Utah Assignment of Overriding Royalty Interest (No Proportionate Reduction) is a legal document that outlines the transfer of a specific percentage of royalties that an individual or entity holds in an oil and gas lease in Utah. This assignment grants the assignee the right to receive a portion of the royalties generated from the production of oil and gas from the assigned interest, without any reduction or proportionate sharing of the royalties. In Utah, there are two main types of Assignment of Overriding Royalty Interest (No Proportionate Reduction): 1. Full Assignment: A full assignment involves the transfer of 100% of the overriding royalty interest from the assignor to the assignee. This means that the assignee will be entitled to the entire specified percentage of royalties generated from the assigned lease. 2. Partial Assignment: A partial assignment refers to the transfer of less than 100% of the overriding royalty interest. In this case, the assignor retains a portion of the interest, while the assignee receives the remaining percentage. The assignee will be entitled to the specified percentage of royalties generated from the assigned lease, while the assignor retains the remainder. The Utah Assignment of Overriding Royalty Interest (No Proportionate Reduction) includes essential details such as the identities of both parties involved, effective date, description of the assigned interest, defined percentage of overriding royalty interest, and any specific terms and conditions agreed upon by the assignor and assignee. It is crucial to consult with an experienced attorney or legal professional when drafting or entering into an Assignment of Overriding Royalty Interest (No Proportionate Reduction) in Utah. This ensures that the document accurately reflects the intentions of both parties and complies with all applicable laws and regulations.
Utah Assignment of Overriding Royalty Interest (No Proportionate Reduction)
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