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 ).
A Tennessee Assignment of Overriding Royalty Interest in Multiple Assignors is a legal document that transfers the rights to receive overriding royalty payments from multiple assignors to a single assignee in relation to oil, gas, or mineral leases. This agreement allows the assignee to benefit from the income generated by the production and extraction of resources from the leased property. The overriding royalty interest refers to a portion of the revenue generated from the production of minerals or hydrocarbons that remains with a third party, such as an individual or a company, even if they do not own the underlying property. The assignment allows multiple assignors, who may be original landowners, to jointly transfer their interests to a single assignee. Keywords: Tennessee Assignment of Overriding Royalty Interest, multiple assignors, assignee, oil leases, gas leases, mineral leases, royalty payments, production, extraction, revenue, hydrocarbons, minerals. There may not be specific types of Tennessee Assignment of Overriding Royalty Interest in Multiple Assignors, as the agreement itself encompasses multiple assignors transferring their rights collectively. However, there may be variations in the terms and conditions of the assignment, such as the percentage of overriding royalty interest being assigned, any limitations or restrictions on the assignee's rights, or additional provisions regarding the responsibilities and liabilities of the assignors and assignee. These variations can be customized based on the specific circumstances and agreements between the parties involved.
