Oakland Michigan Partial Release of Lien on Assigned Overriding Royalty Interest

• Category: Oil Gas and Minerals - Releases
• State: Multi-State
• County: Oakland
• Control #: US-OG-406
• Format: Word; Rich Text

Description

This form of release is used when Lienholder releases, relinquishes, and surrenders to Mortgagor/ Grantor's Assignee all of Lienholder's rights, claims, and liens under the Mortgage/Deed of Trust in and to an undivided overriding royalty interest. Oakland Michigan Partial Release of Lien on Assigned Overriding Royalty Interest refers to a legal document that is often utilized in the oil and gas industry. This document serves to release a lien on an assigned overriding royalty interest in the county of Oakland, Michigan. An overriding royalty interest (ORRIS) is a type of royalty interest in oil and gas properties. It grants the holder a share of the revenues derived from the production of oil and gas, typically free of any associated production costs. However, in some cases, a lien may be placed on the assigned ORRIS to secure a debt or obligation. A Partial Release of Lien on an Assigned Overriding Royalty Interest is a document that releases a portion of the lien that has been placed on the ORRIS. The purpose of this Partial Release of Lien is to provide legal clarity and security for both the holder of the overriding royalty interest and any potential investors or purchasers. It ensures that the released portion of the assigned overriding royalty interest is free from any encumbrances, enabling the holder to transfer or sell it without hindrance. It is important to note that there may be different types of Oakland Michigan Partial Release of Lien on Assigned Overriding Royalty Interest, depending on the specific terms and conditions of the initial lien agreement. These different types may include: 1. Partial Release of Lien — Percentage Release: This type of release specifies a certain percentage of the assigned overriding royalty interest for which the lien is being released. For example, a 50% partial release of lien means that half of the assigned ORRIS is no longer encumbered by the lien. 2. Partial Release of Lien — Time Release: In some cases, the release of the lien may be structured over a period of time. This means that the lien will gradually be released in predetermined increments at specific time intervals, allowing for a phased release of the assigned overriding royalty interest. 3. Partial Release of Lien — Conditional Release: This type of release may be subject to certain conditions being met by the holder of the assigned overriding royalty interest. These conditions may include the repayment of a specified amount of the debt or the satisfaction of certain obligations outlined in the lien agreement. In conclusion, an Oakland Michigan Partial Release of Lien on Assigned Overriding Royalty Interest is a crucial legal document that releases a portion of the lien on an assigned overriding royalty interest, providing clarity and security for all parties involved. The different types of releases may vary based on the specific terms and conditions of the lien agreement.

Oakland Michigan Partial Release of Lien on Assigned Overriding Royalty Interest refers to a legal document that is often utilized in the oil and gas industry. This document serves to release a lien on an assigned overriding royalty interest in the county of Oakland, Michigan. An overriding royalty interest (ORRIS) is a type of royalty interest in oil and gas properties. It grants the holder a share of the revenues derived from the production of oil and gas, typically free of any associated production costs. However, in some cases, a lien may be placed on the assigned ORRIS to secure a debt or obligation. A Partial Release of Lien on an Assigned Overriding Royalty Interest is a document that releases a portion of the lien that has been placed on the ORRIS. The purpose of this Partial Release of Lien is to provide legal clarity and security for both the holder of the overriding royalty interest and any potential investors or purchasers. It ensures that the released portion of the assigned overriding royalty interest is free from any encumbrances, enabling the holder to transfer or sell it without hindrance. It is important to note that there may be different types of Oakland Michigan Partial Release of Lien on Assigned Overriding Royalty Interest, depending on the specific terms and conditions of the initial lien agreement. These different types may include: 1. Partial Release of Lien — Percentage Release: This type of release specifies a certain percentage of the assigned overriding royalty interest for which the lien is being released. For example, a 50% partial release of lien means that half of the assigned ORRIS is no longer encumbered by the lien. 2. Partial Release of Lien — Time Release: In some cases, the release of the lien may be structured over a period of time. This means that the lien will gradually be released in predetermined increments at specific time intervals, allowing for a phased release of the assigned overriding royalty interest. 3. Partial Release of Lien — Conditional Release: This type of release may be subject to certain conditions being met by the holder of the assigned overriding royalty interest. These conditions may include the repayment of a specified amount of the debt or the satisfaction of certain obligations outlined in the lien agreement. In conclusion, an Oakland Michigan Partial Release of Lien on Assigned Overriding Royalty Interest is a crucial legal document that releases a portion of the lien on an assigned overriding royalty interest, providing clarity and security for all parties involved. The different types of releases may vary based on the specific terms and conditions of the lien agreement.