This form is used when Assignor transfers, assigns and conveys to Assignee an overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and marketed from all of the Lands and Leases equal to a determined amount (the Override ).
Rhode Island Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document that pertains to the transfer of ownership rights in a mineral or oil/gas lease. This assignment allows multiple assignors, who are the original owners of the overriding royalty interest, to transfer their interests to one or more assignees. When looking at different types of Rhode Island Assignment of Overriding Royalty Interest in Multiple Assignors, variation may arise in terms of specific lease agreements and the number of assignors and assignees involved. These documents can arise in various situations such as estate planning, partnership dissolution, or even investment strategies. In essence, this assignment is a legally binding agreement that outlines the terms and conditions of the transfer of the overriding royalty interest. It ensures that all assignors agree to convey their respective interests, while all assignees agree to accept the assigned interests and comply with any obligations associated with the interests. The Rhode Island Assignment of Overriding Royalty Interest in Multiple Assignors includes several key details. First, it typically includes the legal names and contact information of all participating assignors and assignees. Additionally, it identifies the specific property or lease that the overriding royalty interest applies to, outlining the legal description and any associated mineral rights or lease numbers. The document will specify the percentage of overriding royalty interest that each assignor is transferring to the assignees. It may also outline any conditions or restrictions on the assignment, such as limitations on future transfers or requirements for the assignee to comply with existing lease agreements. To make the assignment legally binding, all parties involved must sign the document in the presence of witnesses or a notary public. This ensures that the assignment is authenticated and can be recorded with the appropriate authorities, protecting the rights of the new overriding royalty interest holders. In conclusion, the Rhode Island Assignment of Overriding Royalty Interest in Multiple Assignors is a crucial legal document that facilitates the transfer of overriding royalty interests from multiple assignors to one or more assignees. It clarifies the rights and obligations of all parties involved, ensuring a smooth and lawful transition of ownership.
