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 ).
Illinois Assignment of Overriding Royalty Interest in Multiple Assignors refers to a legal document that involves the transfer of a percentage interest in the royalties received from oil, gas, or mineral extraction on a property. This assignment is executed by multiple assignors, who are parties involved in the oil and gas industry, such as mineral owners, landowners, or leaseholders. Keywords: Illinois, assignment, overriding royalty interest, multiple assignors, oil and gas, mineral extraction, royalties, property, legal document, transfer, percentage interest. There are various types of Illinois Assignment of Overriding Royalty Interest in Multiple Assignors, including: 1. Voluntary Assignment: This type of assignment occurs when multiple assignors willingly transfer their overriding royalty interests to one or more assignees. It may be done for financial reasons, to simplify property ownership, or as part of a business transaction. 2. Involuntary Assignment: In some cases, overriding royalty interests may be involuntarily assigned by multiple assignors due to legal actions, such as court orders, bankruptcies, or foreclosures. These assignments typically result from a legal process rather than voluntary agreement. 3. Aggregate Assignment: In an aggregate assignment, multiple assignors combine their individual overriding royalty interests into a single assignment. This can happen when assignors collectively want to assign their interests to a single assignee for easier management or to negotiate better lease terms. 4. Proportional Assignment: In a proportional assignment, each assignor contributes a specific percentage of their overriding royalty interest. For instance, if there are three assignors, each may assign one-third of their interest, resulting in even distribution among the assignees. 5. Non-Proportional Assignment: In contrast to proportional assignment, non-proportional assignment allows assignors to transfer varying percentages of their overriding royalty interest. Each assignor can decide the amount they wish to assign based on their individual preferences or negotiations with the assignee. Overall, an Illinois Assignment of Overriding Royalty Interest in Multiple Assignors is a legal instrument that facilitates the transfer of royalty interests in oil, gas, or mineral extraction. It can occur voluntarily or involuntarily, and there are different types of assignments based on the assignors' intentions and circumstances.
