This form is used when an Assignor assigns, transfers, and conveys to Assignee an overriding royalty interest in the Lease and all of the oil and gas produced, saved and marketed from the Lease, out of the interest owned by Assignor, with proportionate reduction (the Override ).
The Franklin Ohio Assignment of Overriding Royalty Interest for Single Lease — Proportionate Reduction is a legal document that pertains to the transfer of a portion of the overriding royalty interest (ORRIS) associated with a single lease in Franklin, Ohio. This assignment allows individuals or entities to assign a specific percentage or proportionate reduction of their ORRIS to another party. In Franklin, Ohio, there may be various types of Assignment of Overriding Royalty Interest for Single Lease — Proportionate Reduction, each pertaining to specific conditions or situations. Some of these types could include: 1. Partial Assignment of Overriding Royalty Interest: This type of assignment involves transferring only a portion or percentage of the ORRIS associated with the single lease. It allows the assignor to maintain partial ownership and rights over the royalty interest, while sharing the benefits with the assignee. 2. Temporary Assignment of Overriding Royalty Interest: In certain circumstances, individuals or entities may need to temporarily assign their ORRIS to another party. This temporary assignment can be for a specific period or until certain conditions are met. It offers flexibility and allows for the temporary transfer of rights and benefits. 3. Percentage-Based Assignment of Overriding Royalty Interest: This type of assignment involves the transfer of a specific percentage of the ORRIS associated with the single lease. The assignor and assignee agree upon the exact percentage, which determines the proportionate reduction of the royalty interest. 4. Event-Based Assignment of Overriding Royalty Interest: In some cases, an Assignment of Overriding Royalty Interest for Single Lease — Proportionate Reduction may be triggered by specific events. For example, if a certain production threshold is reached, the assignor may be required to assign a proportionate reduction of their ORRIS to an assignee. It is important to understand the terms and conditions of the Franklin Ohio Assignment of Overriding Royalty Interest for Single Lease — Proportionate Reduction, as it outlines the rights, obligations, and limitations of both the assignor and assignee. This document ensures the seamless transfer of ORRIS ownership and the fair sharing of benefits and responsibilities associated with the single lease in Franklin, Ohio.
