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 ).
A Virginia Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction, refers to a legal agreement that allows an overriding royalty interest owner in Virginia to transfer or assign their interest to another party without any reduction or proportionate reduction. This type of assignment is commonly used in the oil and gas industry. In this type of assignment, the overriding royalty interest owner relinquishes their rights and interests in the property, including any future revenues or royalties generated from the production or extraction of oil and gas. The assignment is typically made in consideration of monetary compensation or other negotiated terms agreed upon by the parties involved. It is important to note that there may be different variations or types of Virginia Assignment of Overriding Royalty Interest, depending on the specific terms and conditions agreed upon by the parties. These variations may include assignment with proportionate reduction, assignment with special conditions, partial assignment, or complete assignment, among others. The purpose of a Virginia Assignment of Overriding Royalty Interest in Overriding Royalty Interest Owner, No Proportionate Reduction, is to provide a clear and enforceable mechanism for transferring ownership rights in an overriding royalty interest without any reduction in the royalties or revenues received. It protects the interests of both the assignor and the assignee, ensuring that the assignee receives the full benefit of the overriding royalty interest. Keywords: Virginia Assignment of Overriding Royalty Interest, Overriding Royalty Interest Owner, No Proportionate Reduction, oil and gas industry, transfer, assign, property rights, revenues, royalties, production, extraction, compensation, legal agreement, enforceable mechanism, assignor, assignee.
