Oklahoma Partial Release of Lien on Assigned Overriding Royalty Interest

• Category: Oil Gas and Minerals - Releases
• State: Multi-State
• Control #: US-OG-406
• Format: Word; Rich Text

Description

This form of release is used when Lienholder releases, relinquishes, and surrenders to Mortgagor/ Grantor's Assignee all of Lienholder's rights, claims, and liens under the Mortgage/Deed of Trust in and to an undivided overriding royalty interest. Keywords: Oklahoma, partial release of lien, assigned overriding royalty interest, types A partial release of lien on an assigned overriding royalty interest in Oklahoma refers to the removal or reduction of a creditor's claim on a specific portion of the assigned overriding royalty interest. This legal action allows the creditor to release their lien on only a portion of the assigned interest, while still maintaining their claim on the remaining portion. In Oklahoma, a partial release of lien on an assigned overriding royalty interest can occur in various scenarios. Here are some of the different types of Oklahoma partial releases of liens on assigned overriding royalty interests: 1. Partial Release for Restricted Portion: This type of partial release occurs when the creditor agrees to release the lien on a specific portion of the assigned overriding royalty interest that is subject to certain restrictions. These restrictions could include a cap on the portion's production or specific conditions related to the underlying agreement. 2. Partial Release for Payment: In this scenario, the partial release occurs when the creditor releases the lien on a portion of the assigned overriding royalty interest in exchange for a specific payment. This could be a lump sum payment or a structured payment plan agreed upon by both parties. 3. Partial Release for Performance: A partial release is granted in situations where the assignor has fulfilled certain obligations or performed specific actions as per the original contract or agreement. Once these conditions are met, the creditor releases the lien on a portion of the assigned overriding royalty interest involved in the completion of such requirements. 4. Partial Release for Reassignment: This type of partial release occurs when the creditor agrees to release the lien on a portion of the assigned overriding royalty interest to facilitate its reassignment or transfer to another party. This could be due to a change in ownership or a negotiated agreement between the current and future assignees. 5. Partial Release for Amending Agreement: In some cases, a partial release of lien may be implemented when the original agreement governing the assigned overriding royalty interest is modified or amended. The creditor may release the lien on a portion of the assigned interest to reflect the changes made to the terms and conditions of the agreement. It is crucial to note that the specific terms and conditions of a partial release of lien on an assigned overriding royalty interest in Oklahoma will vary depending on the individual agreement and the negotiations between the parties involved. Parties are advised to consult legal professionals to ensure compliance with applicable laws and regulations.

Keywords: Oklahoma, partial release of lien, assigned overriding royalty interest, types A partial release of lien on an assigned overriding royalty interest in Oklahoma refers to the removal or reduction of a creditor's claim on a specific portion of the assigned overriding royalty interest. This legal action allows the creditor to release their lien on only a portion of the assigned interest, while still maintaining their claim on the remaining portion. In Oklahoma, a partial release of lien on an assigned overriding royalty interest can occur in various scenarios. Here are some of the different types of Oklahoma partial releases of liens on assigned overriding royalty interests: 1. Partial Release for Restricted Portion: This type of partial release occurs when the creditor agrees to release the lien on a specific portion of the assigned overriding royalty interest that is subject to certain restrictions. These restrictions could include a cap on the portion's production or specific conditions related to the underlying agreement. 2. Partial Release for Payment: In this scenario, the partial release occurs when the creditor releases the lien on a portion of the assigned overriding royalty interest in exchange for a specific payment. This could be a lump sum payment or a structured payment plan agreed upon by both parties. 3. Partial Release for Performance: A partial release is granted in situations where the assignor has fulfilled certain obligations or performed specific actions as per the original contract or agreement. Once these conditions are met, the creditor releases the lien on a portion of the assigned overriding royalty interest involved in the completion of such requirements. 4. Partial Release for Reassignment: This type of partial release occurs when the creditor agrees to release the lien on a portion of the assigned overriding royalty interest to facilitate its reassignment or transfer to another party. This could be due to a change in ownership or a negotiated agreement between the current and future assignees. 5. Partial Release for Amending Agreement: In some cases, a partial release of lien may be implemented when the original agreement governing the assigned overriding royalty interest is modified or amended. The creditor may release the lien on a portion of the assigned interest to reflect the changes made to the terms and conditions of the agreement. It is crucial to note that the specific terms and conditions of a partial release of lien on an assigned overriding royalty interest in Oklahoma will vary depending on the individual agreement and the negotiations between the parties involved. Parties are advised to consult legal professionals to ensure compliance with applicable laws and regulations.