Cook Illinois Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document used in the oil and gas industry. It involves the transfer of an overriding royalty interest (ORRIS) from the working interest owner to another party, within the context of multiple leases and with limited warranty. In this type of assignment, the working interest owner agrees to transfer a portion of their ORRIS to a third party. The ORRIS grants the third party the right to receive a percentage of the revenues from the production of oil and gas on the assigned leases. The Cook Illinois Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form contains several key provisions and clauses that must be understood by all parties involved. These provisions help protect the interests of both the assignor (working interest owner) and the assignee (third party acquiring the ORRIS). Some relevant keywords associated with this type of assignment are: 1. Overriding Royalty Interest (ORRIS): This is a non-operating interest that entitles the holder to a percentage of revenue derived from the production of oil and gas. 2. Working Interest: The ownership interest in an oil and gas lease that bears the responsibility for exploration, development, and production costs. 3. Assignment: The transfer of rights, interests, or obligations from one party to another. 4. Multiple Leases: Refers to the assignment involving more than one oil and gas lease. Each lease will have its own specific terms and conditions. 5. Limited Warranty: A limited warranty in this context means that the working interest owner only guarantees that they have the right to assign the ORRIS and that there are no known defects in title. Other types of Cook Illinois Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form assignments may include variations in the specific terms and conditions or additional provisions tailored to specific circumstances. However, the core elements of the assignment remain the same, focusing on the transfer of an ORRIS from the working interest owner to the assignee, with limited warranty protection.
Cook Illinois Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
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