Washington Correction Assignment of Overriding Royalty Interest Correcting Lease Description

• Category: Oil Gas and Minerals - Corrections
• State: Multi-State
• Control #: US-OG-028
• Format: Word; Rich Text

Description

This form is used when it is the intention of the Assignor and the Assignee to correct the description of the Oil and Gas Leases in an Assignment. The Washington Correction Assignment of Overriding Royalty Interest Correcting Lease Description is a legal document used in the state of Washington to amend or correct errors or omissions in an existing lease agreement pertaining to overriding royalty interest. This document is crucial for ensuring accurate and up-to-date information regarding the ownership and distribution of royalties. There are a few different types of Correction Assignment of Overriding Royalty Interest Correcting Lease Description in Washington, depending on the specific purpose of the correction. Some common types include: 1. Correction of Mineral Ownership: This type of correction is used when there is an error in identifying the correct owner of the mineral rights and overriding royalty interests. It involves specifying the correct owner and ensuring that future royalty payments are directed to the rightful party. 2. Correction of Royalty Percentage: In cases where the original lease description incorrectly specifies the royalty percentage to be paid to the overriding royalty interest owner, this type of assignment is used to rectify the error. It involves amending the lease description to reflect the accurate royalty percentage. 3. Correction of Lease Term: Sometimes, there may be mistakes in the lease description regarding the duration or term of the lease agreement. This type of correction is used to rectify any errors or discrepancies in the lease end date, which could affect the calculation and distribution of overriding royalty interest. 4. Correction of Legal Description: In situations where the original lease description contains errors or discrepancies in the legal description of the property, this correction assignment is utilized. It involves providing the accurate legal description to ensure clarity and avoid any confusion in the future. Overall, the Washington Correction Assignment of Overriding Royalty Interest Correcting Lease Description plays a crucial role in rectifying errors, omissions, or discrepancies in lease agreements related to overriding royalty interests. It ensures that all parties involved have accurate information regarding their ownership rights and the distribution of royalties, thereby safeguarding their interests and avoiding potential disputes.

The Washington Correction Assignment of Overriding Royalty Interest Correcting Lease Description is a legal document used in the state of Washington to amend or correct errors or omissions in an existing lease agreement pertaining to overriding royalty interest. This document is crucial for ensuring accurate and up-to-date information regarding the ownership and distribution of royalties. There are a few different types of Correction Assignment of Overriding Royalty Interest Correcting Lease Description in Washington, depending on the specific purpose of the correction. Some common types include: 1. Correction of Mineral Ownership: This type of correction is used when there is an error in identifying the correct owner of the mineral rights and overriding royalty interests. It involves specifying the correct owner and ensuring that future royalty payments are directed to the rightful party. 2. Correction of Royalty Percentage: In cases where the original lease description incorrectly specifies the royalty percentage to be paid to the overriding royalty interest owner, this type of assignment is used to rectify the error. It involves amending the lease description to reflect the accurate royalty percentage. 3. Correction of Lease Term: Sometimes, there may be mistakes in the lease description regarding the duration or term of the lease agreement. This type of correction is used to rectify any errors or discrepancies in the lease end date, which could affect the calculation and distribution of overriding royalty interest. 4. Correction of Legal Description: In situations where the original lease description contains errors or discrepancies in the legal description of the property, this correction assignment is utilized. It involves providing the accurate legal description to ensure clarity and avoid any confusion in the future. Overall, the Washington Correction Assignment of Overriding Royalty Interest Correcting Lease Description plays a crucial role in rectifying errors, omissions, or discrepancies in lease agreements related to overriding royalty interests. It ensures that all parties involved have accurate information regarding their ownership rights and the distribution of royalties, thereby safeguarding their interests and avoiding potential disputes.