This form is used when an Assignor transfers, assigns, and conveys to Assignee an overriding royalty interest in the Leases and all oil, gas, and other minerals produced, saved, and marketed from the Lands and Leases equal to a percentage of 8/8 (the Override ).
The Virginia Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a legal document used in the state of Virginia to transfer the rights to overriding royalty interests from one party to another. This form is specifically designed for situations where there are multiple leases involved and no proportionate reduction is required. The overriding royalty interest, also known as ORRIS, is a percentage of the revenue generated from the production of oil, gas, or other minerals on a property. It is typically granted to a party who does not own the property but has a share in the proceeds from its mineral production. In the context of this assignment, multiple leases imply that there are several leases associated with the same property or a group of related properties. These leases may have been granted to different parties, and each leaseholder would have their own overriding royalty interest. The Assignment of Overriding Royalty Interest allows for the transfer of these interests when one party wishes to sell or assign their share to another. The key feature of the Virginia Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is that it does not require a reduction in the royalty interest proportionate to the assignment. This means that the assignee will assume the full interest of the assignor without any adjustment or reduction, even if it results in a higher combined ORRIS. It is important to note that while the long form of this assignment is for the specific scenario mentioned above, there may be variations or modified versions tailored to different circumstances. Some potential alternate forms could include: 1. Virginia Assignment of Overriding Royalty Interest for Multiple Leases with Proportionate Reduction: This form would be used when there is a need for proportionate reduction of the overriding royalty interest with each assignment. It ensures that the combined ORRIS remains consistent after each transfer. 2. Virginia Assignment of Overriding Royalty Interest for Single Lease: This form is designed for situations where there is only one lease involved, and the assignment of the overriding royalty interest relates to that specific lease. It may have different requirements or clauses compared to assignments involving multiple leases. 3. Virginia Assignment of Overriding Royalty Interest with Consent of Lessors: In cases where the lessors (property owners or leaseholders) need to provide their consent for the assignment, this kind of assignment form would be appropriate. It includes provisions for obtaining the necessary approvals or consents from the relevant parties. Overall, the Virginia Assignment of Overriding Royalty Interest for Multiple Leases with No Proportionate Reduction — Long Form is a crucial legal document that facilitates the transfer of overriding royalty interests in situations involving multiple leases without any reduction in the assigned interests.
