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 Maryland Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document that allows multiple individuals or entities to assign their rights to overriding royalty interest in an oil, gas, or mineral lease. This type of assignment is common in the energy industry, particularly in states like Maryland that have significant oil and gas resources. An overriding royalty interest is a contractual right to a portion of the revenue generated from the production and sale of oil, gas, or minerals from a specific lease. It is typically created when the owner of the lease (the lessor) grants a percentage of their royalty interest to another party, known as the overriding royalty interest owner. The assignment document is used when multiple assignors (those giving up their interest) wish to assign their overriding royalty interests to another party. The Maryland Assignment of Overriding Royalty Interest in Multiple Assignors should include several key elements. Firstly, it should outline the names and contact information of all the assignors and the assignee (the party receiving the interests). It should also provide a detailed legal description of the oil, gas, or mineral lease to which the overriding royalty interests pertain. This includes information such as the lease number, tract description, or any other pertinent identifiers. The document should clearly state the percentage or fraction of the overriding royalty interest being assigned by each assignor, as well as the total percentage being assigned collectively. It is essential to specify whether the assigned interests are proportionate or disproportionate among the assignors. In some cases, assignors may assign different percentages of their interests, based on their individual negotiation or agreement. The Maryland Assignment of Overriding Royalty Interest in Multiple Assignors should include terms and conditions governing the assignment. These may include provisions related to the payment of consideration or any other obligations associated with the assignment. It is crucial to outline any limitations or restrictions on the use and transfer of the assigned overriding royalty interest and specify any reservation of rights. Different types of Maryland Assignment of Overriding Royalty Interest in Multiple Assignors may exist based on specific circumstances or variations in the terms and conditions. For instance, "Proportional Assignment of Overriding Royalty Interest in Multiple Assignors" could refer to a situation where assignors transfer their interests in equal proportions. On the other hand, "Disproportional Assignment of Overriding Royalty Interest in Multiple Assignors" could indicate that different percentages are being assigned by individual assignors. In conclusion, the Maryland Assignment of Overriding Royalty Interest in Multiple Assignors is a legally significant document that facilitates the transfer of overriding royalty interests in oil, gas, or mineral leases. It ensures clarity and protects the interests of all parties involved.
