New York Assignment of Overriding Royalty Interest (No Proportionate Reduction)

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• Control #: US-OG-939
• Format: Word; Rich Text

Description

This form is an assignment of overriding royalty interest with no proportionate reduction. A New York Assignment of Overriding Royalty Interest (No Proportionate Reduction) is a legal document used in the oil and gas industry to transfer the rights to receive overriding royalty interest from one party to another, specifically in the state of New York. An overriding royalty interest is a share of the proceeds from an oil or gas well, typically a percentage, that is granted to a party who does not own the mineral rights to the property but is entitled to a portion of the revenue generated from the production of oil or gas. This interest is often granted to individuals or entities, such as landowners, who retain a share of the profits even after selling the mineral rights to a separate party. The New York Assignment of Overriding Royalty Interest (No Proportionate Reduction) allows for the complete transfer of these rights without any reduction in the percentage or share of the royalties owed. This means that the assignee (the party receiving the overriding royalty interest) will be entitled to the full amount of royalties specified in the agreement, regardless of any subsequent changes in production or ownership of the mineral rights. It's important to note that there may be different versions or variations of the New York Assignment of Overriding Royalty Interest (No Proportionate Reduction) to address specific terms or conditions agreed upon by the parties involved. These variations could include agreements that outline specific circumstances under which the overriding royalty interest may be terminated, modified, or assigned further. Keywords: New York, Assignment, Overriding Royalty Interest, No Proportionate Reduction, oil and gas industry, transfer, rights, revenue, mineral rights, share, royalties, production, agreement, assignee, variation, circumstances, termination, modification.

A New York Assignment of Overriding Royalty Interest (No Proportionate Reduction) is a legal document used in the oil and gas industry to transfer the rights to receive overriding royalty interest from one party to another, specifically in the state of New York. An overriding royalty interest is a share of the proceeds from an oil or gas well, typically a percentage, that is granted to a party who does not own the mineral rights to the property but is entitled to a portion of the revenue generated from the production of oil or gas. This interest is often granted to individuals or entities, such as landowners, who retain a share of the profits even after selling the mineral rights to a separate party. The New York Assignment of Overriding Royalty Interest (No Proportionate Reduction) allows for the complete transfer of these rights without any reduction in the percentage or share of the royalties owed. This means that the assignee (the party receiving the overriding royalty interest) will be entitled to the full amount of royalties specified in the agreement, regardless of any subsequent changes in production or ownership of the mineral rights. It's important to note that there may be different versions or variations of the New York Assignment of Overriding Royalty Interest (No Proportionate Reduction) to address specific terms or conditions agreed upon by the parties involved. These variations could include agreements that outline specific circumstances under which the overriding royalty interest may be terminated, modified, or assigned further. Keywords: New York, Assignment, Overriding Royalty Interest, No Proportionate Reduction, oil and gas industry, transfer, rights, revenue, mineral rights, share, royalties, production, agreement, assignee, variation, circumstances, termination, modification.