Hillsborough County, Florida is a diverse county located in the central-western part of the state. It stretches over approximately 1,266 square miles and is considered to be the fourth most populous county in Florida. Known for its vibrant city life, suburban communities, and beautiful coastal areas, Hillsborough County offers a wide range of attractions, including famous landmarks, recreational spots, and cultural events. One specific type of legal agreement related to mineral rights in Hillsborough County is the Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool). This assignment is commonly used in the oil and gas industry and allows a party to assign a portion of their royalty interest to another party, even if the assigned portion is not currently producing. The "Non-Producing" aspect of this assignment refers to the fact that the assigned interest does not come from an actively producing well or lease at the time of the assignment. It means that the assigning party owns a royalty interest in a lease, but the lease is not currently generating any income. The term "Single Lease" in this context indicates that the overriding royalty interest being assigned is related to a specific lease agreement. The assigning party is specifying which lease the assigned interest is applicable to, ensuring clarity in the agreement. The phrase "Reserves Right to Pool" signifies that the assigning party retains the right to combine or pool their interest with other parties' interests in the future. This allows for the potential pooling of mineral resources from multiple leases or wells, which can increase efficiency and potentially maximize profits. It's important to note that there may be various subtypes or variations of the Hillsborough Florida Assignment of Overriding Royalty Interest, such as "Producing" or "Non-Reserves Right to Pool." These variations depend on the specific circumstances and agreements between the parties involved. In conclusion, the Hillsborough Florida Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool) is a legal agreement commonly used in the oil and gas industry to assign a portion of a non-producing royalty interest in a specific lease, while reserving the right to pool the assigned interest in the future.
Hillsborough Florida Assignment of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right to Pool)
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How to fill out Hillsborough Florida Assignment Of Overriding Royalty Interest (Non-Producing, Single Lease, Reserves Right To Pool)?
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