A District of Columbia Assignment of Overriding Royalty Interest for a Term of Years is a legal document that transfers the rights and interests in an overriding royalty interest from one party to another for a specific period of time. This type of assignment is commonly used in the oil and gas industry, where owners of mineral rights or working interests may choose to assign a portion of their royalty payments to a third party. Keywords: District of Columbia, Assignment, Overriding Royalty Interest, Term of Years, legal document, transfer, rights, interests, oil and gas industry, mineral rights, working interests, royalty payments, third party. There are a few different types of District of Columbia Assignment of Overriding Royalty Interest for a Term of Years, including: 1. Partial Assignment: This type of assignment transfers only a portion of the overriding royalty interest to another party. It allows the assignor to retain ownership of a percentage of the interest while sharing the remaining portion with the assignee for a specific term. 2. Temporary Assignment: A temporary assignment of overriding royalty interest for a term of years grants the assignee the right to receive royalty payments for a fixed period, usually stipulated in the agreement. Once the term expires, the overriding royalty interest reverts to the assignor. 3. Fixed-Term Assignment: This type of assignment establishes a specific time period during which the assignee will receive the overriding royalty interest. The assignor agrees to transfer the rights for the duration specified, after which the interest typically reverts to the assignor. 4. Renewable Assignment: In a renewable assignment of overriding royalty interest, the assignee has the option to extend the term of the assignment beyond the initial agreed-upon period. This allows the assignee to continue receiving royalty payments for a longer duration if both parties agree to renew the assignment. It's important to note that the exact terms and conditions of a District of Columbia Assignment of Overriding Royalty Interest for a Term of Years may vary depending on the specific agreement between the assignor and assignee. It is advisable to consult with an attorney or legal expert to ensure compliance with local laws and regulations.
District of Columbia Assignment of Overriding Royalty Interest For A Term of Years
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How to fill out District Of Columbia Assignment Of Overriding Royalty Interest For A Term Of Years?
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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 ...
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, ...
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
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.
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.
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.
To calculate the number of net royalty acres I'm selling, I use this formula: [acres in tract] X [% of minerals owned] X 8 X [royalty interest reserved in lease] X [fraction of royalty interest being sold]. 640 acres X 25% X 8 X 1/4 X 1/2 = 160 net royalty acres.
