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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.
Once a partial assignment is made, it's typically binding, so it's hard to revoke unless there's a specific clause that allows it or mutual agreement to cancel.
Look for clear terms regarding the rights being assigned, the royalty percentage, duration of the agreement, and responsibilities of each party.
Yes, risks include loss of control over the leased land and changes in relationships with partners, so it's vital to choose wisely who to assign rights to.
The process involves drafting agreements that clearly outline what rights are being shared and what the remaining rights are, often with help from legal professionals.
Reserving an overriding royalty interest means you keep a portion of the income from oil and gas production, even after you've assigned rights to someone else.
A partial assignment is when a property owner shares their rights to oil, gas, and minerals with someone else, but keeps some rights for themselves.
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Memphis Tennessee Partial Assignment of Oil, Gas, and Mineral Leases Reserving An Overriding Royalty Interest