Ohio Term Nonparticipating Royalty Deed from Mineral Owner

• Category: Oil Gas and Minerals - Deeds
• State: Multi-State
• Control #: US-OG-044
• Format: Word; Rich Text

Description

This form provides for a conveyance of a royalty interest, for a term, by a mineral owner grantor. Ohio Term Nonparticipating Royalty Deed from Mineral Owner is a legal document used in Ohio to grant nonparticipating royalty interest (NRI) in mineral rights to another party. This type of deed allows the owner of the mineral rights (referred to as the "granter") to receive royalty payments without having any right to participate in drilling or operating the mineral property. An Ohio Term Nonparticipating Royalty Deed from Mineral Owner typically includes the following key information: 1. Parties Involved: The names and addresses of the granter (mineral owner) and the grantee (recipient of the royalty interest) are identified at the beginning of the deed. 2. Description of Mineral Property: A detailed legal description of the mineral property is provided, including the county, section, township, and range, to ensure accurate identification of the property. 3. Royalty Interest Percentage: The deed specifies the percentage of royalty interest being conveyed to the grantee. For example, if the granter owns 100% of the mineral rights and conveys a 25% royalty interest, the grantee will receive a quarter of the royalty payments. 4. Duration and Term: The Ohio Term Nonparticipating Royalty Deed outlines the duration and term of the royalty interest. It may specify a fixed term (e.g., 15 years) or be tied to specific conditions, such as expiration once a specific amount of royalty has been paid. 5. Royalty Payment Obligations: The deed may establish the grantee's obligation to make royalty payments to the granter. Typically, the grantee is responsible for paying the granter a certain percentage (usually less than the royalty interest granted) of the total royalties received from the mineral property. 6. Limitations and Conditions: The deed may include additional conditions and limitations, such as whether the grantee can assign or transfer the royalty interest, or if additional compensation is due to the granter upon assignment. Different types of Ohio Term Nonparticipating Royalty Deeds from Mineral Owners could include: 1. Fixed-Term Nonparticipating Royalty Deed: This type of deed grants a royalty interest for a specific number of years. Once the term expires, the granter regains full control and ownership of the mineral rights. 2. Conditional Nonparticipating Royalty Deed: This deed ties the royalty interest to specific conditions, such as the grantee being obligated to continue drilling or operating the mineral property for a certain period. If the condition is not met, the royalty interest may expire or revert to the granter. It's important to note that exact terms and conditions of the Ohio Term Nonparticipating Royalty Deed may vary depending on individual agreements and negotiations between the parties involved. Consulting an attorney familiar with Ohio mineral rights laws is recommended when drafting or understanding such a deed.

Ohio Term Nonparticipating Royalty Deed from Mineral Owner is a legal document used in Ohio to grant nonparticipating royalty interest (NRI) in mineral rights to another party. This type of deed allows the owner of the mineral rights (referred to as the "granter") to receive royalty payments without having any right to participate in drilling or operating the mineral property. An Ohio Term Nonparticipating Royalty Deed from Mineral Owner typically includes the following key information: 1. Parties Involved: The names and addresses of the granter (mineral owner) and the grantee (recipient of the royalty interest) are identified at the beginning of the deed. 2. Description of Mineral Property: A detailed legal description of the mineral property is provided, including the county, section, township, and range, to ensure accurate identification of the property. 3. Royalty Interest Percentage: The deed specifies the percentage of royalty interest being conveyed to the grantee. For example, if the granter owns 100% of the mineral rights and conveys a 25% royalty interest, the grantee will receive a quarter of the royalty payments. 4. Duration and Term: The Ohio Term Nonparticipating Royalty Deed outlines the duration and term of the royalty interest. It may specify a fixed term (e.g., 15 years) or be tied to specific conditions, such as expiration once a specific amount of royalty has been paid. 5. Royalty Payment Obligations: The deed may establish the grantee's obligation to make royalty payments to the granter. Typically, the grantee is responsible for paying the granter a certain percentage (usually less than the royalty interest granted) of the total royalties received from the mineral property. 6. Limitations and Conditions: The deed may include additional conditions and limitations, such as whether the grantee can assign or transfer the royalty interest, or if additional compensation is due to the granter upon assignment. Different types of Ohio Term Nonparticipating Royalty Deeds from Mineral Owners could include: 1. Fixed-Term Nonparticipating Royalty Deed: This type of deed grants a royalty interest for a specific number of years. Once the term expires, the granter regains full control and ownership of the mineral rights. 2. Conditional Nonparticipating Royalty Deed: This deed ties the royalty interest to specific conditions, such as the grantee being obligated to continue drilling or operating the mineral property for a certain period. If the condition is not met, the royalty interest may expire or revert to the granter. It's important to note that exact terms and conditions of the Ohio Term Nonparticipating Royalty Deed may vary depending on individual agreements and negotiations between the parties involved. Consulting an attorney familiar with Ohio mineral rights laws is recommended when drafting or understanding such a deed.