The form is used when the Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all of the oil, gas and other minerals produced, saved and marketed from the Lease equal to a pecentage of 8/8 (the Override ).
The Tennessee Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction allows an owner of an overriding royalty interest (ORRIS) in an oil and gas lease to assign their interest to another party without any proportionate reduction to their royalty interest. This written agreement outlines the specific terms and conditions of the assignment, ensuring transparency and protection for both parties involved. Keywords: Tennessee, Assignment, Overriding Royalty Interest, Overriding Royalty Interest Owner, No Proportionate Reduction, oil and gas lease, royalty interest, written agreement, terms and conditions, transparency, protection. Different types of Tennessee Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction may include variations in the specific terms and conditions, such as: 1. Assignment term: The agreement may specify the duration or term of the assignment, indicating whether it is a permanent transfer or a limited-time arrangement. 2. Assignment consideration: Parties involved in the assignment may negotiate additional considerations like upfront payments, future royalty adjustments, or other financial arrangements. 3. Rights and obligations: The agreement might outline the rights and obligations of the assigning party, including any restrictions or conditions on the use or transferability of the overriding royalty interest. 4. Reserve determination: The agreement may specify how reserves will be determined and how they will affect the overriding royalty interest. 5. Termination conditions: The agreement might include provisions for terminating the assignment under specific circumstances, such as breaches of contract or changes in ownership or control. By clearly delineating the rights and responsibilities of both parties, a Tennessee Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction ensures a smooth and transparent transfer of overriding royalty interests, thereby safeguarding the interests of the parties involved.
