Clark Nevada Assignment of Overriding Royalty Interest with Proportionate Reduction

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• County: Clark
• Control #: US-OG-282
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in a lease which may be proportionately reduced. Keyword: Clark Nevada Assignment of Overriding Royalty Interest with Proportionate Reduction Description: The Clark Nevada Assignment of Overriding Royalty Interest with Proportionate Reduction is a legal agreement that allows for the transfer of all or a portion of the overriding royalty interest (ORRIS) in an oil and gas lease situated in Clark, Nevada. This type of assignment is often utilized in the oil and gas industry when the original overriding royalty interest holder wants to sell or assign a portion or the entirety of their interest to another party. An overriding royalty interest (ORRIS) grants the interest holder the right to a percentage of the revenue generated from the production of oil and gas on the leased property. By entering into an assignment agreement, the assigning party relinquishes their interest and transfers it to the assignee, who then assumes the rights and responsibilities associated with the ORRIS. The Clark Nevada Assignment of Overriding Royalty Interest with Proportionate Reduction may have different types depending on the specific terms and conditions agreed upon by both parties. Some common variations include: 1. Full Assignment: This type of assignment involves the transfer of the entire overriding royalty interest to the assignee. The assignee becomes the sole recipient of the revenue generated from the lease's oil and gas production. 2. Partial Assignment: In a partial assignment, the assigning party transfers only a portion of their ORRIS to the assignee. The percentage of the ORRIS assigned may vary based on the negotiated terms and conditions. 3. Proportionate Reduction: This provision is included in the assignment agreement to address situations where the total ORRIS is divided among multiple assignees. It ensures that each assignee maintains a proportionate share of the total ORRIS, and any changes to the ORRIS percentage will proportionally affect all assignees. It is important to note that the terms and conditions of the Clark Nevada Assignment of Overriding Royalty Interest with Proportionate Reduction may vary in each agreement. These agreements are typically drafted by legal professionals familiar with oil and gas lease transactions to ensure the rights and interests of all parties involved are protected. In conclusion, the Clark Nevada Assignment of Overriding Royalty Interest with Proportionate Reduction is a legal instrument that allows for the transfer of overriding royalty interest in an oil and gas lease located in Clark, Nevada. The assignment may be full or partial, and it may include a provision for proportionate reduction in case of multiple assignees.

Keyword: Clark Nevada Assignment of Overriding Royalty Interest with Proportionate Reduction Description: The Clark Nevada Assignment of Overriding Royalty Interest with Proportionate Reduction is a legal agreement that allows for the transfer of all or a portion of the overriding royalty interest (ORRIS) in an oil and gas lease situated in Clark, Nevada. This type of assignment is often utilized in the oil and gas industry when the original overriding royalty interest holder wants to sell or assign a portion or the entirety of their interest to another party. An overriding royalty interest (ORRIS) grants the interest holder the right to a percentage of the revenue generated from the production of oil and gas on the leased property. By entering into an assignment agreement, the assigning party relinquishes their interest and transfers it to the assignee, who then assumes the rights and responsibilities associated with the ORRIS. The Clark Nevada Assignment of Overriding Royalty Interest with Proportionate Reduction may have different types depending on the specific terms and conditions agreed upon by both parties. Some common variations include: 1. Full Assignment: This type of assignment involves the transfer of the entire overriding royalty interest to the assignee. The assignee becomes the sole recipient of the revenue generated from the lease's oil and gas production. 2. Partial Assignment: In a partial assignment, the assigning party transfers only a portion of their ORRIS to the assignee. The percentage of the ORRIS assigned may vary based on the negotiated terms and conditions. 3. Proportionate Reduction: This provision is included in the assignment agreement to address situations where the total ORRIS is divided among multiple assignees. It ensures that each assignee maintains a proportionate share of the total ORRIS, and any changes to the ORRIS percentage will proportionally affect all assignees. It is important to note that the terms and conditions of the Clark Nevada Assignment of Overriding Royalty Interest with Proportionate Reduction may vary in each agreement. These agreements are typically drafted by legal professionals familiar with oil and gas lease transactions to ensure the rights and interests of all parties involved are protected. In conclusion, the Clark Nevada Assignment of Overriding Royalty Interest with Proportionate Reduction is a legal instrument that allows for the transfer of overriding royalty interest in an oil and gas lease located in Clark, Nevada. The assignment may be full or partial, and it may include a provision for proportionate reduction in case of multiple assignees.