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 ).
The New York Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction is a legal document that pertains to the transfer of a specific type of interest in natural resource property located in New York. This assignment involves the overriding royalty interest, which is a share of the gross production from the property that is retained by the interest owner even after the payment of the proportionate share to the working interest owners. An overriding royalty interest is often granted to a third party, known as the overriding royalty interest owner, who is not directly involved in the operation and management of the property. This document outlines the terms and conditions of the assignment, including the rights and obligations of both the assigning party (the existing overriding royalty interest owner) and the assignee (the party acquiring the interest). Keywords: New York, Assignment of Overriding Royalty Interest, Overriding Royalty Interest Owner, No Proportionate Reduction, natural resource property, gross production, working interest owners, overriding royalty interest owner, terms and conditions, rights and obligations, assignment. Different types or variations of the New York Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction may include: 1. Absolute Assignment: This type of assignment entails a complete transfer of the overriding royalty interest in the existing owner to the assignee, leaving no reserved interests or rights with the assigning party. 2. Partial Assignment: In this variation, only a portion or percentage of the overriding royalty interest is transferred to the assignee, while the assigning party retains the remaining interest. 3. Temporary Assignment: This type of assignment grants the overriding royalty interest to the assignee for a specified period, after which the interest reverts to the assigning party. 4. Permanent Assignment: In contrast to a temporary assignment, a permanent assignment transfers the overriding royalty interest permanently to the assignee, with no provision for its return to the assigning party. 5. Conditional Assignment: This variation involves assigning the overriding royalty interest to the assignee subject to certain conditions or terms, such as the completion of specific obligations or the occurrence of certain events. 6. Non-Exclusive Assignment: This type of assignment allows the assigning party to transfer the overriding royalty interest to multiple assignees simultaneously, enabling the interest owner to retain flexibility in the assignment process. In conclusion, the New York Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction is a crucial legal document that regulates the transfer of the overriding royalty interest in natural resource property located in New York. It outlines the rights and obligations of the assigning party and the assignee and can come in various forms, including absolute, partial, temporary, permanent, conditional, or non-exclusive assignments.
