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 Kentucky Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document that allows multiple assignors to transfer their interests in an overriding royalty, specifically within the state of Kentucky. This document outlines the terms and conditions of the assignment, ensuring a smooth transfer of rights and obligations. In Kentucky, there are various types of Assignment of Overriding Royalty Interest in Multiple Assignors, each serving specific purposes within the realm of royalty interests. These types may include: 1. Standard Kentucky Assignment of Overriding Royalty Interest: This type of assignment is commonly used when multiple assignors want to transfer their overriding royalty interests to a new party or assignee. It outlines the specific interests being transferred, the consideration involved, and any additional terms or conditions. 2. Partial Assignment of Overriding Royalty Interest: This type of assignment is used when assignors wish to transfer only a portion of their overriding royalty interests. It clearly defines the percentage or amount being assigned to the assignee, ensuring clarity and avoiding any confusion regarding the remaining interests held by the original assignors. 3. Temporary Assignment of Overriding Royalty Interest: In some cases, assignors may want to temporarily transfer their overriding royalty interests to a third party. This type of assignment enables assignors to retain their rights and interests in the long term while granting temporary benefits to the assignee for a specified duration or purpose. 4. Joint Assignment of Overriding Royalty Interest: When multiple assignors want to collectively transfer their overriding royalty interests to a single assignee, this type of assignment is utilized. It allows assignors to consolidate their interests and transfer them together, streamlining the overall assignment process. Regardless of the specific type of Kentucky Assignment of Overriding Royalty Interest, certain components should be included in the document. These may consist of the names and contact information of assignors and assignees, a detailed description of the overriding royalty interests being assigned, any restrictions or limitations on the assignment, representations and warranties of the assignors, and the effective date of the assignment. It is crucial to ensure that all parties involved thoroughly review and understand the terms and conditions of the Kentucky Assignment of Overriding Royalty Interest in Multiple Assignors before executing the document. Seeking legal advice or assistance in drafting or reviewing the assignment is highly recommended ensuring compliance with state laws and the protection of the parties' rights and interests.
