Wake North Carolina Assignment of Overriding Royalty Interest - Short Form

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• County: Wake
• Control #: US-OG-031
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee all of Assignor's overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease and Land. A Wake North Carolina Assignment of Overriding Royalty Interest — Short Form is a legal document that outlines the transfer of the rights to receive royalties from an oil, gas, or mineral lease. It is commonly used in the energy industry to facilitate the transfer of interests between parties. This assignment document serves as evidence of the transfer of overriding royalty interests (ORRIS) from one party, known as the assignor, to another party, known as the assignee. An ORRIS is a type of royalty interest that is carved out of the lessee's working interest. It entitles the interest holder to a percentage share of the revenue generated from the production and sale of oil, gas, or minerals. The Wake North Carolina Assignment of Overriding Royalty Interest — Short Form generally includes various important sections, such as: 1. Parties: It identifies the assignor and assignee by their names and contact information. Additional details, such as their legal entities or representative capacities, may also be provided. 2. Recitals: This section provides a brief background regarding the assignment, along with any necessary legal statements or explanations. 3. Assignment Clause: Here, the assignor formally transfers their overriding royalty interest to the assignee. This section defines the percentage interest being assigned and may include specific terms and conditions agreed upon by both parties. 4. Consideration: The assignment document typically includes details about the consideration for the assignment. This may involve a monetary payment, property exchange, or other agreed-upon forms of compensation. 5. Governing Law: The document may specify the jurisdiction and laws that govern the assignment, which, in this case, would be Wake County in North Carolina. Different types of Wake North Carolina Assignment of Overriding Royalty Interest — Short Form may exist depending on specific variations or additional clauses included by the parties. Some potential variations may involve provisions related to: 1. Limitations or restrictions on the assignment or further transfers of the overriding royalty interest. 2. Conditions precedent or after the assignment, such as required approvals, consents, or waivers. 3. Rights and obligations of each party regarding the operation, maintenance, or taxation of the underlying lease. 4. Indemnifications and warranties made by the assignor to the assignee, ensuring the validity of the assignment and protecting against any claims or disputes over the royalty interest. In conclusion, a Wake North Carolina Assignment of Overriding Royalty Interest — Short Form refers to a legal document used to transfer overriding royalty interests related to oil, gas, or mineral leases. By engaging in such assignments, parties can effectively transfer their entitlement to royalties and manage their interests in these valuable assets.

A Wake North Carolina Assignment of Overriding Royalty Interest — Short Form is a legal document that outlines the transfer of the rights to receive royalties from an oil, gas, or mineral lease. It is commonly used in the energy industry to facilitate the transfer of interests between parties. This assignment document serves as evidence of the transfer of overriding royalty interests (ORRIS) from one party, known as the assignor, to another party, known as the assignee. An ORRIS is a type of royalty interest that is carved out of the lessee's working interest. It entitles the interest holder to a percentage share of the revenue generated from the production and sale of oil, gas, or minerals. The Wake North Carolina Assignment of Overriding Royalty Interest — Short Form generally includes various important sections, such as: 1. Parties: It identifies the assignor and assignee by their names and contact information. Additional details, such as their legal entities or representative capacities, may also be provided. 2. Recitals: This section provides a brief background regarding the assignment, along with any necessary legal statements or explanations. 3. Assignment Clause: Here, the assignor formally transfers their overriding royalty interest to the assignee. This section defines the percentage interest being assigned and may include specific terms and conditions agreed upon by both parties. 4. Consideration: The assignment document typically includes details about the consideration for the assignment. This may involve a monetary payment, property exchange, or other agreed-upon forms of compensation. 5. Governing Law: The document may specify the jurisdiction and laws that govern the assignment, which, in this case, would be Wake County in North Carolina. Different types of Wake North Carolina Assignment of Overriding Royalty Interest — Short Form may exist depending on specific variations or additional clauses included by the parties. Some potential variations may involve provisions related to: 1. Limitations or restrictions on the assignment or further transfers of the overriding royalty interest. 2. Conditions precedent or after the assignment, such as required approvals, consents, or waivers. 3. Rights and obligations of each party regarding the operation, maintenance, or taxation of the underlying lease. 4. Indemnifications and warranties made by the assignor to the assignee, ensuring the validity of the assignment and protecting against any claims or disputes over the royalty interest. In conclusion, a Wake North Carolina Assignment of Overriding Royalty Interest — Short Form refers to a legal document used to transfer overriding royalty interests related to oil, gas, or mineral leases. By engaging in such assignments, parties can effectively transfer their entitlement to royalties and manage their interests in these valuable assets.