This form is used when Assignor transfers, assigns and conveys to Assignee an overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and marketed from all of the Lands and Leases equal to a determined amount (the Override ).
Franklin Ohio Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document that outlines the transfer of ownership of overriding royalty interests from multiple assignors to a new owner or assignee. This document is commonly used in the oil and gas industry, where participating parties have rights to a portion of the royalty generated from the production and sale of oil, gas, or other minerals. An Assignment of Overriding Royalty Interest is executed when the assignors, who may include individuals, company, or trusts, want to transfer their interest in the overriding royalty to another party. The assignors convey their rights, titles, and interests in a specific oil and gas property located in Franklin Ohio to the assignee. The assignee, who may be an individual, a company, or a trust, assumes the responsibilities and benefits associated with the overriding royalty interest. This assignment is crucial for maintaining a clear and organized record of ownership in the oil and gas industry. It ensures that the royalty interest is properly transferred from the original owners to the assignee, allowing the assignee to receive the corresponding royalty payments from the production and sale of minerals. There may be different types of Franklin Ohio Assignment of Overriding Royalty Interest in Multiple Assignors, depending on the specific terms and conditions agreed upon by the parties involved. These types may include: 1. Absolute Assignment: This type of assignment signifies a complete transfer of the overriding royalty interest from the assignors to the assignee. The assignee becomes the sole owner of the assigned interest and assumes all rights, obligations, and benefits. 2. Percentage Assignment: In this type of assignment, the assignors transfer a specified percentage of their overriding royalty interest to the assignee. The assignors retain partial ownership of the interest, while the assignee becomes a co-owner with rights in proportion to the assigned percentage. 3. Temporary Assignment: This type of assignment establishes a time-limited transfer of the overriding royalty interest. The assignors temporarily assign their rights to the assignee, who enjoys the associated benefits for a specified period. After this period expires, the ownership reverts to the original assignors. 4. Subject-to Assignment: This type of assignment is made subject to certain conditions or limitations outlined in the agreement. These conditions might include the achievement of specific production targets, fulfillment of financial obligations, or other specified events. In conclusion, the Franklin Ohio Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document used to transfer ownership of an overriding royalty interest from multiple assignors to an assignee. This assignment ensures a proper and organized record of ownership in the oil and gas industry and allows assignees to receive royalty payments. Different types of assignments can be made, including absolute assignment, percentage assignment, temporary assignment, and subject-to assignment, depending on the terms agreed upon by the parties involved.Franklin Ohio Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document that outlines the transfer of ownership of overriding royalty interests from multiple assignors to a new owner or assignee. This document is commonly used in the oil and gas industry, where participating parties have rights to a portion of the royalty generated from the production and sale of oil, gas, or other minerals. An Assignment of Overriding Royalty Interest is executed when the assignors, who may include individuals, company, or trusts, want to transfer their interest in the overriding royalty to another party. The assignors convey their rights, titles, and interests in a specific oil and gas property located in Franklin Ohio to the assignee. The assignee, who may be an individual, a company, or a trust, assumes the responsibilities and benefits associated with the overriding royalty interest. This assignment is crucial for maintaining a clear and organized record of ownership in the oil and gas industry. It ensures that the royalty interest is properly transferred from the original owners to the assignee, allowing the assignee to receive the corresponding royalty payments from the production and sale of minerals. There may be different types of Franklin Ohio Assignment of Overriding Royalty Interest in Multiple Assignors, depending on the specific terms and conditions agreed upon by the parties involved. These types may include: 1. Absolute Assignment: This type of assignment signifies a complete transfer of the overriding royalty interest from the assignors to the assignee. The assignee becomes the sole owner of the assigned interest and assumes all rights, obligations, and benefits. 2. Percentage Assignment: In this type of assignment, the assignors transfer a specified percentage of their overriding royalty interest to the assignee. The assignors retain partial ownership of the interest, while the assignee becomes a co-owner with rights in proportion to the assigned percentage. 3. Temporary Assignment: This type of assignment establishes a time-limited transfer of the overriding royalty interest. The assignors temporarily assign their rights to the assignee, who enjoys the associated benefits for a specified period. After this period expires, the ownership reverts to the original assignors. 4. Subject-to Assignment: This type of assignment is made subject to certain conditions or limitations outlined in the agreement. These conditions might include the achievement of specific production targets, fulfillment of financial obligations, or other specified events. In conclusion, the Franklin Ohio Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document used to transfer ownership of an overriding royalty interest from multiple assignors to an assignee. This assignment ensures a proper and organized record of ownership in the oil and gas industry and allows assignees to receive royalty payments. Different types of assignments can be made, including absolute assignment, percentage assignment, temporary assignment, and subject-to assignment, depending on the terms agreed upon by the parties involved.
