This form is used when an Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all oil, gas, and other minerals produced, saved, and marketed from the Lands and Leases equal to a percentage of 8/8 (the Override ).
Maine Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a legal document that outlines the transfer of an overriding royalty interest (ORI) from one party to another in the state of Maine. This assignment is applicable to multiple leases without any proportionate reduction in the royalty interest. In the oil and gas industry, an overriding royalty interest refers to a percentage of the revenue generated from the production of oil, gas, or other minerals. This interest is separate from the ownership of the land and is typically granted to a third party, such as an investor or an entity seeking to profit from the resource extraction. The Maine Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form document includes various sections that provide detailed information about the assignment. 1. Parties involved: This section identifies the assignor (the party transferring the ORI) and the assignee (the party receiving the ORI). It includes their legal names, addresses, and contact information. 2. Recitals: This section outlines the background and purpose of the assignment, including the details of the multiple leases and the overriding royalty interest to be assigned. 3. Assignment provisions: This section specifies the terms and conditions of the assignment. It includes details regarding the transfer of the ORI, any limitations or restrictions on the assignor’s rights, and the consideration or payment associated with the assignment. 4. Representations and warranties: This section contains statements made by the assignor regarding their ownership and authority to transfer the ORI. It also outlines any existing leases, agreements, or encumbrances that may affect the ORI. 5. Indemnification: This section sets forth the assignor's obligations to indemnify and hold harmless the assignee from any claims, losses, or liabilities arising from the assignment. 6. Governing law and jurisdiction: This section specifies the applicable laws of the state of Maine that govern the assignment and any disputes arising from it. It may also mention the jurisdiction where legal actions concerning the assignment would be brought. There may be variations of the Maine Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form tailored for specific circumstances or industries. Some potential types could include: 1. Oil and gas industry-specific assignment: This type of assignment document includes industry-specific terms and provisions that are relevant to the transfer of overriding royalty interest in the oil and gas sector. 2. Commercial real estate assignment: This variation is designed for assignments involving commercial real estate properties where a royalty interest is present, such as those related to mineral extraction rights. 3. Mining lease assignment: This type specifically caters to the transfer of overriding royalty interest in mining leases, which may have unique considerations and regulations compared to other types of leases. Overall, the Maine Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a comprehensive legal document that ensures a smooth and lawful transfer of overriding royalty interest without any proportionate reduction. It protects the rights and interests of both the assignor and assignee, while adhering to the applicable laws of Maine.
