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 ).
An Iowa Assignment of Overriding Royalty Interest in Multiple Assignors refers to a legal document that allows multiple individuals or entities to transfer their rights to an overriding royalty interest in an oil and gas lease or well located in Iowa. This agreement is commonly used in the energy industry to convey the rights to receive a percentage of the gross proceeds from the production or sale of oil and gas resources. The Iowa Assignment of Overriding Royalty Interest is a crucial document for both the assignors and assignees as it outlines the terms and conditions of the transfer. It includes detailed information such as the names and addresses of the assignors and assignees, a description of the oil and gas lease or well, the specific overriding royalty interest being transferred, and the consideration or payment involved in the transfer. This agreement also specifies the effective date and duration of the assignment. Various types of Iowa Assignments of Overriding Royalty Interest may exist based on specific circumstances or arrangements. Some examples include: 1. Partial Assignment: This type of assignment occurs when only a portion of the overriding royalty interest is transferred. For instance, one assignor may convey 50% of their interest while another assignor may transfer 25% of their interest, resulting in a cumulative assignment of 75%. 2. Proportional Assignment: In this case, each assignor contributes a proportional share of their overriding royalty interest to the assignment. For instance, if there are four assignors and each holds a 25% interest, they may collectively transfer all their interests equally. 3. Lump Sum Assignment: This type of assignment occurs when all the assignors collectively assign their entire overriding royalty interest to a single assignee. This often simplifies the ownership structure and allows for easier administration. It is important to note that an Iowa Assignment of Overriding Royalty Interest in Multiple Assignors should comply with all relevant laws and regulations pertaining to oil and gas leasing in Iowa. Additionally, the agreement should be notarized and recorded in the appropriate county office to ensure its validity and protect the rights and interests of both parties involved. Legal assistance is highly recommended for drafting and executing such agreements to ensure compliance and protection of rights.
