A Kentucky Term Royalty Deed for Term of Existing Lease refers to a legal document that establishes the transfer of a specific term royalty interest in an existing lease related to mineral rights or the extraction of natural resources within the state of Kentucky. This type of deed is commonly utilized in the context of oil, gas, and mineral leases. The Kentucky Term Royalty Deed for Term of Existing Lease is often filed in the county where the leased property is located, and it outlines the terms and conditions of the transfer of the royalty interest. This deed is crucial for establishing the rights and obligations of the parties involved, including the lessor, the lessee, and the recipient of the royalty interest. Keywords: Kentucky, term, royalty deed, existing lease, mineral rights, extraction, natural resources, oil, gas, county, lessor, lessee, recipient. Different types of Kentucky Term Royalty Deed for Term of Existing Lease: 1. Kentucky Oil and Gas Term Royalty Deed for Term of Existing Lease: Specifically designed for the transfer of a term royalty interest related to oil and gas leases in Kentucky. This particular deed caters to the unique legal and regulatory requirements associated with the extraction and production of oil and gas resources. 2. Kentucky Mineral Term Royalty Deed for Term of Existing Lease: This type of deed focuses on the transfer of a term royalty interest associated with mineral leases in Kentucky. It encompasses a wide range of valuable minerals, including but not limited to coal, limestone, gravel, sand, and other non-metallic resources. 3. Kentucky Natural Resources Term Royalty Deed for Term of Existing Lease: A broader term that encompasses various natural resources, such as timber, water, and other renewable or non-renewable resources. This deed is utilized when the existing lease involves the extraction or utilization of natural resources other than just oil, gas, or minerals. 4. Kentucky Renewable Energy Term Royalty Deed for Term of Existing Lease: Specifically formulated to transfer a term royalty interest in existing leases related to renewable energy projects, such as wind farms or solar power plants in Kentucky. This type of deed addresses the unique provisions and considerations relevant to sustainable energy production. Please note that while these are common examples, the specific types and names of Kentucky Term Royalty Deed for Term of Existing Lease may vary, depending on the nature of the lease and the resources involved.
Kentucky Term Royalty Deed for Term of Existing Lease
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FAQ
Overriding royalty interest: Unlike mineral and royalty interests, an overriding royalty interest runs with a lease and not with the land. Therefore, they only remain in effect for as long as a lease is in effect and they expire when a lease expires.
Law shall not prevent a person (not holding himself out as a practicing attorney) from writing a deed, mortgage, or will.
ORRIs are created out of the working interest in a property and do not affect mineral owners. An overriding royalty interest (ORRI) is often kept or assigned to a geologist, landman, brokerage, or any entity that was able to reserve an interest in the properties.
Calculating Overriding Royalty Interest An ORRI is a straight percentage. For example, a 2% override would appear on the royalty statement as 0.02 interest in the proceeds from the sale of the leased hydrocarbons.
You may convey overriding royalty interest on either an Assignment of Record Title Interest (Form 3000-3), a Transfer of Operating Rights (Form 3000-3a), or on a private assignment. We only require filing of one signed copy per assignment plus a nonrefundable filing fee found at 43 CFR 3000.12.
How Do Overriding Royalty Interest Payments Work? The value of an overriding royalty interest is simple to calculate since it is a percent of the working interest lease. The ORRI value is based on production on the acreage leased by the working interest.