A District of Columbia Correction Assignment of Overriding Royalty Interest Correcting Lease Description refers to a legal document that rectifies any errors or inaccuracies in the lease description pertaining to overriding royalty interests in the District of Columbia. It is vital to ensure the accuracy of lease descriptions, as they determine the terms and conditions of interests in mineral rights within the region. Types of District of Columbia Correction Assignment of Overriding Royalty Interest Correcting Lease Description may include: 1. General Correction Assignment: This type of correction assignment allows for the rectification of minor errors or omissions in the lease description. It ensures that the overriding royalty interests are accurately described, thereby avoiding potential disputes or complications. 2. Boundary Correction Assignment: In some cases, the lease description may inaccurately depict the boundaries of the leased area. A boundary correction assignment is needed to correct any errors and provide an exact representation of the property's boundaries, protecting the interests of all parties involved. 3. Royalty Interest Correction Assignment: This type of correction assignment focuses solely on correcting errors related to the calculation or allocation of royalty interests. It ensures that the overriding royalty interests are accurately reflected in the lease description, safeguarding the rights of both the lessor and the lessee. 4. Exclusion Correction Assignment: Occasionally, a lease description may mistakenly include or exclude certain areas from the overriding royalty interest. An exclusion correction assignment is necessary to rectify such errors, explicitly identifying the areas where the overriding royalty interest is applicable and preventing any future disputes. 5. Inclusion Correction Assignment: Similar to the exclusion correction assignment, an inclusion correction assignment is used to correct any oversight where certain areas entitled to overriding royalty interests were unintentionally omitted from the lease description. This type of correction assignment ensures that all areas deserving of overriding royalty interests are explicitly included in the lease description. By employing the appropriate District of Columbia Correction Assignment of Overriding Royalty Interest Correcting Lease Description, all parties involved can rectify any inaccuracies or inconsistencies present in the lease description, providing clarity and ensuring a fair representation of the overriding royalty interests in the District of Columbia.
District of Columbia Correction Assignment of Overriding Royalty Interest Correcting Lease Description
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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.
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.
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: 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.
