This provision provides for the assignor to except from this assignment and reserve an overriding royalty interest of all oil, gas, casinghead gas, and other minerals that may be produced from the lands under the terms of the Leases that are the subject of this assignment.
New York Reservation of Overriding Royalty Interest
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FAQ
Overriding Royalty Interest Conveyance means an assignment, in form and substance acceptable to Lender, pursuant to which Borrower grants in favor of Lender an overriding royalty interest equal to six and one-fourth percent (6.25%) of Hydrocarbons produced, saved and sold or used off the premises of the relevant Lease, ...
Gray has succinctly stated the rule as follows: "No interest subject to a condition precedent is good, unless the condition must be fulfilled, if at all, within twenty-one years after some life in being at the creation of the interest." GRAY, RuLE AGAINST PERPETUITIES, 4th ed., §201, p. 191 (1942).
Overriding royalty interest: Unlike mineral and royalty interests, an overriding royalty interest runs with a lease and not with the land. Therefore, they only remain in effect for as long as a lease is in effect and they expire when a lease expires.
Unlike a working or royalty interest, an ORRI cannot be fractionalized. It is an undivided, non-possessory right to a share of the production, excluding the mineral lease's production costs.
An overriding royalty interest (ORRI) is an interest carved out of a working interest. It is: A percentage of gross production that is not charged with any expenses of exploring, developing, producing, and operating a well.
Once the lease ends, the lessee can obtain a new lease from the mineral owner without any overriding royalty obligation. To prevent this scenario, the ?anti-washout provision? was created. This provision is designed to ensure that the overriding royalty interest remains intact if the lease is extended.
What is a ?Washout Provision?? The term ?washout provision? can be misleading because there is actually no such provision. Instead, it refers to the situation where an overriding royalty interest is created in an assignment of an oil and gas lease to a new owner.