The form is used when the Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all of the oil, gas and other minerals produced, saved and marketed from the Lease equal to a pecentage of 8/8 (the Override ).
A Minnesota Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction, is a legal document that outlines the transfer of a specific type of royalty interest in an oil or gas lease located in Minnesota. This assignment allows the current overriding royalty interest owner to transfer their interest to another party without any reduction in the proportionate share of the royalty entitled to the assignee. Keywords: Minnesota Assignment of Overriding Royalty Interest, Overriding Royalty Interest Owner, No Proportionate Reduction, oil and gas lease, transfer, royalty interest, assignee. There are no distinct types of Minnesota Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction. However, it is important to understand the key elements and clauses typically included in such assignment agreements. The document begins with the identification of the parties involved, including the current overriding royalty interest owner (assignor) and the party receiving the interest (assignee). It also states the effective date of the assignment and provides a clear description of the oil or gas lease subject to the assignment. The assignment agreement further outlines the specific overriding royalty interest being transferred, including any specific terms, conditions, or limitations associated with it. This section may also include details regarding the amount or percentage of the royalty interest being assigned. One crucial aspect of the document is the provision that ensures the assignee receives the assigned overriding royalty interest without any reduction in proportionate share. This means that the assignee will be entitled to the same proportionate share of the royalty as the assignor, without any dilution. Additionally, the assignment agreement may include representations and warranties by the assignor regarding their ownership of the overriding royalty interest, ensuring that they have the right to transfer it to the assignee. It may also contain provisions related to the governing law, dispute resolution, and any other specific terms agreed upon by the parties. Overall, a Minnesota Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction, is a legal document that facilitates the transfer of royalty interests in an oil or gas lease within Minnesota. It provides a clear framework for the assignment, safeguarding the assignee's rights to receive the assigned overriding royalty interest without any reduction in their proportionate share.
