This form is used when an Assignor was granted the right to receive, at payout, a certain reversionary working interest in the Lease. Payout has not occurred, and Assignor is vested with beneficial ownership of the Interest in the Leases and Lands. The purpose of this Assignment and the intention of Assignor is to assign to Assignee, the Interest.
Michigan Assignment of a Diversionary Working Interest is a legal document that transfers the rights to a diversionary working interest in an oil or gas lease from one party to another in the state of Michigan. This assignment allows for the transfer of the working interest, which refers to the ownership interest in the minerals produced from the lease, after a certain event or condition occurs. In Michigan, there are different types of Assignment of a Diversionary Working Interest that may occur: 1. Full Assignment: This type of assignment transfers the entire diversionary working interest from one party to another. The assignor (original owner) relinquishes all rights, title, and interests in the working interest to the assignee (new owner). 2. Partial Assignment: In certain cases, a partial diversionary working interest may be assigned. This means that only a portion of the working interest is transferred, while the assignor retains ownership over the remaining portion. 3. Assignment with Conditions: Sometimes, the assignment of a diversionary working interest may be subject to certain conditions. These conditions could include factors like the successful completion of a specified project, the production reaching a predetermined level, or the expiration of a certain period. 4. Assignment with Diversionary Clause: A diversionary working interest assignment may also include a provision that allows the working interest to revert to the original owner after a specific event or timeframe. This clause ensures that if certain conditions are not met, the assignor regains ownership of the working interest. The Michigan Assignment of a Diversionary Working Interest document typically includes essential information such as the names and addresses of the assignor and assignee, a detailed description of the oil or gas lease, the size or percentage of the working interest being assigned, effective date, and any terms and conditions agreed upon by both parties. It is essential to engage legal professionals or consult the Michigan Revised Statutes when dealing with any Assignment of a Diversionary Working Interest to ensure the document complies with all applicable laws and regulations.
