The North Carolina Assignment of Overriding Royalty Interest (By Owner of Override) refers to a legal document that allows an owner of an overriding royalty interest in oil, gas, or other mineral properties to transfer or assign their interest to another party in North Carolina. This assignment is commonly used in the energy industry when the owner of an override wishes to sell, convey, or transfer their interest to a third party. Keywords: North Carolina, Assignment of Overriding Royalty Interest, Owner of Override, oil, gas, mineral properties, transfer, assign, convey, energy industry, third party. Types of North Carolina Assignment of Overriding Royalty Interest (By Owner of Override): 1. Absolute Assignment: This type of assignment completely transfers the owner's overriding royalty interest to another party. The new owner will have all the rights, benefits, and responsibilities associated with the override. 2. Partial Assignment: A partial assignment allows the owner to transfer a portion or percentage of their overriding royalty interest to another party. This can be useful when the owner wants to retain some interest while sharing the benefits or reducing their obligations. 3. Temporary Assignment: In certain cases, an owner may want to assign their overriding royalty interest temporarily. This allows them to transfer the rights for a specified period or until specific conditions are met, after which the ownership reverts to the original owner. 4. Assignment with Consideration: An assignment that involves consideration refers to a situation where the owner receives something of value in exchange for transferring their overriding royalty interest. This could be monetary compensation, other mineral rights, or any negotiated terms. 5. Assignment by Will or Inheritance: When an owner wants to assign their overriding royalty interest as part of estate planning, they can do so through a will or inheritance process. This allows the transfer of the interest to be executed according to the owner's specified wishes after their passing. It is important to ensure the North Carolina Assignment of Overriding Royalty Interest (By Owner of Override) is drafted in compliance with applicable state laws, including those governing real property, mineral rights, and contractual obligations. Seeking legal assistance when creating or executing such assignments is highly recommended ensuring accuracy and protection of the parties involved.
North Carolina Assignment of Overriding Royalty Interest (By Owner of Override)
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FAQ
ORRIs are created out of the working interest in a property and do not affect mineral owners. An overriding royalty interest (ORRI) is often kept or assigned to a geologist, landman, brokerage, or any entity that was able to reserve an interest in the properties.
Overriding Royalty Interest Conveyance means an assignment, in form and substance acceptable to Lender, pursuant to which Borrower grants in favor of Lender an overriding royalty interest equal to six and one-fourth percent (6.25%) of Hydrocarbons produced, saved and sold or used off the premises of the relevant Lease, ...
An overriding royalty interest (ORRI) is an undivided interest in a mineral lease giving the holder the right to a proportional share (receive revenue) of the sale of oil and gas produced. The ORRI is carved out of the working interest or lease.
An overriding royalty interest (ORRI) is similar to a royalty interest in that it is also a portion of the proceeds from the sale of production. However, it is not retained under the terms of the oil and gas lease. An ORRI is granted, assigned and created under the terms of a separate document.
An overriding royalty interest (ORRI) is an undivided interest in a mineral lease giving the holder the right to a proportional share (receive revenue) of the sale of oil and gas produced. The ORRI is carved out of the working interest or lease.
You may convey overriding royalty interest on either an Assignment of Record Title Interest (Form 3000-3), a Transfer of Operating Rights (Form 3000-3a), or on a private assignment. We only require filing of one signed copy per assignment plus a nonrefundable filing fee found at 43 CFR 3000.12.
Calculating Overriding Royalty Interest An ORRI is a straight percentage. For example, a 2% override would appear on the royalty statement as 0.02 interest in the proceeds from the sale of the leased hydrocarbons.
