An Arizona Assignment of Overriding Royalty Interest for Multiple Leases is a legal document that outlines the transfer of a percentage of royalty interest from a party to another regarding multiple leases. This assignment is unique as it involves determining the difference between the specified percentage of the royalty interest and the existing burdens on the leasehold. There are different types of Arizona Assignment of Overriding Royalty Interest for Multiple Leases based on various factors, including: 1. Percentage Determination: This type of assignment focuses on defining the exact percentage of the overriding royalty interest being transferred. It ensures transparency and clarity in the transfer process, preventing any confusion or dispute. 2. Existing Leasehold Burdens: Another type of assignment considers the existing leasehold burdens while calculating the assigned interest. Leasehold burdens refer to existing obligations or encumbrances associated with the lease, such as production costs, taxes, or third-party obligations. By subtracting these burdens from the specified percentage, the assignment determines the exact royalty interest assigned. 3. Multiple Leases: The assignment deals with multiple leases, meaning it involves the transfer of royalty interest from one party to another across different lease agreements. This scenario often arises in oil and gas operations, where multiple leases are held within the same geographic area, and the assignment consolidates the royalty interests across these leases. 4. Assignment Amendments: In some cases, the assignment may be amended or modified to account for changes in the specified percentage or existing leasehold burdens. These amendments ensure that any adjustments or corrections are made to accurately reflect the assigned interest. The Arizona Assignment of Overriding Royalty Interest for Multiple Leases is a crucial document in the oil and gas industry. It enables parties to transfer and consolidate royalty interests, ensuring a fair distribution of profits while considering the existing burdens on the leasehold. This assignment facilitates transparency, avoids disputes, and provides a clear framework for the transfer process.
Arizona Assignment of Overriding Royalty Interest for Multiple Leases - Interest Assigned Is Difference Between Specified Percentage and Existing Leasehold Burdens
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FAQ
An overriding royalty interest (ORRI) is an interest carved out of a working interest. It is: A percentage of gross production that is not charged with any expenses of exploring, developing, producing, and operating a well.
Overriding Royalty Interest: A given interest severed out of the record title interest or lessee's share of the oil, and not charged with any of the cost or expense of developing or operation. The interest provides no control over the operations of the lease, only revenue from lease production.
ORRIs are created out of the working interest in a property and do not affect mineral owners. An overriding royalty interest (ORRI) is often kept or assigned to a geologist, landman, brokerage, or any entity that was able to reserve an interest in the properties.
Overriding Royalty Interest Conveyance means an assignment, in form and substance acceptable to Lender, pursuant to which Borrower grants in favor of Lender an overriding royalty interest equal to six and one-fourth percent (6.25%) of Hydrocarbons produced, saved and sold or used off the premises of the relevant Lease, ...
Overriding royalty interest: Unlike mineral and royalty interests, an overriding royalty interest runs with a lease and not with the land. Therefore, they only remain in effect for as long as a lease is in effect and they expire when a lease expires.
If at any time Assignee desires to transfer or dispose of all or any portion of the Overriding Royalty Interest, Assignee must first give to Assignor written notice thereof stating: (a) the amount of the Overriding Royalty Interest offered by Assignee; (b) the form of consideration (which shall be either cash or a ...
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
