Nevada Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-518
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in a Lease, convertible to a working interest. The Nevada Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document that enables the transfer of a portion of the royalties and interests associated with multiple leases in Nevada. This comprehensive agreement provides a detailed framework to ensure the smooth transfer of rights and responsibilities between the assignor and assignee. Key Features: 1. Royalty Interest Transfer: This document allows the assignor to transfer a specific percentage or fraction of their royalty interest to the assignee. This transfer entitles the assignee to receive a portion of the future revenue generated from the oil, gas, or mineral production from the assigned leases. 2. Working Interest Retention: While the royalty interest is transferred, the assignor retains the working interest associated with the assigned leases. The assignor will continue to bear the costs and obligations of operating and developing the leases. 3. Multiple Lease Framework: The agreement accommodates situations where the assignor holds interest in multiple leases. It provides flexibility to select the specific leases to which the overriding royalty interest will be assigned. 4. Limited Warranty: The document includes a limited warranty clause, providing some level of assurance from the assignor to the assignee that the assignor has the legal rights to transfer the overriding royalty interest. Types of Nevada Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Forms: 1. Single Lease Assignment: This type of assignment focuses on the transfer of overriding royalty interest from a single lease. The assignor may choose to transfer a fraction or percentage of their royalty interest to the assignee. 2. Partial Assignment: In the case of a partial assignment, the assignor transfers a specific portion of their royalty interest from multiple leases. This type of assignment allows the assignor to retain some percentage of the royalty interest, while transferring the remaining portion to the assignee. 3. Total Assignment: A total assignment involves the complete transfer of the assignor's royalty interest from multiple leases to the assignee. This type of assignment signifies a complete divestiture of the assignor's interest in the designated leases. 4. Divided Royalty Interest Assignment: In situations where the assignor wishes to divide their royalty interest among multiple assignees, a divided royalty interest assignment may be utilized. This assignment type allows for the assignment of different percentages or fractions of the royalty interest to different assignees. Overall, the Nevada Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form provides a robust legal framework for assigning royalty interests while retaining the working interest associated with multiple leases in Nevada. It ensures clarity and protection for both the assignor and assignee during the transfer process.

The Nevada Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document that enables the transfer of a portion of the royalties and interests associated with multiple leases in Nevada. This comprehensive agreement provides a detailed framework to ensure the smooth transfer of rights and responsibilities between the assignor and assignee. Key Features: 1. Royalty Interest Transfer: This document allows the assignor to transfer a specific percentage or fraction of their royalty interest to the assignee. This transfer entitles the assignee to receive a portion of the future revenue generated from the oil, gas, or mineral production from the assigned leases. 2. Working Interest Retention: While the royalty interest is transferred, the assignor retains the working interest associated with the assigned leases. The assignor will continue to bear the costs and obligations of operating and developing the leases. 3. Multiple Lease Framework: The agreement accommodates situations where the assignor holds interest in multiple leases. It provides flexibility to select the specific leases to which the overriding royalty interest will be assigned. 4. Limited Warranty: The document includes a limited warranty clause, providing some level of assurance from the assignor to the assignee that the assignor has the legal rights to transfer the overriding royalty interest. Types of Nevada Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Forms: 1. Single Lease Assignment: This type of assignment focuses on the transfer of overriding royalty interest from a single lease. The assignor may choose to transfer a fraction or percentage of their royalty interest to the assignee. 2. Partial Assignment: In the case of a partial assignment, the assignor transfers a specific portion of their royalty interest from multiple leases. This type of assignment allows the assignor to retain some percentage of the royalty interest, while transferring the remaining portion to the assignee. 3. Total Assignment: A total assignment involves the complete transfer of the assignor's royalty interest from multiple leases to the assignee. This type of assignment signifies a complete divestiture of the assignor's interest in the designated leases. 4. Divided Royalty Interest Assignment: In situations where the assignor wishes to divide their royalty interest among multiple assignees, a divided royalty interest assignment may be utilized. This assignment type allows for the assignment of different percentages or fractions of the royalty interest to different assignees. Overall, the Nevada Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form provides a robust legal framework for assigning royalty interests while retaining the working interest associated with multiple leases in Nevada. It ensures clarity and protection for both the assignor and assignee during the transfer process.