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 ).
Nevada Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form: Explained In the realm of oil and gas leasing agreements, the Nevada Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form holds significant importance. This article aims to provide a detailed description of this document, highlighting its purpose, key components, and potential variations. The Nevada Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form serves as a legal instrument used to transfer overriding royalty interests (Orris) from one party (the Assignor) to another (the Assignee) for multiple leases within the state of Nevada. The ORRIS grants the Assignee the right to receive a portion of the revenues generated from the production of oil and gas on the leased properties. This long-form assignment is specifically designed to ensure that the Assignee's ORRIS remains unchanged across all assigned leases, with no proportionate reduction. This means that regardless of the varying production levels or lease agreements, the Assignee's ORRIS remains constant and unaffected. Key Components of the Nevada Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form: 1. Parties Involved: This section identifies the Assignor (current ORRIS holder) and the Assignee (new ORRIS beneficiary) along with their respective legal names and contact information. 2. Leased Properties: This portion provides a detailed list of the leased properties covered by the assignment, including their precise legal descriptions, lease numbers, and any specific terms or provisions. 3. Percentage Interest: Here, the Assignment outlines the exact percentage of the overriding royalty interests being transferred to the Assignee for each lease, emphasizing that no proportionate reduction will occur. 4. Consideration: This section specifies the consideration, typically monetary, exchanged between the Assignor and Assignee as part of the assignment. It may also include provisions related to future considerations or contingencies. 5. Governing Law: The Assignment establishes which laws and regulations will govern the interpretation and enforcement of the document, typically the laws of the State of Nevada. Types of Nevada Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form: 1. Individual Assignor to Individual Assignee: This type involves the transfer of Orris from a single Assignor to a specific Assignee. It commonly occurs when an individual or a private entity wishes to sell or transfer their ORRIS rights to another party. 2. Corporate Assignor to Corporate Assignee: In this scenario, a corporation or a company acts as the Assignor, transferring Orris to another corporate entity as the Assignee. Such assignments often occur due to changes in corporate ownership or strategic business decisions. 3. Individual Assignor to Corporate Assignee (or vice versa): This type represents the assignment of Orris between an individual or a private entity (Assignor) and a corporation or company (Assignee) or vice versa. This variation is typical when an individual sells their ORRIS rights to a corporate entity or when a corporate entity sells Orris to an individual. The Nevada Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form provides a comprehensive legal framework for the efficient transfer and maintenance of Orris across multiple leases. Understanding its purpose and key components can ensure a smooth transaction process while safeguarding the interests of all parties involved.
