This form is used when an Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all oil, gas, and other minerals produced, saved, and marketed from the Lands and Leases equal to a percentage of 8/8 (the Override ).
California Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a legal document used to transfer the rights to an overriding royalty interest (ORRIS) from one party to another in California. This type of assignment is specifically designed for multiple leases with no reduction in proportionate interest. An overriding royalty interest is a share of the production from an oil or gas lease that is separate and distinct from the lessee's working interest. It grants the holder the right to receive a portion of the revenue generated from the lease, typically expressed as a percentage of the gross production. The long form of the California Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction serves as a comprehensive agreement template, ensuring all key terms and conditions are clearly stated, protecting the interests of both the assignor (the party assigning the ORRIS) and the assignee (the party receiving the ORRIS). This assignment may vary based on the specific terms and conditions outlined in the agreement. However, some common types of California Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form include: 1. Single Assignment: In this type, the assignor transfers a specific ORRIS from one lease to the assignee, without any proportionate reduction in the interest. 2. Partial Assignment: This type of assignment involves the transfer of a portion of the ORRIS from one or multiple leases to the assignee, maintaining the proportionate interest. 3. Full Assignment: The entire ORRIS is transferred from one party (assignor) to another (assignee) for multiple leases, without any reduction in proportionate interest. 4. Simultaneous Assignment: When multiple parties assign their ORRIS to a single assignee, and all interests remain unaffected by proportionate reduction, it is termed as a simultaneous assignment. The California Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form outlines various essential details, including the names of parties involved, the identification of leases and Orris, effective dates, royalty interest percentages, and any additional provisions or conditions agreed upon by both parties. It also includes sections for representations, warranties, and indemnifications to protect the assignee's interests. By utilizing this long-form assignment, parties involved in the transfer of an ORRIS in California can ensure a clear, comprehensive, and legally binding agreement that safeguards their respective rights and obligations. It is crucial to consult with legal professionals when preparing or entering into such assignments to ensure compliance with applicable laws and regulations.
