A North Dakota Assignment of Overriding Royalty Interest — Short Form is a legal document that facilitates the transfer of a portion of a royalty interest from one party to another in the state of North Dakota. This document outlines the terms and conditions of the assignment and defines the rights and obligations of both the assignor and the assignee. Keywords: North Dakota, Assignment of Overriding Royalty Interest, Short Form, transfer, royalty interest, assignor, assignee. There are various types of North Dakota Assignment of Overriding Royalty Interest — Short Form, each catering to different requirements and circumstances. Some common variations include: 1. Individual Assignment: This form of assignment is used when an individual property owner wishes to transfer a portion of their overriding royalty interest to another party. It outlines the specific terms of the transfer and the parties involved. 2. Corporate Assignment: A corporate assignment of overriding royalty interest is suitable when a company or corporation needs to assign a portion of their royalty interest to another entity. This type of assignment involves additional considerations, such as corporate resolutions and approvals. 3. Partial Assignment: In cases where the assignor wishes to transfer only a portion of their overriding royalty interest, a partial assignment is used. This document specifies the exact portion being transferred while retaining the remaining interest. 4. Temporary Assignment: Sometimes, an overriding royalty interest may be assigned temporarily for a specific period or purpose. A temporary assignment ensures that the assignee has rights to the royalty interest for a limited duration, after which it reverts to the assignor. 5. Permanent Assignment: This type of assignment signifies a permanent transfer of the overriding royalty interest from the assignor to the assignee. It includes provisions for the assignee to enjoy the rights and benefits of the royalty interest indefinitely. 6. Multiple Assignee Assignment: In certain situations, multiple parties may be involved in the transfer of overriding royalty interests. This form of assignment provides a detailed description of how the interests are divided among the assignees. These different types allow for flexibility and accommodate varying scenarios depending on the needs and intentions of the parties involved in the North Dakota Assignment of Overriding Royalty Interest — Short Form.
North Dakota Assignment of Overriding Royalty Interest - Short Form
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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.
An overriding royalty interest (ORRI) is an interest carved out of a working interest. It is: A percentage of gross production that is not charged with any expenses of exploring, developing, producing, and operating a well.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
Hear this out loud PauseOverriding Royalty Interest: A given interest severed out of the record title interest or lessee's share of the oil, and not charged with any of the cost or expense of developing or operation. The interest provides no control over the operations of the lease, only revenue from lease production.
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, ...
Hear this out loud PauseIf at any time Assignee desires to transfer or dispose of all or any portion of the Overriding Royalty Interest, Assignee must first give to Assignor written notice thereof stating: (a) the amount of the Overriding Royalty Interest offered by Assignee; (b) the form of consideration (which shall be either cash or a ...
Hear this out loud PauseAn overriding royalty interest (ORRI) is an interest carved out of a working interest.
