A Hawaii Partial Release of Lien on Assigned Overriding Royalty Interest refers to a legal document that releases a portion of a lien on the assigned overriding royalty interest in oil and gas leases located in Hawaii. This document is important for parties involved in the oil and gas industry in Hawaii, including lessors, lessees, and individuals with ownership interests in overriding royalty interests. The Hawaii Partial Release of Lien on Assigned Overriding Royalty Interest serves as a means to release a portion of the lien that has been placed on the assigned overriding royalty interest. This can occur when the lien holder has received a partial payment or when the parties agree to a partial release as part of a negotiated settlement. It is essential to accurately document the release to avoid any future disputes or complications. In Hawaii, there are different types of Partial Release of Lien on Assigned Overriding Royalty Interest documents, including: 1. Hawaii Partial Release of Lien on Assigned Overriding Royalty Interest for Partial Payment: This type of release is used when a lien holder receives a partial payment for the assigned overriding royalty interest, and releases a portion of the lien accordingly. It clearly outlines the amount paid and the percentage or portion of the lien being released. 2. Hawaii Partial Release of Lien on Assigned Overriding Royalty Interest for Negotiated Settlement: This type of release is employed when the parties involved agree to a settlement that involves a partial release of the lien. It specifies the terms of the settlement, including the amount paid, the percentage or portion of the lien being released, and any other relevant conditions or agreements. 3. Hawaii Partial Release of Lien on Assigned Overriding Royalty Interest for Specific Tract or Lease: This type of release focuses on the partial release of the lien on an assigned overriding royalty interest for a specific tract or lease in Hawaii. It specifically identifies the tract or lease that the partial release pertains to. When drafting a Hawaii Partial Release of Lien on Assigned Overriding Royalty Interest, it is crucial to include essential information such as the names and addresses of the parties involved, the assigned overriding royalty interest being released, the amount paid (if applicable), the percentage or portion of the lien being released, and any additional terms or conditions agreed upon. Obtaining legal advice from a qualified attorney familiar with Hawaii's laws and regulations pertaining to liens and overriding royalty interests is recommended to ensure accuracy and compliance with state-specific requirements.
Hawaii Partial Release of Lien on Assigned Overriding Royalty Interest
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How to fill out Hawaii Partial Release Of Lien On Assigned Overriding Royalty Interest?
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FAQ
An overriding royalty interest (ORRI) is similar to a royalty interest in that it is also a portion of the proceeds from the sale of production. However, it is not retained under the terms of the oil and gas lease. An ORRI is granted, assigned and created under the terms of a separate document.
What Determines the Value of an Overriding Royalty Interest? Mineral interest location. One in a shale basin with high production is worth more. Producing oil and gas wells. Wells currently producing are valued more. ... Production reserves and levels. ... Prices.
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.
Here is a field-by-field breakdown of this form: Name of Claimant. This is the name the party to be paid, and the party who will be signing the lien waiver document. ... Name of Customer. ... Job Location. ... Owner. ... Maker of the Check. ... Amount of the Check. ... Check Payable To. ... Exceptions.
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.
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.
Any person claiming a lien shall apply therefor to the circuit court of the circuit where the property is situated. Such "Application For A Lien" shall be accompanied by a written "Notice Of Lien" setting forth the alleged facts by virtue of which the person claims a lien.
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.
