This form is used when the Assignor transfers, assigns, and conveys to Assignee, as a production payment, a percentage of 8/8 of all oil, gas, and other minerals produced and saved from the Lands under the terms of the Lease and any renewals or extensions of the Lease which are obtained by Assignor or Assignor's successors and/or assigns.
Utah Assignment of Production Payment by Lessee to Third Party is a legal document that allows for the transfer of the right to receive production payments from a lessee to a third party in the state of Utah. This assignment enables the lessee to assign their rights to another party, providing them with the ability to collect production payments on their behalf. In Utah, there are different types of Assignment of Production Payment by Lessee to Third Party, each tailored to specific circumstances: 1. Absolute Assignment: This type of assignment completely transfers all rights and ownership of the production payments from the lessee to the third party. The assignee assumes full control over the payments, including the right to collect, enforce, and receive any future proceeds. 2. Partial Assignment: With this type of assignment, the lessee transfers only a portion of their rights to the third party. The assignee receives a specified percentage or fixed amount of the production payments, while the lessee retains the remaining portion. 3. Temporary Assignment: In certain situations, a lessee may choose to temporarily assign their production payment rights to a third party. This assignment allows for the third party to collect and receive the payments for a specified duration, after which the rights revert to the lessee. 4. Revocable Assignment: This assignment type allows the lessee to revoke or cancel the assignment at their discretion. The third party only holds the rights to collect and receive the production payments until the lessee revokes the agreement. The Utah Assignment of Production Payment by Lessee to Third Party is an important legal tool that enables lessees to transfer their rights to a third party, allowing for the efficient management and collection of production payments. Whether it is a complete or partial assignment, temporary or revocable, this document provides a framework for the lawful transfer of these crucial financial rights in the state of Utah.
