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.
Ohio Reservation of Overriding Royalty Interest is a legal concept pertaining to the extraction and ownership of mineral resources in the state of Ohio, United States. It involves the reservation of a percentage of royalty interest in a property, even if the property is sold or transferred to another party. Keywords: Ohio, Reservation of Overriding Royalty Interest, mineral resources, extraction, ownership, property, royalty interest, transferred, legal concept. The Ohio Reservation of Overriding Royalty Interest is an important provision within the realm of mineral rights in Ohio. It ensures that the original owner of a property retains a specific percentage of royalty interest even after transferring or selling the property to another party. This means that the original owner, known as the granter, will continue to receive a portion of the proceeds from any mineral resources extracted from the property. There are a few different types or variations of the Ohio Reservation of Overriding Royalty Interest: 1. Fixed Percentage Override: This is the most common type where a specific percentage is reserved by the granter. For example, if the granter reserves a 10% override, they will be entitled to 10% of the royalty payments from the extracted mineral resources. 2. Variable Percentage Override: In some cases, the granter may reserve a variable percentage override. This means that the percentage of royalty interest retained by the granter can vary depending on certain conditions, such as the volume of resources extracted or the prevailing market prices. 3. Time-Limited Override: This variation places a time limit on the reservation of overriding royalty interest. For instance, the granter might reserve a 5% override for a set number of years, after which the royalty interest reverts to the new property owner. 4. Non-Participating Royalty Interest: In this type, the granter retains the right to receive a royalty interest but does not have the authority to negotiate leases or make decisions regarding the extraction of mineral resources. The overriding royalty interest holder simply receives a percentage of the proceeds once extraction occurs. It's important to note that the specifics of Ohio Reservation of Overriding Royalty Interest can vary depending on the language and terms outlined in the original agreements or contracts. It is advisable for property owners, operators, and investors to seek legal advice to ensure a comprehensive understanding of the rights and obligations associated with these reservations.
