This form is used when, as a result of continuous production from the Lease and Lands, payout, as defined in an Assignment, has occurred, and Declarant is entitled to elect to convert the Override to a Working Interest, as provided for in the Assignment.
The North Carolina Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that allows an overriding royalty interest owner to convert their interest into a working interest in an oil and gas lease. This declaration provides specific details and terms regarding the conversion process and outlines the rights, responsibilities, and obligations of both parties involved. Keywords: North Carolina Declaration, election, convert, overriding royalty interest, working interest, oil and gas lease, legal document, rights, responsibilities, obligations. There are no different types of North Carolina Declarations of Election to Convert Overriding Royalty Interest to Working Interest. However, variations may exist depending on specific lease agreements, royalty interest percentages, and additional clauses or provisions incorporated into the document. It is important to review each individual declaration to understand the unique terms and conditions applicable to the conversion process.The North Carolina Declaration of Election to Convert Overriding Royalty Interest to Working Interest is a legal document that allows an overriding royalty interest owner to convert their interest into a working interest in an oil and gas lease. This declaration provides specific details and terms regarding the conversion process and outlines the rights, responsibilities, and obligations of both parties involved. Keywords: North Carolina Declaration, election, convert, overriding royalty interest, working interest, oil and gas lease, legal document, rights, responsibilities, obligations. There are no different types of North Carolina Declarations of Election to Convert Overriding Royalty Interest to Working Interest. However, variations may exist depending on specific lease agreements, royalty interest percentages, and additional clauses or provisions incorporated into the document. It is important to review each individual declaration to understand the unique terms and conditions applicable to the conversion process.
