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 ).
Wake North Carolina Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document that involves the transfer of rights to receive royalty payments from oil and gas production. It is specifically applicable to the Wake County region of North Carolina. In this type of assignment, multiple individuals or entities, known as "assignors," transfer their overriding royalty interests to another party, known as the "assignee." The assignors are typically entitled to a portion of the royalties generated from the production of oil and gas on a specific property in Wake County. The Wake North Carolina Assignment of Overriding Royalty Interest in Multiple Assignors provides a detailed framework for the transfer of these rights. It outlines the parties involved, including their names, addresses, and contact information. Additionally, it specifies the exact percentage of overriding royalty interest being assigned by each individual assignor. The document also includes a comprehensive legal description of the property for clarity and reference purposes. This description may include information such as the property's boundaries, acreage, and relevant legal descriptions, ensuring accuracy in identifying and delineating the specific location. It is important to note that there can be different types of Wake North Carolina Assignment of Overriding Royalty Interest in Multiple Assignors. These variants are often associated with variations in terms and conditions, assignment percentages, or specific clauses included in the agreement. Some common types include: 1. Percentage-Based Assignment: This type of assignment stipulates that each assignor transfers a certain percentage of their overriding royalty interest, which can vary depending on negotiations or agreements between the parties involved. 2. Time-Limited Assignment: In this case, the overriding royalty interest is assigned for a specific period. This can be a fixed number of years or until certain production milestones or revenue thresholds are met. 3. Floating Assignment: A floating assignment allows the assignor's overriding royalty interest percentage to change based on factors such as the amount of production or market conditions. This type of assignment is often used when the assignor wants to secure a minimum royalty interest but still benefit from potential production increases. In summary, the Wake North Carolina Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document that facilitates the transfer of royalty rights from multiple assignors to an assignee. It provides a detailed description of the parties involved, the property, and the specific terms of the assignment. Various types of assignments exist, allowing for flexibility in transferring overriding royalty interests in Wake County, North Carolina.Wake North Carolina Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document that involves the transfer of rights to receive royalty payments from oil and gas production. It is specifically applicable to the Wake County region of North Carolina. In this type of assignment, multiple individuals or entities, known as "assignors," transfer their overriding royalty interests to another party, known as the "assignee." The assignors are typically entitled to a portion of the royalties generated from the production of oil and gas on a specific property in Wake County. The Wake North Carolina Assignment of Overriding Royalty Interest in Multiple Assignors provides a detailed framework for the transfer of these rights. It outlines the parties involved, including their names, addresses, and contact information. Additionally, it specifies the exact percentage of overriding royalty interest being assigned by each individual assignor. The document also includes a comprehensive legal description of the property for clarity and reference purposes. This description may include information such as the property's boundaries, acreage, and relevant legal descriptions, ensuring accuracy in identifying and delineating the specific location. It is important to note that there can be different types of Wake North Carolina Assignment of Overriding Royalty Interest in Multiple Assignors. These variants are often associated with variations in terms and conditions, assignment percentages, or specific clauses included in the agreement. Some common types include: 1. Percentage-Based Assignment: This type of assignment stipulates that each assignor transfers a certain percentage of their overriding royalty interest, which can vary depending on negotiations or agreements between the parties involved. 2. Time-Limited Assignment: In this case, the overriding royalty interest is assigned for a specific period. This can be a fixed number of years or until certain production milestones or revenue thresholds are met. 3. Floating Assignment: A floating assignment allows the assignor's overriding royalty interest percentage to change based on factors such as the amount of production or market conditions. This type of assignment is often used when the assignor wants to secure a minimum royalty interest but still benefit from potential production increases. In summary, the Wake North Carolina Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document that facilitates the transfer of royalty rights from multiple assignors to an assignee. It provides a detailed description of the parties involved, the property, and the specific terms of the assignment. Various types of assignments exist, allowing for flexibility in transferring overriding royalty interests in Wake County, North Carolina.
