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This form is used by the Assignor to transfer, assign, and convey to Assignee interests in leases and all oil, gas and other minerals produced, saved and sold from the Lease and Land.
Absolutely! Having legal advice is key to ensure you understand the terms and protect your interests in a partial assignment and overriding royalty interest.
Before entering into a partial assignment, think about your long-term goals, the terms of the agreement, and how it fits your overall plan for the property.
Yes, you can sell your overriding royalty interest later if you decide you no longer want to keep it, just like any other asset.
The original lease remains in effect, but the responsibilities and rights may change based on the terms of the assignment.
People might choose a partial assignment to maintain some control and benefit from future profits while still allowing others to develop the resource.
Reserving an overriding royalty interest means that the original leaseholder keeps a portion of the profits made from the oil or gas extracted, even after they transfer rights to someone else.
A partial assignment allows one party to transfer some of their rights in an oil, gas, or mineral lease to another party, while still keeping some rights for themselves.
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Arlington Texas Partial Assignment of Oil, Gas, and Mineral Leases Reserving An Overriding Royalty Interest