This form is used when 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 ).
A New York Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document used in the oil and gas industry. It involves the transfer of royalty interests from multiple assignors to assignees. This assignment is specific to New York and governs the transfer of overriding royalty interests. Keywords: New York, assignment, overriding royalty interest, multiple assignors, oil and gas industry, transfer, assignees There are no specific subtypes of New York Assignment of Overriding Royalty Interest in Multiple Assignors. However, the document may vary based on the specific terms and conditions agreed upon by the parties involved. The content of the assignment typically includes the following details: 1. Identification of the Parties: The document begins with the identification of multiple assignors (previous royalty interest holders) and assignees (new royalty interest holders). Their full legal names, addresses, and contact details are mentioned. 2. Definitions and Interpretations: Important terms used in the assignment are defined to ensure clarity and understanding. These may include terms like "Overriding Royalty Interest," "Net Revenue," and "Lease." 3. Recitals: This section provides background information, such as the relevant lease agreement or oil and gas property details, explaining why the assignment is being executed. It may also mention any existing obligations or contracts associated with the royalty interests. 4. Assignment of Overriding Royalty Interest: The core of the document is the assignment clause where the assignors transfer their overriding royalty interests to the assignees. This section outlines the extent and percentage of the royalty interests being assigned, along with any limitations or conditions. 5. Consideration and Payment: If any consideration (payment or other benefits) is involved in the assignment, it is specified in this section. Terms regarding the payment amount, method, and timelines are outlined. 6. Warranties and Representations: The assignors typically provide warranties and representations stating that they have full authority to assign the royalty interests, and that their interests are free from any encumbrances or third-party claims. 7. Indemnification and Hold Harmless: This clause specifies that the assignors will indemnify and hold harmless the assignees from any claims or damages arising out of the assignment or any breach of agreements or warranties. 8. Governing Law and Jurisdiction: Since this is a New York assignment, the governing law is usually specified as the laws of the state of New York. The jurisdiction for any disputes or legal actions related to the assignment may also be stated. 9. Execution and Notarization: The document is signed by all parties involved, acknowledging their consent and agreement to the terms. Signatures may be notarized to add legal validity and enforceability. It is important to consult with legal professionals who specialize in oil and gas assignments to draft and execute a New York Assignment of Overriding Royalty Interest in Multiple Assignors, ensuring its compliance with the applicable laws and regulations.
