This form is used when Assignee has recovered certain costs out of Assignee's share of the proceeds of production of oil and gas from producing wells on the Lease, and Assignee's interest in the Lease is reduced. Assignor will be vested with title to an interest in the Lease, the "Reversionary Interest".
Minnesota Notice of Payout by Party Entitled to Diversionary Interest is a legal document used in Minnesota to notify parties involved about the payment that needs to be made to the party entitled to a diversionary interest. This notice is crucial when there is a change in ownership or when certain conditions are met, triggering the diversionary interest clause. Relevant keywords: Minnesota, Notice of Payout, Party Entitled, Diversionary Interest, legal document, payment, ownership, conditions, diversionary interest clause. Types of Minnesota Notice of Payout by Party Entitled to Diversionary Interest: 1. Minnesota Notice of Payout by Party Entitled to Diversionary Interest — Change in Ownership: This type of notice is used when there is a transfer of ownership or a change in property ownership. It informs the relevant parties about the payment that needs to be made to the entitled party based on the diversionary interest clause. 2. Minnesota Notice of Payout by Party Entitled to Diversionary Interest — Conditions Met: This type of notice is utilized when specific conditions stated in the diversionary interest clause are met, triggering the entitlement to the payout. These conditions can include specific dates, events, or actions that must occur for the diversionary interest to become effective. 3. Minnesota Notice of Payout by Party Entitled to Diversionary Interest — Contractual Obligations: In some cases, this notice is required when there are contractual obligations associated with the diversionary interest. It serves as a formal communication to inform involved parties about the payment details and fulfill these contractual obligations. 4. Minnesota Notice of Payout by Party Entitled to Diversionary Interest — Probate or Estate Matters: This type of notice specifically pertains to probate or estate matters where the diversionary interest is involved. It ensures that the entitled party receives the proper payment based on the terms outlined in the diversionary interest clause. Overall, the Minnesota Notice of Payout by Party Entitled to Diversionary Interest is a legal document that plays a vital role in ensuring that the entitled party receives the appropriate payment when owning conditions change or specific triggers are met. It acts as a formal communication channel to inform all relevant parties about the payout and fulfill any contractual obligations associated with the diversionary interest.Minnesota Notice of Payout by Party Entitled to Diversionary Interest is a legal document used in Minnesota to notify parties involved about the payment that needs to be made to the party entitled to a diversionary interest. This notice is crucial when there is a change in ownership or when certain conditions are met, triggering the diversionary interest clause. Relevant keywords: Minnesota, Notice of Payout, Party Entitled, Diversionary Interest, legal document, payment, ownership, conditions, diversionary interest clause. Types of Minnesota Notice of Payout by Party Entitled to Diversionary Interest: 1. Minnesota Notice of Payout by Party Entitled to Diversionary Interest — Change in Ownership: This type of notice is used when there is a transfer of ownership or a change in property ownership. It informs the relevant parties about the payment that needs to be made to the entitled party based on the diversionary interest clause. 2. Minnesota Notice of Payout by Party Entitled to Diversionary Interest — Conditions Met: This type of notice is utilized when specific conditions stated in the diversionary interest clause are met, triggering the entitlement to the payout. These conditions can include specific dates, events, or actions that must occur for the diversionary interest to become effective. 3. Minnesota Notice of Payout by Party Entitled to Diversionary Interest — Contractual Obligations: In some cases, this notice is required when there are contractual obligations associated with the diversionary interest. It serves as a formal communication to inform involved parties about the payment details and fulfill these contractual obligations. 4. Minnesota Notice of Payout by Party Entitled to Diversionary Interest — Probate or Estate Matters: This type of notice specifically pertains to probate or estate matters where the diversionary interest is involved. It ensures that the entitled party receives the proper payment based on the terms outlined in the diversionary interest clause. Overall, the Minnesota Notice of Payout by Party Entitled to Diversionary Interest is a legal document that plays a vital role in ensuring that the entitled party receives the appropriate payment when owning conditions change or specific triggers are met. It acts as a formal communication channel to inform all relevant parties about the payout and fulfill any contractual obligations associated with the diversionary interest.
