Bronx New York Assignment of Overriding Royalty Interest to Become Effective At Payout, With Payout Based on Volume of Oil Produced

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• County: Bronx
• Control #: US-OG-283
• 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, to be effective at payout. Bronx New York, also known as the Bronx, is one of the five boroughs of New York City. It is located in the northernmost part of the city and is the only borough that is primarily situated on the mainland. The Bronx is home to a diverse population and is known for its rich history, cultural attractions, and vibrant neighborhoods. An Assignment of Overriding Royalty Interest to Become Effective At Payout is a legal contract that transfers the right to a portion of the royalties from oil production to another party. In this case, the payout is based on the volume of oil produced. The assignment becomes effective once the oil production reaches a certain threshold, known as the payout point. There are various types of Bronx New York Assignment of Overriding Royalty Interest to Become Effective At Payout, With Payout Based on Volume of Oil Produced. These may include: 1. Standard Assignment: This is a typical agreement where the assignor transfers a percentage of their overriding royalty interest to the assignee once the payout point is reached. The assignee then becomes entitled to a share of the royalties based on the volume of oil produced. 2. Partial Assignment: In this type of assignment, the assignor transfers only a portion of their overriding royalty interest to the assignee. This allows the assignor to retain a percentage of the royalties while still benefiting from the payout based on oil production. 3. Multiple Assignments: Sometimes, overriding royalty interests can be further assigned to multiple assignees. Each assignee will have their own share of the royalties based on the volume of oil produced, determined by their respective assignments. 4. Life of Well Assignment: This assignment grants the assignee rights to the overriding royalty interest for the entire duration of the well's production. The payout is based on the volume of oil produced over the well's lifespan. 5. Conditional Assignment: This type of assignment is contingent upon specific conditions being met, such as a minimum production threshold or a predetermined time period. Once these conditions are satisfied, the overriding royalty interest is assigned, and the assignee becomes eligible for the payout based on oil production. In conclusion, the Bronx New York Assignment of Overriding Royalty Interest to Become Effective At Payout, With Payout Based on Volume of Oil Produced involves the transfer of royalty rights in relation to oil production in the Bronx. Different types of assignments may vary in terms of the percentage transferred, conditions attached, or the duration of the assignment.

Bronx New York, also known as the Bronx, is one of the five boroughs of New York City. It is located in the northernmost part of the city and is the only borough that is primarily situated on the mainland. The Bronx is home to a diverse population and is known for its rich history, cultural attractions, and vibrant neighborhoods. An Assignment of Overriding Royalty Interest to Become Effective At Payout is a legal contract that transfers the right to a portion of the royalties from oil production to another party. In this case, the payout is based on the volume of oil produced. The assignment becomes effective once the oil production reaches a certain threshold, known as the payout point. There are various types of Bronx New York Assignment of Overriding Royalty Interest to Become Effective At Payout, With Payout Based on Volume of Oil Produced. These may include: 1. Standard Assignment: This is a typical agreement where the assignor transfers a percentage of their overriding royalty interest to the assignee once the payout point is reached. The assignee then becomes entitled to a share of the royalties based on the volume of oil produced. 2. Partial Assignment: In this type of assignment, the assignor transfers only a portion of their overriding royalty interest to the assignee. This allows the assignor to retain a percentage of the royalties while still benefiting from the payout based on oil production. 3. Multiple Assignments: Sometimes, overriding royalty interests can be further assigned to multiple assignees. Each assignee will have their own share of the royalties based on the volume of oil produced, determined by their respective assignments. 4. Life of Well Assignment: This assignment grants the assignee rights to the overriding royalty interest for the entire duration of the well's production. The payout is based on the volume of oil produced over the well's lifespan. 5. Conditional Assignment: This type of assignment is contingent upon specific conditions being met, such as a minimum production threshold or a predetermined time period. Once these conditions are satisfied, the overriding royalty interest is assigned, and the assignee becomes eligible for the payout based on oil production. In conclusion, the Bronx New York Assignment of Overriding Royalty Interest to Become Effective At Payout, With Payout Based on Volume of Oil Produced involves the transfer of royalty rights in relation to oil production in the Bronx. Different types of assignments may vary in terms of the percentage transferred, conditions attached, or the duration of the assignment.