The form is used when the Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all of the oil, gas and other minerals produced, saved and marketed from the Lease equal to a pecentage of 8/8 (the Override ).
A North Dakota Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner is a legal document that allows the transfer of ownership of the overriding royalty interest from one party to another in North Dakota. In this assignment, the overriding royalty interest owner can transfer their rights, benefits, and responsibilities associated with the interest to a new owner without any reduction in proportion. The assignment grants the new owner all the privileges and obligations that come with the overriding royalty interest, including the right to receive a percentage of the proceeds generated from oil, gas, or other mineral production on the property. The overriding royalty interest is a share of the revenue or income derived from the mineral lease, typically in addition to the basic royalty interest held by the lessor. When drafting a North Dakota Assignment of Overriding Royalty Interest, it is crucial to include relevant keywords that accurately describe the process and purpose of the document. These may include: 1. North Dakota: Signifying that the assignment is specifically related to properties located within the state of North Dakota. 2. Assignment: Referring to the action of transferring ownership of the overriding royalty interest. 3. Overriding Royalty Interest: Describing the ownership interest that entitles the owner to a percentage of the proceeds from mineral production. 4. Overriding Royalty Interest Owner: Identifying the current owner of the overriding royalty interest. 5. No Proportionate Reduction: Highlighting that there will be no reduction in the proportionate share of the overriding royalty interest being transferred. It is important to note that while the essential elements of a North Dakota Assignment of Overriding Royalty Interest remain consistent, there may be different types or variations based on specific circumstances or agreements. For instance, variations may arise if the assignment is limited to a particular mineral or time period, or if there are unique conditions negotiated between the parties. Overall, a North Dakota Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction, is a legal instrument that enables the seamless transfer of ownership rights in the context of mineral production. Ensuring accurate keyword usage within the assignment description is paramount for clarity and searchability.
