South Carolina Assignment of Overriding Royalty Interest Limited As to Depth is a legal instrument that allows the transfer of ownership and control of overriding royalty interests from one party to another within South Carolina's jurisdiction. This assignment is restricted to specific depths and may be subject to certain limitations as defined in the agreement. Keywords: South Carolina, assignment, overriding royalty interest, limited, depth, legal instrument, transfer, ownership, control, jurisdiction, depths, limitations, agreement. There are two main types of South Carolina Assignment of Overriding Royalty Interest Limited As to Depth: 1. Voluntary Assignment: This type of assignment occurs when the owner of the overriding royalty interest voluntarily transfers their interest to another party. It can be done as part of a purchase agreement or as a strategic decision to monetize the interest. 2. Involuntary Assignment: An involuntary assignment of overriding royalty interest limited as to depth usually happens when a court order or legal proceeding forces the transfer of ownership and control of the interest. This can occur due to foreclosure, bankruptcy, or other legal disputes. Regardless of the type, a South Carolina Assignment of Overriding Royalty Interest Limited As to Depth must adhere to the laws and regulations in South Carolina. The assignment document should clearly state the parties involved, the specific depth limitations, and any terms or conditions that govern the transfer. It is crucial for both parties to review and understand the agreement before entering into the assignment to ensure compliance and protect their interests. In conclusion, a South Carolina Assignment of Overriding Royalty Interest Limited As to Depth is a legal mechanism to transfer ownership and control of overriding royalty interests within South Carolina's jurisdiction. It can be either voluntary or involuntary, and it must comply with the specific depth limitations and legal requirements outlined in the agreement.
South Carolina Assignment of Overriding Royalty Interest Limited As to Depth
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How to fill out South Carolina Assignment Of Overriding Royalty Interest Limited As To Depth?
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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, ...
There are three main types of royalty interests: 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.
How to calculate the overriding royalty interest? ORRI = NRI * 5 percent. $750,000 * 0.005 = $3,750.
What Determines the Value of an Overriding Royalty Interest? Mineral interest location. One in a shale basin with high production is worth more. Producing oil and gas wells. Wells currently producing are valued more. ... Production reserves and levels. ... Prices.
Overriding Royalty Interest Example The mineral estate can be severed from the surface, beginning two separate chains of title. The mineral owner has the right to explore and develop the minerals, but the vast majority do not have the finances or knowledge to drill and operate a well.
If at any time Assignee desires to transfer or dispose of all or any portion of the Overriding Royalty Interest, Assignee must first give to Assignor written notice thereof stating: (a) the amount of the Overriding Royalty Interest offered by Assignee; (b) the form of consideration (which shall be either cash or a ...
Overriding Royalty Interest: A given interest severed out of the record title interest or lessee's share of the oil, and not charged with any of the cost or expense of developing or operation. The interest provides no control over the operations of the lease, only revenue from lease production.
