This form is used when an Assignor assigns, transfers, and conveys to Assignee an overriding royalty interest in the Lease and all of the oil and gas produced, saved and marketed from the Lease, out of the interest owned by Assignor, with proportionate reduction (the Override ).
A North Dakota Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a legal document that allows the transfer of the rights to a portion of the royalty interest from one party to another within a single lease agreement. This type of assignment is common in the oil and gas industry and is used when multiple parties hold overriding royalty interests in a single lease. The assignment enables the assignor to transfer a specific percentage or proportionate share of their overriding royalty interest to the assignee. By doing so, the assignor relinquishes their right to a portion of the royalty payments, while the assignee gains the corresponding portion of those payments. A North Dakota Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction ensures a fair distribution of royalty interests among multiple parties involved in the lease. This type of assignment allows for the proportional reduction of the assignor's overriding royalty interest, benefiting both parties by allocating the financial benefits more evenly. Different types of North Dakota Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction may include variations in the assigned percentage or proportionate share, depending on the specific agreement between the assignor and assignee. The assignment may also contain provisions regarding the duration of the assignment, termination conditions, and any additional terms negotiated by the parties involved. In summary, a North Dakota Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a legal document used in the oil and gas industry to transfer a portion of a party's overriding royalty interest within a single lease. This type of assignment ensures a fair distribution of royalty payments and can vary in terms of the assigned percentage and additional negotiated terms.A North Dakota Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a legal document that allows the transfer of the rights to a portion of the royalty interest from one party to another within a single lease agreement. This type of assignment is common in the oil and gas industry and is used when multiple parties hold overriding royalty interests in a single lease. The assignment enables the assignor to transfer a specific percentage or proportionate share of their overriding royalty interest to the assignee. By doing so, the assignor relinquishes their right to a portion of the royalty payments, while the assignee gains the corresponding portion of those payments. A North Dakota Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction ensures a fair distribution of royalty interests among multiple parties involved in the lease. This type of assignment allows for the proportional reduction of the assignor's overriding royalty interest, benefiting both parties by allocating the financial benefits more evenly. Different types of North Dakota Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction may include variations in the assigned percentage or proportionate share, depending on the specific agreement between the assignor and assignee. The assignment may also contain provisions regarding the duration of the assignment, termination conditions, and any additional terms negotiated by the parties involved. In summary, a North Dakota Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a legal document used in the oil and gas industry to transfer a portion of a party's overriding royalty interest within a single lease. This type of assignment ensures a fair distribution of royalty payments and can vary in terms of the assigned percentage and additional negotiated terms.
