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 ).
Los Angeles, California is a vibrant city located in the southern part of the state of California. Known for its glitz and glamour, it is a hub for entertainment, culture, tourism, and business. Los Angeles is home to many iconic landmarks such as the Hollywood Sign, Hollywood Walk of Fame, Universal Studios, and the Griffith Observatory. In the realm of oil and gas leases, an Assignment of Overriding Royalty Interest (ORRIS) for a Single Lease in Los Angeles, California involves the transfer of a portion of the royalty interest from one party to another. This assignment can be subject to a proportionate reduction, which means that the assigned ORRIS will be reduced in proportion to the overall production or revenue generated from the lease. There are different types of Los Angeles, California Assignment of Overriding Royalty Interest for Single Lease — Proportionate Reduction, categorized based on their specific terms and conditions. Some of these types may include: 1. Fixed Reduction Assignments: In this type of assignment, the proportionate reduction is pre-determined and fixed. It could be a specific percentage or a set volume of production that will be reduced. 2. Variable Reduction Assignments: Unlike fixed reduction assignments, variable reduction assignments allow for more flexibility. The reduction percentage or volume may be adjusted based on factors such as the overall production levels, market conditions, or specific lease terms. 3. Time-Based Reduction Assignments: These assignments specify a predetermined period during which the proportionate reduction will be applicable. For example, the reduction may be in effect for the first five years of the lease, after which it will be lifted. 4. Production-Dependent Reduction Assignments: In this type of assignment, the proportionate reduction is tied directly to the production levels from the lease. If the production exceeds a certain threshold, the reduction may be lifted or reduced further. 5. Revenue-Based Reduction Assignments: These types of assignments consider the revenue generated from the lease rather than the production volume. The reduction may be based on a percentage of the total revenue earned. It is essential to carefully review the terms and conditions of specific Los Angeles, California Assignment of Overriding Royalty Interest for Single Lease — Proportionate Reduction agreements to understand the exact nature and scope of the assignment. Legal assistance is highly recommended ensuring compliance with applicable laws and to protect the rights and interests of all involved parties.Los Angeles, California is a vibrant city located in the southern part of the state of California. Known for its glitz and glamour, it is a hub for entertainment, culture, tourism, and business. Los Angeles is home to many iconic landmarks such as the Hollywood Sign, Hollywood Walk of Fame, Universal Studios, and the Griffith Observatory. In the realm of oil and gas leases, an Assignment of Overriding Royalty Interest (ORRIS) for a Single Lease in Los Angeles, California involves the transfer of a portion of the royalty interest from one party to another. This assignment can be subject to a proportionate reduction, which means that the assigned ORRIS will be reduced in proportion to the overall production or revenue generated from the lease. There are different types of Los Angeles, California Assignment of Overriding Royalty Interest for Single Lease — Proportionate Reduction, categorized based on their specific terms and conditions. Some of these types may include: 1. Fixed Reduction Assignments: In this type of assignment, the proportionate reduction is pre-determined and fixed. It could be a specific percentage or a set volume of production that will be reduced. 2. Variable Reduction Assignments: Unlike fixed reduction assignments, variable reduction assignments allow for more flexibility. The reduction percentage or volume may be adjusted based on factors such as the overall production levels, market conditions, or specific lease terms. 3. Time-Based Reduction Assignments: These assignments specify a predetermined period during which the proportionate reduction will be applicable. For example, the reduction may be in effect for the first five years of the lease, after which it will be lifted. 4. Production-Dependent Reduction Assignments: In this type of assignment, the proportionate reduction is tied directly to the production levels from the lease. If the production exceeds a certain threshold, the reduction may be lifted or reduced further. 5. Revenue-Based Reduction Assignments: These types of assignments consider the revenue generated from the lease rather than the production volume. The reduction may be based on a percentage of the total revenue earned. It is essential to carefully review the terms and conditions of specific Los Angeles, California Assignment of Overriding Royalty Interest for Single Lease — Proportionate Reduction agreements to understand the exact nature and scope of the assignment. Legal assistance is highly recommended ensuring compliance with applicable laws and to protect the rights and interests of all involved parties.
