The Iowa Assignment of Overriding Royalty Interests in Multiple Leases is a legal agreement that pertains to the transfer of overriding royalty interests from one party to another in Iowa. This document outlines the specific terms and conditions under which the interests are being assigned, providing clarity and legal protection for all involved parties. Keywords: Iowa Assignment, Overriding Royalty Interests, Multiple Leases, legal agreement, transfer, terms and conditions, assigned interests, clarity, legal protection. There are several variations of the Iowa Assignment of Overriding Royalty Interests in Multiple Leases, including: 1. General Assignment: This type of assignment covers the transfer of overriding royalty interests across multiple leases in Iowa. It outlines the rights, obligations, and responsibilities of the assignor and assignee, ensuring a smooth and legally binding transaction. 2. Specific Lease Assignment: In some cases, the assignment may pertain to overriding royalty interests associated with a particular lease or a defined set of leases. This type of assignment provides detailed information about the specific leases involved, including lease names, numbers, and related information. 3. Partial Assignment: A partial assignment of overriding royalty interests involves the transfer of only a portion of the interests held by the assignor. This may occur when the assignor wants to retain some portion of the royalty interests while transferring the rest to another party. 4. Temporary Assignment: In certain situations, overriding royalty interests may be temporarily assigned to another party for a specified period. This type of assignment is often used in financial transactions or when a temporary need for funds arises. The agreement will outline the exact duration of the assignment and any specific conditions or limitations that apply. 5. Permanent Assignment: A permanent assignment signifies a complete and permanent transfer of overriding royalty interests from the assignor to the assignee. This type of assignment is typically used when the assignor decides to permanently divest themselves of the interests or when a change in ownership is desired. Regardless of the specific type, a comprehensive Iowa Assignment of Overriding Royalty Interests in Multiple Leases document ensures that all parties involved understand their rights and responsibilities. It also serves as a legal record of the transaction, providing protection and clarity in case of disputes or legal issues.
Iowa Assignment of Overriding Royalty Interests for Multiple Leases
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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.
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.
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, ...
There are three main types of royalty interests: Overriding royalty interest: Unlike mineral and royalty interests, an overriding royalty interest runs with a lease and not with the land. Therefore, they only remain in effect for as long as a lease is in effect and they expire when a lease expires.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.