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 ).
A Mississippi Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a legal document used in the state of Mississippi to transfer the overriding royalty interests from multiple oil and gas leases without the need for proportionate reduction. In the oil and gas industry, an overriding royalty interest (ORRIS) refers to a share of the revenues obtained from the production of minerals, such as oil and gas, that is carved out of the lessee's interest. Assigning an ORRIS involves transferring this share of revenue from one party to another. This long-form assignment is specifically designed for use in Mississippi and provides a comprehensive agreement that covers multiple leases. It is particularly useful when the overriding royalty interest is being transferred from multiple lease parties to a single assignee, without a necessary reduction in each party's interest. Some essential components covered within this assignment include: 1. Parties involved: The assignment clearly identifies the parties involved, including the assignor(s) (the current ORRIS holder(s)) and the assignee (the party acquiring the ORRIS). 2. Property description: Each lease is described in detail, including legal descriptions, lease numbers, and any other pertinent information that properly identifies the leased properties. 3. Assignor representations: The assignor is required to make certain representations, ensuring they have full rights and authority to assign the ORRIS without any conflicting agreements or obligations. 4. Assignment of overriding royalty interest: The document explicitly states the assignor's intention to transfer the ORRIS to the assignee. The exact percentage or fraction of the interest being transferred should be clearly specified. 5. No proportionate reduction: A key feature of this long-form assignment is the provision for no proportionate reduction. It implies that the ORRIS being assigned remains intact, without any reduction in share across the leases being transferred. 6. Consideration: The agreed-upon consideration or payment for the assignment is outlined, including any monetary or non-monetary compensation exchanged between the assignor and the assignee. 7. Governing law: The assignment is subject to the laws of Mississippi, ensuring compliance with the state's regulations and jurisdiction. Different variations or subtypes of the Mississippi Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form may not exist as the title specifies the specific scenario it covers. However, variations can still occur based on individual agreement terms or specific lease properties involved. It is always prudent to consult legal experts or professionals to draft customized assignments according to unique circumstances.
