The form is used when the Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all of the oil, gas and other minerals produced, saved and marketed from the Lease equal to a pecentage of 8/8 (the Override ).
Wake North Carolina Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction: A Wake North Carolina Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner refers to the transfer of ownership or rights to receive payments from an overriding royalty interest (ORRIS) in oil, gas, or mineral leases located in Wake County, North Carolina. An overriding royalty interest is a non-participating interest, held by someone other than the leasehold interest owner, that grants the right to receive a portion of the revenue generated from the production and sale of minerals. When an overriding royalty interest owner decides to assign their interest, they can enter into an agreement with another party, typically an individual or a company, to transfer the rights and benefits associated with the ORRIS. This Assignment document outlines the terms of the transfer, including the consideration or compensation exchanged, legal descriptions of the affected properties, and any specific conditions or provisions agreed upon by the parties involved. One important aspect of this Assignment is the "No Proportionate Reduction" clause. This clause ensures that the overriding royalty interest holder's share of revenue will not be reduced proportionately if there are subsequent conveyances or assignments of interests within the leased properties. In other words, the overriding royalty interest owner will continue to receive their agreed-upon percentage of the revenue generated, regardless of any changes in ownership or assignments made by others. Different types of Wake North Carolina Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction may include assignments related to specific oil, gas, or mineral leases within Wake County. These assignments can occur in various scenarios, such as when an overriding royalty interest owner wants to consolidate their interests, monetize their ORRIS, or transfer their rights due to personal or financial reasons. Keywords: Wake North Carolina, Assignment, Overriding Royalty Interest, Royalty Interest Owner, No Proportionate Reduction, oil leases, gas leases, mineral leases, ORRIS, revenue, compensation, legal descriptions, properties, ownership transfer, assignments, consolidate interests, monetize, transfer rights.Wake North Carolina Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction: A Wake North Carolina Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner refers to the transfer of ownership or rights to receive payments from an overriding royalty interest (ORRIS) in oil, gas, or mineral leases located in Wake County, North Carolina. An overriding royalty interest is a non-participating interest, held by someone other than the leasehold interest owner, that grants the right to receive a portion of the revenue generated from the production and sale of minerals. When an overriding royalty interest owner decides to assign their interest, they can enter into an agreement with another party, typically an individual or a company, to transfer the rights and benefits associated with the ORRIS. This Assignment document outlines the terms of the transfer, including the consideration or compensation exchanged, legal descriptions of the affected properties, and any specific conditions or provisions agreed upon by the parties involved. One important aspect of this Assignment is the "No Proportionate Reduction" clause. This clause ensures that the overriding royalty interest holder's share of revenue will not be reduced proportionately if there are subsequent conveyances or assignments of interests within the leased properties. In other words, the overriding royalty interest owner will continue to receive their agreed-upon percentage of the revenue generated, regardless of any changes in ownership or assignments made by others. Different types of Wake North Carolina Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction may include assignments related to specific oil, gas, or mineral leases within Wake County. These assignments can occur in various scenarios, such as when an overriding royalty interest owner wants to consolidate their interests, monetize their ORRIS, or transfer their rights due to personal or financial reasons. Keywords: Wake North Carolina, Assignment, Overriding Royalty Interest, Royalty Interest Owner, No Proportionate Reduction, oil leases, gas leases, mineral leases, ORRIS, revenue, compensation, legal descriptions, properties, ownership transfer, assignments, consolidate interests, monetize, transfer rights.
