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 Kentucky Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction refers to a legal document that allows the transfer of a portion of the royalty interest in an oil, gas, or mineral lease from one party to another in the state of Kentucky. This transfer is done in proportion to the total interest held by the assigning party. In such a scenario, there may be multiple types of Kentucky Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction. Some of these types could include: 1. Partial Assignment: This type of assignment involves the transfer of a specified portion or percentage of the assigning party's overriding royalty interest. It allows them to maintain ownership of a portion while transferring the rest to another party. 2. Temporary Assignment: In certain cases, a party may need to temporarily assign a portion of their overriding royalty interest to another party. This type of assignment ensures that the assigning party retains ownership of the interest after a specific period or under certain conditions. 3. Permanent Assignment: This type of assignment involves the complete transfer of the assigning party's overriding royalty interest proportionately. Once assigned, the assigning party no longer holds any interest in the lease, and all rights and obligations are passed on to the assignee. 4. Fractional Assignment: A fractional assignment refers to the transfer of a specific fraction or percentage of the assigning party's overriding royalty interest. This type of assignment allows for a precise division of the interest between parties. The Kentucky Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction typically includes key information such as the names and addresses of the assigning party (assignor) and the party receiving the interest (assignee). It also outlines the details of the lease, including the specific property description and any applicable royalties, terms, and conditions. Additionally, the document may include the assignment's effective date, the assigned interest's percentage or fraction, and the consideration provided for the transfer. The agreement may also contain provisions related to assignments, confidentiality, governing law, and dispute resolution. It is important to note that the specific content and legal requirements of a Kentucky Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction can vary depending on the parties involved and their agreements.
