This form is used when an Assignor assigns, transfers, and conveys to Assignee an overriding royalty interest in the Lease and all of the oil and gas produced, saved and marketed from the Lease, out of the interest owned by Assignor, with proportionate reduction (the Override ).
A South Carolina Assignment of Overriding Royalty Interest for Single Lease — Proportionate reduction is a legal document that allows one party to transfer a portion of their overriding royalty interest (ORRIS) in a single lease to another party. This type of assignment enables the assignor to reduce their proportionate share of the ORRIS and allocate it to the assignee. Keywords: South Carolina, Assignment of Overriding Royalty Interest, Single Lease, Proportionate Reduction. In South Carolina, there may be different types or variations of Assignment of Overriding Royalty Interest for Single Lease — Proportionate Reduction, depending on the specific terms and conditions outlined in the agreement. Some possible variations include: 1. Absolute Proportionate Reduction: This type of assignment involves the complete transfer of a specified proportionate share of the overriding royalty interest from the assignor to the assignee. The assignor no longer retains any interest in the ORRIS after the assignment. 2. Partial Proportionate Reduction: In this type of assignment, the assignor transfers only a portion of their proportionate share of the overriding royalty interest to the assignee. The assignor retains some interest in the ORRIS while reducing their overall proportionate share. 3. Temporary Proportionate Reduction: This variation enables the assignor to temporarily reduce their proportionate share of the overriding royalty interest in assigning it to the assignee. The assignor may regain their original proportionate share after a specified period or upon the occurrence of certain conditions. 4. Conditional Proportionate Reduction: This type of assignment involves a conditional reduction of the assignor's proportionate share of the overriding royalty interest. The assignor's share is proportionately reduced based on specific conditions or triggers defined in the agreement. 5. Stepwise Proportionate Reduction: In this variation, the assignor gradually reduces their proportionate share of the overriding royalty interest over a specified period or through a series of predetermined steps. This method allows for a phased reduction of the assignor's interest. It is essential to consult with legal professionals or experts familiar with South Carolina laws and regulations regarding assignments of overriding royalty interests to ensure compliance and understanding of the specific terms and variations of the assignment.
