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 ).
The Ohio Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document that transfers the rights to a portion of the royalties generated from an oil and gas lease in Ohio. This type of assignment is often used when multiple parties collectively own the overriding royalty interest and wish to convey their respective shares to a third party. In this agreement, the assignors, who are the current owners of the overriding royalty interest, transfer their rights to the assignee, the recipient of the interest. The document outlines the terms and conditions of the assignment, including the percentage or specific share of the overriding royalty interest being transferred by each assignor. Ohio recognizes various types of assignment of overriding royalty interest in multiple assignors, including: 1. Fractional Assignment: This type of assignment is used when each assignor owns a fraction or percentage of the overriding royalty interest. Each assignor transfers their respective fraction or percentage to the assignee, resulting in the assignee receiving a combined ownership interest. 2. Specific Share Assignment: In this type of assignment, each assignor specifies the exact share or portion of the overriding royalty interest they are transferring. The document will detail the percentage or specific quantity of the interest being conveyed by each assignor separately. 3. Joint Assignment: A joint assignment of overriding royalty interest occurs when multiple assignors collectively transfer their entire interest to the assignee. In this case, the assignee acquires the full ownership of the overriding royalty interest without any remaining interest held by the assignors. When drafting an Ohio Assignment of Overriding Royalty Interest in Multiple Assignors, it is essential to include pertinent details such as the legal descriptions of the oil and gas lease, the assignor's current interest, the consideration or payment for the assignment, and any representations or warranties made by the assignors regarding their ownership rights. Additionally, it is crucial to consult legal professionals well-versed in Ohio's oil and gas laws and regulations to ensure compliance with applicable statutes and to address any specific requirements or restrictions outlined by the Ohio Department of Natural Resources or governing authorities.
