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 ).
A Harris Texas Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction refers to a legal document that transfers a portion of the royalty interest from one party to another in relation to a single lease agreement in Harris County, Texas. This type of assignment typically involves a proportionate reduction of the overriding royalty interest. In Harris County, Texas, there may be various types of assignments of overriding royalty interest for single leases with proportionate reduction. Some of these types could include: 1. Voluntary Assignment: This occurs when the owner of the overriding royalty interest willingly transfers a portion of their interest to another party. This could happen for various reasons, such as the need for immediate cash or consolidation of ownership. 2. Involuntary Assignment: In some cases, a court or legal authority might order the assignment of overriding royalty interest due to legal disputes, bankruptcy, or other legal proceedings. This type of assignment is not voluntary and is imposed by a higher authority. 3. Partial Assignment: A partial assignment of overriding royalty interest involves the transfer of only a portion of the existing interest. The assigning party retains a proportionate interest while transferring the remaining portion. 4. Temporary Assignment: Sometimes, overriding royalty interests are assigned temporarily to another party for a specific period or purpose. This could include situations where the assigning party wants to share the benefits of the royalty interest temporarily without permanently transferring ownership. 5. Permanent Assignment: In contrast to temporary assignments, a permanent assignment involves the complete transfer of the overriding royalty interest from one party to another. The assigning party no longer holds any interest in the royalty. The Harris Texas Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a comprehensive legal document that outlines the terms, conditions, and considerations of the assignment. It includes details such as the names and contact information of the assigning and receiving parties, the percentage or portion of the overriding royalty interest being assigned, the effective date of the assignment, and any restrictions or limitations on the assignment. This document is crucial for maintaining transparency and legality in the transfer of overriding royalty interest in Harris County, Texas. It ensures that both parties understand their rights and obligations regarding the assigned interest. It is advisable to seek legal assistance or consult with experts in oil and gas law to ensure compliance with local regulations and to protect the interests of all parties involved.A Harris Texas Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction refers to a legal document that transfers a portion of the royalty interest from one party to another in relation to a single lease agreement in Harris County, Texas. This type of assignment typically involves a proportionate reduction of the overriding royalty interest. In Harris County, Texas, there may be various types of assignments of overriding royalty interest for single leases with proportionate reduction. Some of these types could include: 1. Voluntary Assignment: This occurs when the owner of the overriding royalty interest willingly transfers a portion of their interest to another party. This could happen for various reasons, such as the need for immediate cash or consolidation of ownership. 2. Involuntary Assignment: In some cases, a court or legal authority might order the assignment of overriding royalty interest due to legal disputes, bankruptcy, or other legal proceedings. This type of assignment is not voluntary and is imposed by a higher authority. 3. Partial Assignment: A partial assignment of overriding royalty interest involves the transfer of only a portion of the existing interest. The assigning party retains a proportionate interest while transferring the remaining portion. 4. Temporary Assignment: Sometimes, overriding royalty interests are assigned temporarily to another party for a specific period or purpose. This could include situations where the assigning party wants to share the benefits of the royalty interest temporarily without permanently transferring ownership. 5. Permanent Assignment: In contrast to temporary assignments, a permanent assignment involves the complete transfer of the overriding royalty interest from one party to another. The assigning party no longer holds any interest in the royalty. The Harris Texas Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a comprehensive legal document that outlines the terms, conditions, and considerations of the assignment. It includes details such as the names and contact information of the assigning and receiving parties, the percentage or portion of the overriding royalty interest being assigned, the effective date of the assignment, and any restrictions or limitations on the assignment. This document is crucial for maintaining transparency and legality in the transfer of overriding royalty interest in Harris County, Texas. It ensures that both parties understand their rights and obligations regarding the assigned interest. It is advisable to seek legal assistance or consult with experts in oil and gas law to ensure compliance with local regulations and to protect the interests of all parties involved.
