Georgia 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 in the state of Georgia. This type of assignment enables the assignee to receive a portion of the royalties generated from the production of oil, gas, or minerals on specific leases. The Georgia Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is designed to ensure a clear and legally binding transfer of rights and responsibilities. It includes detailed provisions to protect the parties involved and to define the scope of the overriding royalty interest. Some relevant keywords to understand the document are as follows: 1. Overriding Royalty Interest: The share of royalties given to an assignee from the proceeds of oil, gas, or minerals production, typically carved out of the working interest. 2. Working Interest: The ownership interest in an oil, gas, or minerals lease that allows the holder to explore, develop, and produce the resources. The transfer of overriding royalty interest is made from the working interest holder. 3. Multiple Leases: Refers to the inclusion of multiple leases in the assignment, allowing the assignee to receive overriding royalty interest from more than one lease. 4. Limited Warranty: A limited warranty implies that the assignor guarantees that they have the legal right to transfer the overriding royalty interest but provides no further assurances regarding the title or quality of the interest. Different types of Georgia Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form may vary based on specific provisions, terms, and conditions. Some possible variations include: 1. Georgia Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form with Enhanced Warranties: This variation may contain additional warranties provided by the assignor, ensuring the quality and marketability of the overriding royalty interests being transferred. 2. Georgia Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form with Specific Lease Rights: In this variation, the document may specify certain rights and obligations related to individual leases in which the overriding royalty interest applies, such as lease terms, production requirements, or termination clauses. 3. Georgia Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form for Non-Compete Agreements: This type of assignment may include provisions that restrict the assignor from competing with the assignee within a specific geographic area or time frame, thereby protecting the assignee's overriding royalty interest. These are just some possible variations of the Georgia Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form, each serving different purposes and incorporating specific provisions tailored to the needs of the parties involved.
Georgia Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
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FAQ
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.
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.
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.
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.
An override provision allows for ongoing royalty payment on future albums, sometimes including those not produced by the original producer.
Like Royalty Interest (RI), an ORRI ends when the oil and gas lease ends. ORRI and MI/RI (mineral/royalty) interests in the same tract of land may be valued differently. Unlike the mineral interest, which lasts in perpetuity, overriding royalties expire with the lease.
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.
An overriding royalty agreement is a contract that gives an entity the right to receive revenue from certain productions or sales. The specific type of occurence that royalties are required to be paid on is included in the overriding royalty agreement.