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 ).
Puerto Rico Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form: A Comprehensive Explanation In Puerto Rico, an Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form refers to a legal document that allows the transfer of ownership of overriding royalty interests (ORI's) from one party to another, without any reduction in the proportionate shares of the interests across multiple leases. This long-form assignment ensures transparency, clarity, and comprehensive coverage of all facets involved in the transfer of these rights. Overriding royalty interests are financial rights that entitle an individual or entity to a portion of the revenue generated from the production and sale of natural resources, such as oil, gas, or mineral deposits, on a specific piece of land. These interests are separate from the working interests held by the lessee, who bears the costs of exploration, development, and operation. The Puerto Rico Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form offers important protection and legal clarity for both the assignor (the party transferring the rights) and the assignee (the party acquiring the rights). This document ensures that the assignee receives the overriding royalty interests as promised, without any unforeseen reduction in proportionate shares across multiple leases involved. Types of Puerto Rico Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form: 1. Oil and Gas Leases: This type of assignment specifically relates to overriding royalty interests within oil and gas leases in Puerto Rico. It covers interests in leasehold properties dedicated to the exploration, drilling, production, and sale of oil and gas resources. 2. Mineral Leases: In Puerto Rico, mineral leases cover interests in properties specifically targeted for the extraction and utilization of minerals, including but not limited to coal, copper, gold, limestone, and various types of aggregate materials. 3. All-Inclusive Leases: This type of assignment covers overriding royalty interests in a comprehensive manner, encompassing multiple leases across various natural resource sectors. It provides a broad scope of coverage, ensuring the assignee receives a proportionate share of revenues generated from oil, gas, minerals, and other eligible resources across different leases. By utilizing the Puerto Rico Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form, individuals and entities can engage in secure and effective transfers of overriding royalty interests. This legal document protects the interests of both the assignor and assignee and allows for clear rights and revenue sharing across multiple leases involved in resource exploration and production within Puerto Rico.
