Santa Clara California 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: Santa Clara
• 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. Santa Clara California is a county located in the heart of Silicon Valley, known for its vibrant tech industry, renowned universities, and diverse cultural attractions. It is a hub of innovation, boasting numerous tech startups and multinational corporations. Santa Clara is home to the famous city of Palo Alto, where Stanford University sits and is considered the birthplace of Silicon Valley. In the realm of oil production, Santa Clara California also has various types of assignment of overriding royalty interests to become effective at payout, with payouts based on the volume of oil produced. These types can include: 1. Individual Lease Assignments: These assignments occur when an individual or company agrees to transfer their interests in a lease to another party. The assignment becomes effective at payout, typically when a predetermined volume of oil has been produced. 2. Field-Wide Assignments: In some cases, oil fields in Santa Clara County may be subject to overarching assignment agreements that cover multiple leases and operators. These agreements allow for the assignment of overriding royalty interests to become effective at payout based on the cumulative volume of oil produced from the entire field. 3. Operator Assignments: Operator assignments involve the transfer of overriding royalty interests from one operator to another within a specific oil lease or field. The assignment becomes effective at payout, with the payout determined by the volume of oil produced under the new operator's management. 4. Time-Limited Assignments: In certain situations, an assignment of overriding royalty interest may have a time limitation. These assignments typically set a specific duration during which the payout is based on the volume of oil produced. Once the predetermined time period ends, the assignment may be subject to revision based on new terms or conditions. 5. Joint Venture Assignments: Joint venture assignments occur when multiple companies or entities collaborate in the development and production of an oil lease or field in Santa Clara. The assignment of overriding royalty interests within this framework becomes effective at payout and is often based on the proportionate share of oil produced by each party. It is essential to consult legal experts, oil industry professionals, or knowledgeable advisors to fully understand the specific terms and conditions of Santa Clara California's assignment of overriding royalty interest to become effective at payout, with payout based on volume of oil produced.

Santa Clara California is a county located in the heart of Silicon Valley, known for its vibrant tech industry, renowned universities, and diverse cultural attractions. It is a hub of innovation, boasting numerous tech startups and multinational corporations. Santa Clara is home to the famous city of Palo Alto, where Stanford University sits and is considered the birthplace of Silicon Valley. In the realm of oil production, Santa Clara California also has various types of assignment of overriding royalty interests to become effective at payout, with payouts based on the volume of oil produced. These types can include: 1. Individual Lease Assignments: These assignments occur when an individual or company agrees to transfer their interests in a lease to another party. The assignment becomes effective at payout, typically when a predetermined volume of oil has been produced. 2. Field-Wide Assignments: In some cases, oil fields in Santa Clara County may be subject to overarching assignment agreements that cover multiple leases and operators. These agreements allow for the assignment of overriding royalty interests to become effective at payout based on the cumulative volume of oil produced from the entire field. 3. Operator Assignments: Operator assignments involve the transfer of overriding royalty interests from one operator to another within a specific oil lease or field. The assignment becomes effective at payout, with the payout determined by the volume of oil produced under the new operator's management. 4. Time-Limited Assignments: In certain situations, an assignment of overriding royalty interest may have a time limitation. These assignments typically set a specific duration during which the payout is based on the volume of oil produced. Once the predetermined time period ends, the assignment may be subject to revision based on new terms or conditions. 5. Joint Venture Assignments: Joint venture assignments occur when multiple companies or entities collaborate in the development and production of an oil lease or field in Santa Clara. The assignment of overriding royalty interests within this framework becomes effective at payout and is often based on the proportionate share of oil produced by each party. It is essential to consult legal experts, oil industry professionals, or knowledgeable advisors to fully understand the specific terms and conditions of Santa Clara California's assignment of overriding royalty interest to become effective at payout, with payout based on volume of oil produced.