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 overriding royalty interest from the working interest holder to another party. This comprehensive agreement is specifically designed for situations where there are multiple leases involved. The document contains a limited warranty clause to protect both the assignor and the assignee. In California, there are several types of Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form, each tailored to specific circumstances. Some variations include: 1. Assignment of Overriding Royalty Interest Out of Working Interest for Oil and Gas Leases: — This type of assignment focuses on overriding royalty interests related to oil and gas leases in California. It covers the transfer of rights from the working interest owner to another party, with multiple leases involved. 2. Assignment of Overriding Royalty Interest Out of Working Interest for Mining Leases: — This variant of the assignment agreement focuses specifically on overriding royalty interests related to mining leases in California. It details the transfer of these rights from the working interest holder to another party, with multiple leases involved. 3. Assignment of Overriding Royalty Interest Out of Working Interest for Renewable Energy Leases: — This specific type of assignment pertains to overriding royalty interests associated with renewable energy leases in California. It covers the transfer of these rights from the working interest owner to another party, with multiple leases involved. 4. Assignment of Overriding Royalty Interest Out of Working Interest for Real Estate Leases: — In this variation, the assignment agreement focuses on overriding royalty interests related to real estate leases in California. It outlines the transfer of these rights from the working interest holder to another party, with multiple leases involved. Regardless of the specific type, each California Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form includes essential sections such as the parties involved, effective date, recitals, terms and conditions, representations and warranties, covenants, indemnification, and governing law provisions. It is crucial to consult with a qualified attorney or legal professional to tailor the document to your specific needs and ensure compliance with California state laws.
California Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
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FAQ
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: 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.
An overriding royalty interest (ORRI) is an undivided interest in a mineral lease giving the holder the right to a proportional share (receive revenue) of the sale of oil and gas produced. The ORRI is carved out of the working interest or lease.
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, ...
Calculating Overriding Royalty Interest An ORRI is a straight percentage. For example, a 2% override would appear on the royalty statement as 0.02 interest in the proceeds from the sale of the leased hydrocarbons.
You may convey overriding royalty interest on either an Assignment of Record Title Interest (Form 3000-3), a Transfer of Operating Rights (Form 3000-3a), or on a private assignment. We only require filing of one signed copy per assignment plus a nonrefundable filing fee found at 43 CFR 3000.12.
An overriding royalty interest (ORRI) is an undivided interest in a mineral lease giving the holder the right to a proportional share (receive revenue) of the sale of oil and gas produced. The ORRI is carved out of the working interest or lease.