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override

(1) A carve-out from oil and gas lease royalty payments,usually a gross dollar amount per barrel of oil or per cubic foot of gas without diminution for costs of extraction.The override may be payable to the broker on the deal,to the attorney,or to some person other than the lessor with the mineral rights.(2) A name given to a clause, in a real estate listing contract, that requires payment of a commission to the listing broker if a buyer introduced to the property by the broker purchases the property within a certain time period after the listing agreement expires.The clause is to protect the broker for sales activities at the very end of the listing period that do not come into fruition until later.It also serves to protect the broker from buyers who learn about the property from the broker, take the broker's time in securing additional information and property inspections,and then attempt to time their offers until after the listing expiration in the hopes the seller will accept a lower price because then the seller does not have to pay a commission from the sale proceeds.

References in periodicals archive ?
248) In many of the examples above, language in the committee reports and the sponsors' interpretive memoranda suggested Congress strongly disagreed with the rationales employed in the precedents it was overriding and that it expected that the overrides would be understood as making clear that the precedents should not be applied in other contexts.
Senators often also agree, by unanimous consent, to limit time for debate on the question of overriding the veto.
5% cost-free overriding royalty interest in the Brazos Area Block A-39 Lease until payout of the No.
Petroleum Corporation expects a minimum of three wells in which it will own overriding royalty interests to be drilled before the end of this year, with up to a further seven wells in which it will own overriding royalty interests to be drilled next year.
In addition to the overriding royalty interest, PANACO negotiated a 60 months prepaid processing agreement for $1,755,000.
RESERVE ROYALTY CORPORATION is an innovative financial company which creates gross overriding royalties in the oil & gas industry through off balance sheet financing for industry partners and by the re-deployment of oil and gas assets acquired by the company in corporate transactions such as the Jordan acquisition.
5% overriding royalty interest until payout of the well and then convert to a 20% working interest.
5 percent Gross Overriding Royalty interest on developed lands, and to a 12 percent gross overriding royalty on its share of undeveloped land interests.
from working interests to cash, stock, gross overriding royalties, and other considerations as previously disclosed in the February 14 Press Release.
7 million in net cash flow to Reserve in 1995, from working interests to cash, stock, gross overriding royalties, and other considerations.