New York 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. New York Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form: A Comprehensive Overview Introduction: The New York Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document that outlines the transfer of a portion of the royalty interest from the working interest owner to another party in the state of New York. This assignment provides detailed provisions to ensure the rights and responsibilities of all involved parties are protected. Key Elements of the Assignment: 1. Parties: The assignment typically involves three main parties: the assignor (working interest owner), assignee (the party acquiring the overriding royalty interest), and relevant leaseholders. 2. Description of Overriding Royalty Interest: This document provides a detailed description of the overriding royalty interest being assigned, including the percentage or fractional interest and specific lease(s) pertaining to the working interest. 3. Lease Identification: The assignment specifies the lease(s) from which the royalty interest is being assigned. It may include details such as lease number, acreage, land description, and reference to the official lease document. 4. Limited Warranty: The long form assignment often includes a limited warranty clause in which the assignor attests that they have legal ownership and authority to transfer the overriding royalty interest. This clause protects the assignee from any prior claims, liens, or encumbrances on the royalty interest being assigned. 5. Acknowledgment of Leaseholders: The assignment requires the acknowledgment and consent of any relevant leaseholders whose rights may be affected by the assignment. This ensures transparency and compliance with lease agreements. 6. Terms and Conditions: The assignment outlines various terms and conditions governing the transfer, including the effective date, payment terms, and conditions for termination or assignment of the overriding royalty interest. 7. Governing Law: The document specifies that New York law governs the interpretation and enforcement of the assignment agreement. This helps ensure legal compliance and resolve disputes, if any. 8. Signatures and Notarization: The assignment usually requires the signatures of all involved parties, duly notarized, to validate the transfer and make the agreement legally binding. Additional Types of New York Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form: 1. Single Lease Assignment: This variation of the assignment involves the transfer of overriding royalty interest from the working interest owner to the assignee, but for a single specific lease rather than multiple leases. The provisions and clauses remain similar but are tailored to a single lease arrangement. 2. Partial Interest Assignment: In this type of assignment, only a specific percentage or fractional overriding royalty interest is transferred to the assignee, rather than the entire interest owned by the assignor. This allows for more specific allocation of royalties while maintaining the overall ownership of the assignor. Conclusion: The New York Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a comprehensive legal document that ensures the transfer of overriding royalty interest is conducted in accordance with New York law. It provides detailed provisions to protect the parties involved and facilitate a smooth and transparent transfer process. Additional variations of the assignment may exist based on specific lease arrangements or partial interest transfers.

New York Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form: A Comprehensive Overview Introduction: The New York Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document that outlines the transfer of a portion of the royalty interest from the working interest owner to another party in the state of New York. This assignment provides detailed provisions to ensure the rights and responsibilities of all involved parties are protected. Key Elements of the Assignment: 1. Parties: The assignment typically involves three main parties: the assignor (working interest owner), assignee (the party acquiring the overriding royalty interest), and relevant leaseholders. 2. Description of Overriding Royalty Interest: This document provides a detailed description of the overriding royalty interest being assigned, including the percentage or fractional interest and specific lease(s) pertaining to the working interest. 3. Lease Identification: The assignment specifies the lease(s) from which the royalty interest is being assigned. It may include details such as lease number, acreage, land description, and reference to the official lease document. 4. Limited Warranty: The long form assignment often includes a limited warranty clause in which the assignor attests that they have legal ownership and authority to transfer the overriding royalty interest. This clause protects the assignee from any prior claims, liens, or encumbrances on the royalty interest being assigned. 5. Acknowledgment of Leaseholders: The assignment requires the acknowledgment and consent of any relevant leaseholders whose rights may be affected by the assignment. This ensures transparency and compliance with lease agreements. 6. Terms and Conditions: The assignment outlines various terms and conditions governing the transfer, including the effective date, payment terms, and conditions for termination or assignment of the overriding royalty interest. 7. Governing Law: The document specifies that New York law governs the interpretation and enforcement of the assignment agreement. This helps ensure legal compliance and resolve disputes, if any. 8. Signatures and Notarization: The assignment usually requires the signatures of all involved parties, duly notarized, to validate the transfer and make the agreement legally binding. Additional Types of New York Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form: 1. Single Lease Assignment: This variation of the assignment involves the transfer of overriding royalty interest from the working interest owner to the assignee, but for a single specific lease rather than multiple leases. The provisions and clauses remain similar but are tailored to a single lease arrangement. 2. Partial Interest Assignment: In this type of assignment, only a specific percentage or fractional overriding royalty interest is transferred to the assignee, rather than the entire interest owned by the assignor. This allows for more specific allocation of royalties while maintaining the overall ownership of the assignor. Conclusion: The New York Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a comprehensive legal document that ensures the transfer of overriding royalty interest is conducted in accordance with New York law. It provides detailed provisions to protect the parties involved and facilitate a smooth and transparent transfer process. Additional variations of the assignment may exist based on specific lease arrangements or partial interest transfers.