Conditional Assignment: This type of assignment comes with certain conditions that must be met by the assignee. These conditions can include specific performance metrics, exploration milestones, or production targets. If the assignee fails to meet these conditions, the assignor may regain the right to pool the assigned interest. 4. Multi-Assignee Assignment: This type of assignment allows the assignor to transfer the overriding royalty interest to multiple assignees while reserving the right to pool. Each assignee receives a proportional share of the interest, and the assignor retains the ability to combine these shares for strategic purposes. Overall, the Montana Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a crucial legal document that facilitates the transfer of overriding royalty interests while protecting the rights of both the assignor and assignee. The different types mentioned above provide flexibility in addressing specific requirements and preferences of the parties involved in the transaction.
