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.
Lima, Arizona Assignment of Undivided Interest in Producing Lease is a legal document that allows the transfer of ownership rights in an oil or gas lease in Lima, Arizona. This assignment typically involves the assignment of a portion or share of the lease to another party, known as the assignee. The assignee then gains the right to receive a corresponding share of the revenue generated from the production of oil or gas on the leased property. Keywords: Lima, Arizona, Assignment of Undivided Interest, Producing Lease, oil, gas, ownership rights, transfer, assignee, revenue, leased property. There are several types of Lima, Arizona Assignment of Undivided Interest in Producing Lease that can be specified based on the terms and conditions of the assignment. Some common types include: 1. Partial Assignment: This type of assignment involves the transfer of a specific percentage or fractional interest in the lease to the assignee. The assignor retains ownership of the remaining interest in the lease. 2. Full Assignment: In a full assignment, the assignor transfers their entire interest in the producing lease to the assignee. This means that the assignee becomes the sole owner of the lease and is entitled to all the revenue generated from the leased property. 3. Temporary Assignment: Sometimes, an assignment may be temporary rather than permanent. This type of assignment allows the assignee to receive the assigned interest in revenue for a specified period. Once the period expires, the ownership rights revert to the assignor. 4. Assignment with Rights of Survivorship: In this type of assignment, the assignor and assignee hold joint ownership interests, and upon the death of either party, the surviving party automatically inherits the deceased party's interest in the lease. 5. Assignment with Surface Rights: In certain cases, an assignment not only involves the transfer of the interest in producing lease but also includes the transfer of surface rights. This allows the assignee to access and utilize the surface of the leased property for activities such as drilling and extraction. It is important to note that the specific terms and conditions of the assignment of undivided interest in producing lease may vary depending on the parties involved and the specific requirements of the lease agreement. It is advisable to consult with legal professionals familiar with Lima, Arizona laws to ensure compliance and accuracy in drafting and executing such assignments.
