This form is used when Assignor transfers, assigns and conveys to Assignee an overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and marketed from all of the Lands and Leases equal to a determined amount (the Override ).
The District of Columbia Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document that pertains to the transfer of overriding royalty interests (ORI's) in oil and gas leases located in the District of Columbia. This document outlines the various types of assignments and their significance in the oil and gas industry. Keywords: District of Columbia, Assignment, Overriding Royalty Interest, Multiple Assignors, Oil and Gas Leases, Transfers, Legal Document, ORI's. Types of District of Columbia Assignment of Overriding Royalty Interest in Multiple Assignors: 1. Absolute Assignment: In this type of assignment, multiple assignors transfer 100% ownership and rights of their overriding royalty interests to the assignee. It involves a complete and permanent transfer of all associated rights and benefits to the assignee. 2. Partial Assignment: Contrary to the absolute assignment, a partial assignment involves the transfer of a specific portion or percentage of the overriding royalty interests by multiple assignors to the assignee. The assignment may be based on a proportional distribution of ORI's among the assignors or an agreed-upon allocation. 3. Proportional Assignment: This type of assignment is customary when multiple assignors jointly own overriding royalty interests. In a proportional assignment, each assignor transfers a percentage or proportionate share of their ORI's to the assignee, maintaining the relative ownership structure. 4. Joint Assignment: A joint assignment occurs when multiple assignors collaborate to transfer their overriding royalty interests as a unified package to a single assignee. This type of assignment simplifies administrative tasks and ensures collective decision-making regarding the interests transferred. 5. Sequential Assignment: In some cases, multiple assignors may decide to transfer their overriding royalty interests sequentially. Each assignor passes their rights and interests to the assignee one after another, creating a chain of assignments. This format ensures a clear record of ownership succession. 6. Temporary Assignment: Temporary assignments involve the transfer of overriding royalty interests in a specific period or until certain conditions are met. Multiple assignors can collaborate in such cases to jointly grant their ORI's to the assignee temporarily. This type of assignment is commonly seen in short-term contractual agreements or joint ventures. Each type of District of Columbia Assignment of Overriding Royalty Interest in Multiple Assignors serves a unique purpose, depending on the assignors' needs and objectives. It is crucial for all parties involved to carefully draft and execute these assignments in adherence to the applicable laws and regulations governing the District of Columbia's oil and gas industry.
