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US Legal Forms
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North Carolina
Raleigh
Partial Assignment of Oil...

Raleigh North Carolina Partial Assignment of Oil, Gas, and Mineral Leases Reserving An Overriding Royalty Interest

Category:

Oil Gas and Minerals - Assignments

State:

Multi-State

City:

Raleigh

Control #:

US-OG-269

Format:

Word;

Rich Text

Instant download

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Description

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.

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Interesting Questions

Is legal advice needed for a partial assignment?

It's always wise to consult with a legal expert when dealing with these matters. Just as you'd want a pro to check your work before a big presentation, having someone knowledgeable on your side can help avoid pitfalls.

Can the terms of the original lease change with a partial assignment?

Generally, the original lease terms remain the same, but the new party may have rights or obligations added. It's like welcoming a new roommate; the house rules don’t change, but you might need to share the chores differently.

Do I need to notify anyone about the partial assignment?

Yes, it's usually required to inform all parties involved, including the lessee and any other stakeholders. It's like giving everyone a heads-up before changing the guest list for a party.

How does a partial assignment affect my existing lease?

A partial assignment doesn't change the original lease; it just adds another player to the game. Your original agreement stays in place, but now someone else has some say in it too.

What does it mean to reserve an overriding royalty interest?

Reserving an overriding royalty interest means you keep a portion of the profits from the oil, gas, or minerals extracted, even after selling some rights. It's like holding on to a piece of the pie even after selling the rest.

What is a partial assignment of oil, gas, and mineral leases?

A partial assignment means you're transferring a part of your rights to someone else. Think of it like sharing a pizza; you still own the whole thing, but you're letting someone else enjoy a slice.