This form is used when Assignor assigns, sells, and conveys to Assignee an undivided % of all of Assignor's rights, title and interests in an Oil and Gas Lease. This Assignment covers and includes a like interest in all equipment and fixtures located on the Lease.
Franklin Ohio Assignment of Undivided Interest in Producing Lease is a legal document that transfers the ownership rights of an undivided interest in a lease for oil, gas, or mineral production located in Franklin, Ohio. This document outlines the terms and conditions of the assignment, including the percentage of interest being assigned, the specific lease involved, and the responsibilities of the assignor and assignee. Keywords: Franklin Ohio, Assignment of Undivided Interest, Producing Lease, oil, gas, mineral production Types of Franklin Ohio Assignment of Undivided Interest in Producing Lease: 1. Partial Assignment: This type of assignment transfers a specific percentage or fraction of the undivided interest in the lease. It allows the assignor to retain a portion of the original interest while transferring the remaining portion to the assignee. 2. Full Assignment: In a full assignment, the entire undivided interest in the producing lease is transferred from the assignor to the assignee. This means that the assignee assumes complete ownership and responsibility for the assigned interest. 3. Temporary Assignment: Sometimes, an undivided interest in a producing lease may be assigned temporarily, for a specific duration or purpose. This type of assignment grants the assignee the rights to the assigned interest for a defined period, after which the ownership reverts to the assignor. 4. Permanent Assignment: A permanent assignment entails the transfer of the undivided interest in the producing lease without any time limitations. The assignee gains permanent ownership and rights over the assigned interest, while the assignor relinquishes any claim to it. 5. Assignment with Operating Agreement: This type of assignment includes an operating agreement between the assignor and assignee. The agreement outlines the roles, responsibilities, and obligations of each party regarding the operation and management of the leased property. 6. Assignment with Royalty Interest: In some cases, the assignment of an undivided interest in a producing lease may also involve the transfer of a royalty interest. A royalty interest grants the assignee the right to receive a percentage of the revenue generated from the production of oil, gas, or minerals on the leased property. In conclusion, the Franklin Ohio Assignment of Undivided Interest in Producing Lease is a legal document that facilitates the transfer of ownership rights for a specified portion of a lease for oil, gas, or mineral production in Franklin, Ohio. Understanding the different types of assignments can help parties involved in the transaction effectively navigate and negotiate the terms of the agreement.
