Rhode Island 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. Rhode Island Partial Release of Lien on Assigned Overriding Royalty Interest: A Rhode Island Partial Release of Lien on Assigned Overriding Royalty Interest is a legal document that allows a party to release a portion of their interest in the overriding royalty interest (ORRIS) that they previously assigned as collateral for a loan or debt. By doing so, the holder of the ORRIS can regain partial ownership and control over their assigned interest. This type of release is commonly used in the oil and gas industry, where parties assign their ORRIS to secure financing for exploration and production activities. The partial release of lien enables the party to partially reduce their debt obligation or free up their previously assigned ORRIS that may no longer be necessary as collateral. When filing for a Rhode Island Partial Release of Lien on Assigned Overriding Royalty Interest, it is essential to include relevant information such as the legal description of the property, details of the original assignment, and the specific portion of the ORRIS being released. The document should be executed by both the assignor and the assignee and may require notarization for legal validity. Different types of Rhode Island Partial Release of Lien on Assigned Overriding Royalty Interest can include: 1. Partial Release of Lien on Assigned Overriding Royalty Interest for Oil Leases: This type of release specifically pertains to the assignment of ORRIS on oil leases in Rhode Island. It allows the assignor to release a portion of their assigned ORRIS on a specific lease, either due to a reduced debt or reevaluation of collateral requirements. 2. Partial Release of Lien on Assigned Overriding Royalty Interest for Gas Leases: Similar to the oil lease release, this type of partial release of lien applies specifically to gas leases. It allows the party to regain partial ownership over their ORRIS on a gas lease by releasing a specific portion of their assigned interest. 3. Partial Release of Lien on Assigned Overriding Royalty Interest for Multiple Leases: In cases where an assignor has assigned their ORRIS on multiple leases, this type of release enables them to release a portion of their interest across various leases. This can be beneficial when the assigned ORRIS exceeds the required collateral amount for all leases combined. When dealing with a Rhode Island Partial Release of Lien on Assigned Overriding Royalty Interest, it is crucial to consult with legal professionals experienced in oil and gas agreements and property law to ensure the document's accuracy and compliance with relevant regulations.

Rhode Island Partial Release of Lien on Assigned Overriding Royalty Interest: A Rhode Island Partial Release of Lien on Assigned Overriding Royalty Interest is a legal document that allows a party to release a portion of their interest in the overriding royalty interest (ORRIS) that they previously assigned as collateral for a loan or debt. By doing so, the holder of the ORRIS can regain partial ownership and control over their assigned interest. This type of release is commonly used in the oil and gas industry, where parties assign their ORRIS to secure financing for exploration and production activities. The partial release of lien enables the party to partially reduce their debt obligation or free up their previously assigned ORRIS that may no longer be necessary as collateral. When filing for a Rhode Island Partial Release of Lien on Assigned Overriding Royalty Interest, it is essential to include relevant information such as the legal description of the property, details of the original assignment, and the specific portion of the ORRIS being released. The document should be executed by both the assignor and the assignee and may require notarization for legal validity. Different types of Rhode Island Partial Release of Lien on Assigned Overriding Royalty Interest can include: 1. Partial Release of Lien on Assigned Overriding Royalty Interest for Oil Leases: This type of release specifically pertains to the assignment of ORRIS on oil leases in Rhode Island. It allows the assignor to release a portion of their assigned ORRIS on a specific lease, either due to a reduced debt or reevaluation of collateral requirements. 2. Partial Release of Lien on Assigned Overriding Royalty Interest for Gas Leases: Similar to the oil lease release, this type of partial release of lien applies specifically to gas leases. It allows the party to regain partial ownership over their ORRIS on a gas lease by releasing a specific portion of their assigned interest. 3. Partial Release of Lien on Assigned Overriding Royalty Interest for Multiple Leases: In cases where an assignor has assigned their ORRIS on multiple leases, this type of release enables them to release a portion of their interest across various leases. This can be beneficial when the assigned ORRIS exceeds the required collateral amount for all leases combined. When dealing with a Rhode Island Partial Release of Lien on Assigned Overriding Royalty Interest, it is crucial to consult with legal professionals experienced in oil and gas agreements and property law to ensure the document's accuracy and compliance with relevant regulations.