This form is used when an Assignor assigns, transfers, and conveys to Assignee an overriding royalty interest in the Lease and all of the oil and gas produced, saved and marketed from the Lease, out of the interest owned by Assignor, with proportionate reduction (the Override ).
A Kansas Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a legal document used to transfer or assign a portion of the overriding royalty interest (ORRIS) in a single lease in the state of Kansas. This document outlines the terms and conditions of the assignment, including the percentage or proportionate reduction of the ORRIS being assigned. Keywords: Kansas, Assignment of Overriding Royalty Interest, Single Lease, Proportionate reduction In Kansas, there are different types of Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction based on the specific circumstances of the assignment. Some of these types include: 1. Partial Assignment: This type involves transferring or assigning a specific percentage or proportionate reduction of the ORRIS. The assignor retains the remaining ORRIS rights. 2. Complete Assignment: In this type, the assignor transfers or assigns their entire ORRIS in the single lease to the assignee. The assignee becomes the new owner of the entire ORRIS. 3. Temporary Assignment: This type allows for the temporary transfer or assignment of the ORRIS for a specified period. After the designated timeframe, the ORRIS reverts to the assignor. 4. Permanent Assignment: In a permanent assignment, the assignor permanently transfers or assigns their ORRIS to the assignee without any provision for reversion. 5. Multiple Assignments: This type refers to a scenario where the assignor assigns different percentages or proportionate reductions of their ORRIS to multiple assignees. Regardless of the type, a Kansas Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction typically includes the following information: 1. Parties: The names and addresses of both the assignor and assignee involved in the assignment. 2. Lease Details: The specific details of the single lease being assigned, including its legal description and identification number. 3. Proportionate Reduction: The percentage or proportionate reduction of the assigning party's ORRIS that is being transferred or assigned. 4. Consideration: The amount of consideration, such as money or other assets, exchanged between the assignor and assignee as part of the assignment. 5. Representations and Warranties: Any assurances or guarantees made by the assigning party regarding their ownership rights and the absence of any encumbrances. 6. Governing Law: The choice of law under which the assignment will be governed. 7. Execution: Signatures of both parties involved, along with the date of execution. It is important to consult with legal professionals experienced in Kansas oil and gas law when drafting or executing a Kansas Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction to ensure compliance with applicable regulations and to protect the rights and interests of both parties involved.
