This form is used when an Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all oil, gas, and other minerals produced, saved, and marketed from the Lands and Leases equal to a percentage of 8/8 (the Override ).
Allegheny Pennsylvania is a county located in the state of Pennsylvania, United States. It is home to numerous oil and gas production activities and is known for its rich natural resources. The Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a legal document commonly used in the oil and gas industry. It is designed to transfer the rights to the overriding royalty interest from one party to another, without any reduction in proportionate shares among multiple leases. This assignment form is particularly useful when there are multiple leases involved, and the parties want to ensure that the proportionate distribution of the overriding royalty interest remains unchanged. It provides a detailed framework for transferring the interest, including specific provisions related to the identification of the leases, the effective date of the assignment, and the parties involved. Some key elements covered in this long-form assignment document may include: 1. Parties Involved: The assignment document typically outlines the names and contact information of the assignor (the party transferring the overriding royalty interest) and the assignee (the party receiving the interest). 2. Description of Leases: The document will provide a comprehensive description of the leases being assigned, including their legal descriptions, lease numbers, and other relevant details. 3. Assignment Terms: This section outlines the terms and conditions of the assignment, including the effective date of transfer, any obligations or responsibilities of the assignee, and any limitations or restrictions on the assignment. 4. No Proportionate Reduction Clause: One of the main purposes of this long-form assignment is to ensure that there is no reduction in the proportionate shares of the overriding royalty interest among the multiple leases. This clause states that each lease's royalty interest will remain intact, preserving the original distribution percentages among the leases. 5. Consideration: The assignment document may include provisions related to the consideration or payment made for the overriding royalty interest. This can include a lump sum payment, periodic payments, or other arrangements as agreed upon by the parties involved. 6. Covenants and Representations: The document may also include various covenants and representations made by the parties, such as warranties of ownership, authority to assign, and indemnification clauses. 7. Governing Law and Jurisdiction: The assignment will typically specify the governing law that will apply to the document and outline the jurisdiction where any disputes or legal actions related to the assignment will be resolved. Different types or variations of the Allegheny Pennsylvania Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form may exist, depending on specific industry requirements, contractual arrangements, or additional provisions desired by the parties involved. It is crucial to ensure that the assignment document is carefully drafted, reviewed, and executed in compliance with applicable laws and regulations.Allegheny Pennsylvania is a county located in the state of Pennsylvania, United States. It is home to numerous oil and gas production activities and is known for its rich natural resources. The Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a legal document commonly used in the oil and gas industry. It is designed to transfer the rights to the overriding royalty interest from one party to another, without any reduction in proportionate shares among multiple leases. This assignment form is particularly useful when there are multiple leases involved, and the parties want to ensure that the proportionate distribution of the overriding royalty interest remains unchanged. It provides a detailed framework for transferring the interest, including specific provisions related to the identification of the leases, the effective date of the assignment, and the parties involved. Some key elements covered in this long-form assignment document may include: 1. Parties Involved: The assignment document typically outlines the names and contact information of the assignor (the party transferring the overriding royalty interest) and the assignee (the party receiving the interest). 2. Description of Leases: The document will provide a comprehensive description of the leases being assigned, including their legal descriptions, lease numbers, and other relevant details. 3. Assignment Terms: This section outlines the terms and conditions of the assignment, including the effective date of transfer, any obligations or responsibilities of the assignee, and any limitations or restrictions on the assignment. 4. No Proportionate Reduction Clause: One of the main purposes of this long-form assignment is to ensure that there is no reduction in the proportionate shares of the overriding royalty interest among the multiple leases. This clause states that each lease's royalty interest will remain intact, preserving the original distribution percentages among the leases. 5. Consideration: The assignment document may include provisions related to the consideration or payment made for the overriding royalty interest. This can include a lump sum payment, periodic payments, or other arrangements as agreed upon by the parties involved. 6. Covenants and Representations: The document may also include various covenants and representations made by the parties, such as warranties of ownership, authority to assign, and indemnification clauses. 7. Governing Law and Jurisdiction: The assignment will typically specify the governing law that will apply to the document and outline the jurisdiction where any disputes or legal actions related to the assignment will be resolved. Different types or variations of the Allegheny Pennsylvania Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form may exist, depending on specific industry requirements, contractual arrangements, or additional provisions desired by the parties involved. It is crucial to ensure that the assignment document is carefully drafted, reviewed, and executed in compliance with applicable laws and regulations.
