This form is used when an 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 ), reserving the right to pool the assigned interest.
Massachusetts Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is a legal document used in Massachusetts to transfer the rights of an overriding royalty interest while allowing the assignor to retain the right to pool or combine the assigned interest with other interests. In this type of assignment, the assignor, who is the current owner of the overriding royalty interest, transfers the interest to the assignee. However, the assignor reserves the right to pool or combine the assigned interest with other interests they may have or acquire in the future. This means that the assignor can join their royalty interest with other interests in the purpose of exploration, drilling, and overall development. The Massachusetts Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form is typically used in oil, gas, and mineral rights agreements. It allows assignors to control and manage their royalty interests while still benefiting from the pooling of interests for better resource extraction and profitability. Different variations or types of the Massachusetts Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form may include specific provisions related to: 1. Term and Duration: This section outlines the specific period for which the assignment is valid and in effect. It may also specify any renewal or termination conditions. 2. Royalty Interest Percentage: The document will clearly state the percentage of the overriding royalty interest being assigned by the assignor to the assignee. 3. Pooling Rights: This section will detail the assignor's right to pool or combine the assigned interest with other interests, including the ability to participate in pooling agreements with third parties. 4. Operating Agreement: Some variations of this assignment may require or reference an operating agreement that governs the joint operations and the assignor's rights and obligations. 5. Non-Interference Clause: This provision ensures that the assignee cannot interfere with the assignor's right to pool the assigned interest or prevent them from benefiting from joint operations. 6. Representations and Warranties: The document may include clauses where both parties provide assurances regarding their ownership rights, title, and authority to execute the assignment. It is important to note that the specific terms and conditions of the Massachusetts Assignment of Overriding Royalty Interest when Assignor Reserves the Right to Pool the Assigned Interest — Short Form may vary depending on individual circumstances and the agreement reached between the assignor and the assignee.
