This form is used when an Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all oil, gas, and other minerals produced, saved, and marketed from the Lands and Leases equal to a percentage of 8/8 (the Override ).
Kansas Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a legal document that allows for the transfer of overriding royalty interests (ORI's) from one party to another, pertaining to multiple leases in the state of Kansas. This comprehensive agreement ensures the rights and obligations of the assigning party are properly conveyed, without any reduction in proportionate interests across the multiple leases involved. The purpose of this assignment is to provide a detailed description of the different types, terms, and conditions of the assignment and clarify the expectations and entitlements of the assignee regarding the overriding royalty interests in the leases in question. It lays out the specific rights conveyed, the assignee's responsibilities, and any limitations or exceptions that may apply. The Kansas Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form may include the following keywords to provide a clear understanding of its contents: 1. Kansas: This indicates that the assignment is specific to the state of Kansas and must adhere to its jurisdictional laws and regulations. 2. Assignment: Refers to the legal transfer of overriding royalty interests from one party to another. 3. Overriding Royalty Interest (ORI): Denotes the entitlement, typically a percentage, of the assignee to receive a portion of the revenue generated from the leases' mineral rights, without directly participating in the expenses of drilling and production operations. 4. Multiple Leases: Highlights that this assignment pertains to more than one lease, indicating the assignee's interests may span across various properties or oil and gas units. 5. No Proportionate Reduction: Specifies that the assignee's interest will not be subject to any reduction vis-à -vis the other overriding royalty interest holders. Their proportionate interest remains intact despite changes in production, drilling activities, or the addition of new leases. Potential variations or additional types of Kansas Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form may include: 1. Oil and Gas Leases: Focusing specifically on the assignment of overriding royalty interests associated with oil and gas leases in Kansas. 2. Specific Lease Assignment: Tailored for a particular lease or group of leases, rather than covering multiple leases. 3. Limited Duration Assignment: Designed for overriding royalty interest transfers that have a predetermined expiration or termination date. 4. Partial Assignment: This type addresses assignments where the assignor transfers only a portion of their overriding royalty interests to the assignee, with specific terms and conditions outlined. In conclusion, the Kansas Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is an essential legal document defining the transfer of overriding royalty interests across multiple leases in Kansas, ensuring a clear understanding and protection of the assignor's and assignee's rights.
