The Lima Arizona Assignment of Overriding Royalty Interest For A Term of Years is a legally binding document that establishes the transfer of rights and interests in an oil and gas lease located in Pima County, Arizona. This assignment enables the assignor (the current royalty interest owner) to transfer their royalty interest to the assignee (the new recipient) for a specific term. Keywords: Lima Arizona, assignment, overriding royalty interest, term of years, oil and gas lease, transfer, assignor, assignee. Different Types of Lima Arizona Assignment of Overriding Royalty Interest For A Term of Years: 1. Permanent Assignment: This type of assignment involves the complete and permanent transfer of the overriding royalty interest for an indefinite term. Once the assignment is executed, the assignor no longer holds any rights or interests in the oil and gas lease. 2. Temporary Assignment: In this case, the assignor grants the assignee the overriding royalty interest for a specific, predetermined period. Once the term expires, the rights and interests revert to the assignor. 3. Partial Assignment: This type of assignment entails the transfer of a portion of the overriding royalty interest for a specified term. The assignor retains ownership of the remaining portion, while the assignee acquires the designated percentage for the agreed-upon duration. 4. Relinquishment Assignment: Often used when an assignor no longer wishes to maintain their overriding royalty interest, a relinquishment assignment involves the voluntary surrender of the interest. The assignee assumes ownership for the remaining term of years. 5. Assignment with Diversionary Interest: In this scenario, the assignment is structured in a way that enables the overriding royalty interest to revert to the assignor or another designated party upon the fulfillment of certain conditions or at the conclusion of the term. 6. Assignment with Override on Reassignment: This type of assignment grants the assignor the right to receive an overriding royalty interest should the assignee decide to reassign or transfer their rights to a third party during the term. Overall, the Lima Arizona Assignment of Overriding Royalty Interest For A Term of Years serves as a crucial legal instrument in facilitating the transfer of royalty interests and protects the rights of both the assignor and assignee within the context of an oil and gas lease located in Pima County, Arizona.
Pima Arizona Assignment of Overriding Royalty Interest For A Term of Years
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How to fill out Pima Arizona Assignment Of Overriding Royalty Interest For A Term Of Years?
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