San Jose California Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form

• Category: Oil Gas and Minerals - Assignments
• State: Multi-State
• City: San Jose
• Control #: US-OG-518
• Format: Word; Rich Text

Description

This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in a Lease, convertible to a working interest. San Jose, California Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document that outlines the transfer of a portion of the royalty interest associated with oil and gas leases in San Jose, California. This detailed description provides an understanding of the key terms and clauses involved in this type of assignment. Keywords: San Jose, California, Assignment, Overriding Royalty Interest, Working Interest, Multiple Leases, Limited Warranty, Long Form 1. San Jose: San Jose is a city located in California, known for its vibrant culture, technology hubs, and economic opportunities. It is the largest city in Northern California and often referred to as the "Capital of Silicon Valley." 2. Assignment: Assignment refers to the legal transfer of a right, interest, or property from one party to another. In this context, it involves the transfer of an overriding royalty interest out of a working interest. 3. Overriding Royalty Interest: An overriding royalty interest is a share of the revenue generated from the production of oil and gas. It is usually granted to a third party, known as the interest holder, without any share of the operational costs. 4. Working Interest: Working interest refers to the ownership interest in an oil and gas lease that carries the responsibility for operational costs. The working interest owner is entitled to a share of the revenue generated from production after deducting operational expenses. 5. Multiple Leases: Multiple leases refer to the existence of more than one oil and gas lease within a specific area. In this assignment, there may be multiple leases associated with the working interest. 6. Limited Warranty: Limited warranty ensures that the assignor guarantees the title to the overriding royalty interest being assigned to the assignee. The assignor warrants that they have the legal right to transfer the interest but does not provide an extensive warranty as in a full warranty deed. 7. Long Form: Long Form denotes that the assignment document contains a detailed description of the terms, conditions, rights, and obligations associated with the transfer of the overriding royalty interest. It typically includes comprehensive clauses and provisions, providing a more in-depth understanding of the agreement. Different Types of San Jose, California Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form: 1. Individual Assignment: An assignment involving the transfer of overriding royalty interest from an individual assignor to the assignee. 2. Corporate Assignment: An assignment where a corporation assigns its overriding royalty interest to another party, either an individual or a different corporation. 3. Partial Assignment: A partial assignment refers to the transfer of only a portion of the overriding royalty interest associated with the working interest, rather than the entire interest. 4. Time-Limited Assignment: A time-limited assignment involves the temporary transfer of the overriding royalty interest for a specific period. After the specified time, the interest is reassigned back to the assignor. These are just a few variations that can exist within the broader category of San Jose, California Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form.

San Jose, California Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document that outlines the transfer of a portion of the royalty interest associated with oil and gas leases in San Jose, California. This detailed description provides an understanding of the key terms and clauses involved in this type of assignment. Keywords: San Jose, California, Assignment, Overriding Royalty Interest, Working Interest, Multiple Leases, Limited Warranty, Long Form 1. San Jose: San Jose is a city located in California, known for its vibrant culture, technology hubs, and economic opportunities. It is the largest city in Northern California and often referred to as the "Capital of Silicon Valley." 2. Assignment: Assignment refers to the legal transfer of a right, interest, or property from one party to another. In this context, it involves the transfer of an overriding royalty interest out of a working interest. 3. Overriding Royalty Interest: An overriding royalty interest is a share of the revenue generated from the production of oil and gas. It is usually granted to a third party, known as the interest holder, without any share of the operational costs. 4. Working Interest: Working interest refers to the ownership interest in an oil and gas lease that carries the responsibility for operational costs. The working interest owner is entitled to a share of the revenue generated from production after deducting operational expenses. 5. Multiple Leases: Multiple leases refer to the existence of more than one oil and gas lease within a specific area. In this assignment, there may be multiple leases associated with the working interest. 6. Limited Warranty: Limited warranty ensures that the assignor guarantees the title to the overriding royalty interest being assigned to the assignee. The assignor warrants that they have the legal right to transfer the interest but does not provide an extensive warranty as in a full warranty deed. 7. Long Form: Long Form denotes that the assignment document contains a detailed description of the terms, conditions, rights, and obligations associated with the transfer of the overriding royalty interest. It typically includes comprehensive clauses and provisions, providing a more in-depth understanding of the agreement. Different Types of San Jose, California Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form: 1. Individual Assignment: An assignment involving the transfer of overriding royalty interest from an individual assignor to the assignee. 2. Corporate Assignment: An assignment where a corporation assigns its overriding royalty interest to another party, either an individual or a different corporation. 3. Partial Assignment: A partial assignment refers to the transfer of only a portion of the overriding royalty interest associated with the working interest, rather than the entire interest. 4. Time-Limited Assignment: A time-limited assignment involves the temporary transfer of the overriding royalty interest for a specific period. After the specified time, the interest is reassigned back to the assignor. These are just a few variations that can exist within the broader category of San Jose, California Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form.