Nevada Partial Release of Lien on Assigned Overriding Royalty Interest

• Category: Oil Gas and Minerals - Releases
• State: Multi-State
• Control #: US-OG-406
• Format: Word; Rich Text

Description

This form of release is used when Lienholder releases, relinquishes, and surrenders to Mortgagor/ Grantor's Assignee all of Lienholder's rights, claims, and liens under the Mortgage/Deed of Trust in and to an undivided overriding royalty interest. A Nevada Partial Release of Lien on Assigned Overriding Royalty Interest refers to a legal document that allows the release of a lien on a specific portion of an assigned overriding royalty interest in the state of Nevada. This partial release of lien is often used in situations where the assignor wants to release a lien on a portion of the assigned overriding royalty interest while maintaining the lien on the remaining portion. The Nevada Partial Release of Lien on Assigned Overriding Royalty Interest is typically used in the oil and gas industry, where overriding royalty interests are commonly assigned or transferred between parties. An overriding royalty interest is a share of the proceeds from an oil or gas lease that is separate from the landowner's mineral interest. Lien on the overriding royalty interest can occur when there is an outstanding debt or when a party wants to secure payment. It is important to note that there can be different types of Nevada Partial Release of Lien on Assigned Overriding Royalty Interest, depending on the specific circumstances and requirements of the parties involved. Some common types include: 1. Partial Release of Lien on Assigned Overriding Royalty Interest — Specific Percentage: This type of release allows for the release of a lien on a specific percentage of the assigned overriding royalty interest. The percentage can be determined based on various factors, such as the amount of debt paid off or the agreement between the parties. 2. Partial Release of Lien on Assigned Overriding Royalty Interest — Specific Time Period: In this type of release, the lien is released for a specific time period, after which it may be reinstated or renewed if the debt is not fully paid off. This allows the assignor to release the lien temporarily, giving the assignee a chance to fulfill their payment obligations. 3. Partial Release of Lien on Assigned Overriding Royalty Interest — Specific Tracts or Wells: This type of release allows for the release of a lien on specific tracts or wells associated with the assigned overriding royalty interest. It provides greater flexibility by allowing the assignor to release the lien on selected assets while maintaining it on others. Overall, the Nevada Partial Release of Lien on Assigned Overriding Royalty Interest serves as an essential legal tool for parties involved in the oil and gas industry. It allows for the release of a lien on a specific portion of the assigned overriding royalty interest, providing flexibility and ensuring the rights and obligations of all parties are protected.

A Nevada Partial Release of Lien on Assigned Overriding Royalty Interest refers to a legal document that allows the release of a lien on a specific portion of an assigned overriding royalty interest in the state of Nevada. This partial release of lien is often used in situations where the assignor wants to release a lien on a portion of the assigned overriding royalty interest while maintaining the lien on the remaining portion. The Nevada Partial Release of Lien on Assigned Overriding Royalty Interest is typically used in the oil and gas industry, where overriding royalty interests are commonly assigned or transferred between parties. An overriding royalty interest is a share of the proceeds from an oil or gas lease that is separate from the landowner's mineral interest. Lien on the overriding royalty interest can occur when there is an outstanding debt or when a party wants to secure payment. It is important to note that there can be different types of Nevada Partial Release of Lien on Assigned Overriding Royalty Interest, depending on the specific circumstances and requirements of the parties involved. Some common types include: 1. Partial Release of Lien on Assigned Overriding Royalty Interest — Specific Percentage: This type of release allows for the release of a lien on a specific percentage of the assigned overriding royalty interest. The percentage can be determined based on various factors, such as the amount of debt paid off or the agreement between the parties. 2. Partial Release of Lien on Assigned Overriding Royalty Interest — Specific Time Period: In this type of release, the lien is released for a specific time period, after which it may be reinstated or renewed if the debt is not fully paid off. This allows the assignor to release the lien temporarily, giving the assignee a chance to fulfill their payment obligations. 3. Partial Release of Lien on Assigned Overriding Royalty Interest — Specific Tracts or Wells: This type of release allows for the release of a lien on specific tracts or wells associated with the assigned overriding royalty interest. It provides greater flexibility by allowing the assignor to release the lien on selected assets while maintaining it on others. Overall, the Nevada Partial Release of Lien on Assigned Overriding Royalty Interest serves as an essential legal tool for parties involved in the oil and gas industry. It allows for the release of a lien on a specific portion of the assigned overriding royalty interest, providing flexibility and ensuring the rights and obligations of all parties are protected.