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US Legal Forms
Localized Forms
Arizona
Tucson
Assignment of Overriding Royalty Interests for Multiple Leases

Tucson Arizona Assignment of Overriding Royalty Interests for Multiple Leases

Category:

Oil Gas and Minerals - Assignments

State:

Multi-State

City:

Tucson

Control #:

US-OG-036

Format:

Word;

Rich Text

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Description

This form is used by the Assignor to transfer, assign, and convey to Assignee an overriding royalty interest in multiple leases.

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Interesting Questions

Is it possible to revoke an ORI assignment?

Revoking an ORI assignment can be tricky; it usually involves some legal wrangling, like trying to reverse a deal that’s already been sealed.

What happens if the lease terms change after I assign my ORI?

If the lease terms change, it may affect your ORI, but generally, the assignment will still hold; it's like finding out your favorite restaurant has a new menu but the discount still applies.

Do I need a legal document to assign an ORI?

Absolutely! You’ll want to have a legal document that lays everything out clearly, kind of like drawing up the blueprints before building a house.

What should I consider before assigning an ORI?

Before you make the assignment, think about the long-term implications, like how it may affect your income stream; it's like thinking twice before you leap.

Can I assign ORI for multiple leases at once?

Yes, you can bundle your leases together and assign an Overriding Royalty Interest for all of them in one go, just like putting several items in one shopping bag.

How does an assignment of ORI work?

When you assign an Overriding Royalty Interest, you're essentially giving someone else a right to a portion of the royalties from the oil or gas extracted from your lease, like passing the baton in a relay race.