The Washington Assignment of Overriding Royalty Interest — Short Form is a legally binding document that allows an individual or entity to transfer their rights to receive royalties from oil, gas, or mineral extraction to another party. This type of assignment is commonly used in the energy industry, specifically in Washington state. The Washington Assignment of Overriding Royalty Interest — Short Form is designed to simplify the transfer process by providing a concise and straightforward agreement between the assignor (the party transferring the royalty interest) and the assignee (the party receiving the royalty interest). Some relevant keywords associated with the Washington Assignment of Overriding Royalty Interest — Short Form include: 1. Washington State: This indicates the specific jurisdiction where this type of assignment is applicable, providing a clear understanding of the legal framework within which the assignment operates. 2. Overriding Royalty Interest: This term refers to the interest or entitlement to a percentage or portion of the royalties generated from the extraction or production of oil, gas, or minerals. It is an attractive investment for individuals or companies seeking to profit from energy-related activities. 3. Assignment: The act of transferring rights, interests, or ownership of a property or asset to another party. In the case of the Washington Assignment of Overriding Royalty Interest — Short Form, it refers to the transfer of the assignor's right to receive royalties to the assignee. 4. Oil, Gas, and Mineral Royalties: These royalties are the payments made to the owner of the overriding royalty interest (assignee) based on the production, sale, or extraction of oil, gas, or minerals from a particular property or lease. It's important to note that there may be different variations or types of the Washington Assignment of Overriding Royalty Interest — Short Form, such as specific forms tailored to different industries or entities involved. However, without further information, it is challenging to specify the types or variations available.
Washington Assignment of Overriding Royalty Interest - Short Form
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How to fill out Washington Assignment Of Overriding Royalty Interest - Short Form?
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FAQ
An overriding royalty interest (ORRI) is an interest carved out of a working interest.
ORRIs are created out of the working interest in a property and do not affect mineral owners. An overriding royalty interest (ORRI) is often kept or assigned to a geologist, landman, brokerage, or any entity that was able to reserve an interest in the properties.
If at any time Assignee desires to transfer or dispose of all or any portion of the Overriding Royalty Interest, Assignee must first give to Assignor written notice thereof stating: (a) the amount of the Overriding Royalty Interest offered by Assignee; (b) the form of consideration (which shall be either cash or a ...
An overriding royalty interest (ORRI) is an interest carved out of a working interest. It is: A percentage of gross production that is not charged with any expenses of exploring, developing, producing, and operating a well.
Overriding Royalty Interest: A given interest severed out of the record title interest or lessee's share of the oil, and not charged with any of the cost or expense of developing or operation. The interest provides no control over the operations of the lease, only revenue from lease production.
Overriding Royalty Interest Conveyance means an assignment, in form and substance acceptable to Lender, pursuant to which Borrower grants in favor of Lender an overriding royalty interest equal to six and one-fourth percent (6.25%) of Hydrocarbons produced, saved and sold or used off the premises of the relevant Lease, ...
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
