Phoenix Arizona Assignment and Conveyance of Overriding Royalty Interest

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• City: Phoenix
• Control #: US-OG-280
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee all of Assignor's overriding royalty interest in a Lease and all oil, gas and other minerals produced, saved and sold from the Lease. Phoenix, Arizona Assignment and Conveyance of Overriding Royalty Interest is a legal agreement that involves the transfer of the rights and interests associated with an overriding royalty interest (ORRIS) in oil, gas, or mineral leases within the Phoenix, Arizona area. This contractual arrangement allows for the allocation of a part of the royalty interest to a third party, referred to as the assignee or conveyed. In this transaction, the assignor or granter, usually the original lessor or someone who previously acquired the overriding royalty interest, transfers a portion or the entirety of their ORRIS to another party, known as the assignee or grantee. The assignor may choose to convey the overriding royalty interest to the assignee for various reasons, including financial gain, diversification of investments, or to simplify their land management responsibilities. The Assignment and Conveyance of Overriding Royalty Interest document outlines the specific terms and conditions of the transfer. It includes information such as the legal description of the mineral lease or leases involved, the percentage or fraction of the ORRIS being conveyed, and the royalty interest payments to be received by the assignee. The agreement may also define any rights or limitations associated with the assignment, including the assignee's ability to further assign or sell the conveyed ORRIS. There are different types of Phoenix, Arizona Assignment and Conveyance of Overriding Royalty Interest, depending on the specific circumstances and objectives of the parties involved. Some common variations include: 1. Partial Assignment: In this type, the assignor transfers only a portion of their ORRIS to the assignee. This allows the assignor to retain a percentage of the royalty interest and continue receiving corresponding payments. 2. Full Assignment: This type involves the complete transfer of the overriding royalty interest from the assignor to the assignee. The assignee assumes full ownership of the ORRIS and is entitled to receive all future royalty payments. 3. Limited Duration Assignment: In some cases, the assignment may be for a limited duration or until a specific condition is met. For example, the assignment might only be effective until a certain revenue threshold is reached or until a certain number of wells have been drilled. 4. Perpetual Assignment: This type of assignment is characterized by the transfer of the overriding royalty interest with no predetermined expiration or condition. The assignee retains the ORRIS indefinitely and receives royalty payments for as long as the mineral lease generates production. In conclusion, the Phoenix, Arizona Assignment and Conveyance of Overriding Royalty Interest is a legal agreement that facilitates the transfer of rights and interests associated with an overriding royalty interest. It allows for the assignee to receive a portion or the entirety of the royalty interest payments in exchange for financial considerations. Various types of assignments exist, including partial, full, limited duration, and perpetual, depending on the objectives of the involved parties.

Phoenix, Arizona Assignment and Conveyance of Overriding Royalty Interest is a legal agreement that involves the transfer of the rights and interests associated with an overriding royalty interest (ORRIS) in oil, gas, or mineral leases within the Phoenix, Arizona area. This contractual arrangement allows for the allocation of a part of the royalty interest to a third party, referred to as the assignee or conveyed. In this transaction, the assignor or granter, usually the original lessor or someone who previously acquired the overriding royalty interest, transfers a portion or the entirety of their ORRIS to another party, known as the assignee or grantee. The assignor may choose to convey the overriding royalty interest to the assignee for various reasons, including financial gain, diversification of investments, or to simplify their land management responsibilities. The Assignment and Conveyance of Overriding Royalty Interest document outlines the specific terms and conditions of the transfer. It includes information such as the legal description of the mineral lease or leases involved, the percentage or fraction of the ORRIS being conveyed, and the royalty interest payments to be received by the assignee. The agreement may also define any rights or limitations associated with the assignment, including the assignee's ability to further assign or sell the conveyed ORRIS. There are different types of Phoenix, Arizona Assignment and Conveyance of Overriding Royalty Interest, depending on the specific circumstances and objectives of the parties involved. Some common variations include: 1. Partial Assignment: In this type, the assignor transfers only a portion of their ORRIS to the assignee. This allows the assignor to retain a percentage of the royalty interest and continue receiving corresponding payments. 2. Full Assignment: This type involves the complete transfer of the overriding royalty interest from the assignor to the assignee. The assignee assumes full ownership of the ORRIS and is entitled to receive all future royalty payments. 3. Limited Duration Assignment: In some cases, the assignment may be for a limited duration or until a specific condition is met. For example, the assignment might only be effective until a certain revenue threshold is reached or until a certain number of wells have been drilled. 4. Perpetual Assignment: This type of assignment is characterized by the transfer of the overriding royalty interest with no predetermined expiration or condition. The assignee retains the ORRIS indefinitely and receives royalty payments for as long as the mineral lease generates production. In conclusion, the Phoenix, Arizona Assignment and Conveyance of Overriding Royalty Interest is a legal agreement that facilitates the transfer of rights and interests associated with an overriding royalty interest. It allows for the assignee to receive a portion or the entirety of the royalty interest payments in exchange for financial considerations. Various types of assignments exist, including partial, full, limited duration, and perpetual, depending on the objectives of the involved parties.