This form is used when an Assignor transfers, assigns and conveys to Assignee an overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and marketed from all of the Lands and Leases equal to a determined amount (the Override ), reserving the right to pool the assigned interest.
The New York Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legal document that allows an assignor to transfer their share of royalty interest in an oil or gas lease to another party, while still reserving the right to pool or combine their assigned interest with other working interests. This assignment can be used in various scenarios, such as when an assignor wants to retain control over the development of the leased property or when they want to maintain the option to participate in future pooling arrangements. Keywords: New York, Assignment of Overriding Royalty Interest, Assignor, Reserves, Right to Pool, Assigned Interest, Short Form, royalty interest, oil lease, gas lease, working interests, development, pooling arrangements, participate. Different types of New York Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form can include variations based on specific circumstances or preferences of the parties involved. These may include: 1. Partial Assignment with Pooling Rights: In this type of assignment, the assignor transfers only a portion of their royalty interest and reserves the right to pool their remaining interest with other parties. This allows the assignor to retain some ownership and control over the development of the leased property. 2. Assignment with Future Pooling Option: This variation includes language that grants the assignor the option to participate in future pooling arrangements. It provides flexibility for the assignor to decide at a later date whether they want to combine their assigned interest with other working interests. 3. Time-Limited Assignment: In this type of assignment, the assignor reserves the right to pool their assigned interest for a specific period. After the expiration of the assigned timeframe, the assignor loses the right to pool their interest, and it becomes subject to the terms of the original assignment agreement. 4. Non-Exclusive Assignment: This variation allows the assignor to assign their overriding royalty interest to multiple parties, providing the assignor with the ability to pool their assigned interest with more than one working interest owner. 5. Landowner Assignment: In certain cases, a landowner may assign their overriding royalty interest to another party while reserving the right to pool the assigned interest. This type of assignment is typically used when the landowner wants to retain control over the development of their property. These variations ensure that the New York Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form can be adapted to specific circumstances, preferences, and objectives of the assignor and parties involved in the transaction.
