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 ).
The Indiana Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document that allows multiple parties to assign their ownership rights and interests in overriding royalty interests (ORI's) relating to oil, gas, or mineral leases in the state of Indiana. An overriding royalty interest refers to the right to receive a percentage of the revenue generated from the production and sale of oil, gas, or minerals from a specific lease. This interest is created through a separate agreement between the mineral rights owner and a third party, known as the overriding royalty interest holder. When multiple assignors are involved, it means that more than one party is assigning their ORI's to another individual or entity. This can occur when there are co-owners of the ORI's who wish to consolidate their interests or when parties decide to transfer their rights to a different assignee altogether. The Indiana Assignment of Overriding Royalty Interest in Multiple Assignors document serves as evidence of the assignment and transfer of the ORI's from the assignors to the assignee. It outlines the terms and conditions of the transfer, including the percentage of the ORI's being assigned, any consideration or payment involved, and the effective date of the assignment. This type of assignment document is commonly used in the oil, gas, and mineral industry in Indiana to facilitate the transfer of overriding royalty interests. It ensures that all parties involved have a clear understanding of their rights and obligations regarding the ORI's. In Indiana, there may be different variations or types of the Assignment of Overriding Royalty Interest in Multiple Assignors, based on the specific terms and conditions agreed upon by the parties involved. For example, the assignment may be partial, where only a portion of the ORI's are transferred, or it may be full, where the entire interest is assigned. Other variations can include provisions for royalties payments, liability limitations, or stipulations regarding future transfers. Overall, the Indiana Assignment of Overriding Royalty Interest in Multiple Assignors is a crucial legal document that facilitates the transfer of ownership rights in ORI's between multiple parties. It provides clarity and ensures compliance with the law, allowing for the efficient management of these valuable interests in the oil, gas, and mineral industry.
