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".
New Mexico Notice of Payout by Party Entitled to Diversionary Interest is a legal document that serves as a notification to interested parties about the pending payout of funds to an individual or entity who holds diversionary interest in a property or asset. This notice is applicable when a specific event triggers the diversionary interest, such as the expiration of a lease, termination of a contract, or the occurrence of certain conditions outlined in a legal agreement. The purpose of the New Mexico Notice of Payout is to inform all relevant parties, including potential creditors and beneficiaries, about the impending distribution of funds to the party entitled to the diversionary interest. It ensures transparency and compliance with the legal requirements governing diversionary interests in the state of New Mexico. Depending on the context and the specific circumstances of the diversionary interest, there can be different types of New Mexico Notice of Payout by Party Entitled to Diversionary Interest. Some common examples include: 1. Lease Diversionary Interest Notice: This type of notice is used when a lease agreement is about to expire, and the lessor holds a diversionary interest in the property. It informs the lessee and other relevant parties about the upcoming payout of funds to the lessor. 2. Contract Diversionary Interest Notice: This notice is employed when a contract, such as a deed of trust or a mortgage agreement, reaches its termination date or fulfills specific conditions mentioned in the contract. It notifies all concerned parties about the payout to the contract holder with the diversionary interest. 3. Trust Diversionary Interest Notice: When a trust agreement specifies diversionary interest, this notice is sent to beneficiaries and other interested parties upon triggering events outlined in the trust. It discloses the impending distribution of funds to the party entitled to the diversionary interest. 4. Estate Diversionary Interest Notice: In the case of an estate, this notice is issued if an heir or beneficiary has a diversionary interest in certain assets or funds upon the occurrence of specific conditions, such as the death of a life tenant. It informs all parties about the payout to the entitled individual or entity. 5. Asset-specific Diversionary Interest Notice: This type of notice is applicable when a particular asset, such as artwork, intellectual property, or real estate, is subject to diversionary interest. It outlines the conditions triggering the diversionary interest and notifies parties regarding the forthcoming payout. In conclusion, the New Mexico Notice of Payout by Party Entitled to Diversionary Interest is an essential legal document that ensures transparency and compliance during the distribution of funds to individuals or entities holding diversionary interest. The various types of notices mentioned above serve specific purposes based on the nature of the diversionary interest and the triggered events.New Mexico Notice of Payout by Party Entitled to Diversionary Interest is a legal document that serves as a notification to interested parties about the pending payout of funds to an individual or entity who holds diversionary interest in a property or asset. This notice is applicable when a specific event triggers the diversionary interest, such as the expiration of a lease, termination of a contract, or the occurrence of certain conditions outlined in a legal agreement. The purpose of the New Mexico Notice of Payout is to inform all relevant parties, including potential creditors and beneficiaries, about the impending distribution of funds to the party entitled to the diversionary interest. It ensures transparency and compliance with the legal requirements governing diversionary interests in the state of New Mexico. Depending on the context and the specific circumstances of the diversionary interest, there can be different types of New Mexico Notice of Payout by Party Entitled to Diversionary Interest. Some common examples include: 1. Lease Diversionary Interest Notice: This type of notice is used when a lease agreement is about to expire, and the lessor holds a diversionary interest in the property. It informs the lessee and other relevant parties about the upcoming payout of funds to the lessor. 2. Contract Diversionary Interest Notice: This notice is employed when a contract, such as a deed of trust or a mortgage agreement, reaches its termination date or fulfills specific conditions mentioned in the contract. It notifies all concerned parties about the payout to the contract holder with the diversionary interest. 3. Trust Diversionary Interest Notice: When a trust agreement specifies diversionary interest, this notice is sent to beneficiaries and other interested parties upon triggering events outlined in the trust. It discloses the impending distribution of funds to the party entitled to the diversionary interest. 4. Estate Diversionary Interest Notice: In the case of an estate, this notice is issued if an heir or beneficiary has a diversionary interest in certain assets or funds upon the occurrence of specific conditions, such as the death of a life tenant. It informs all parties about the payout to the entitled individual or entity. 5. Asset-specific Diversionary Interest Notice: This type of notice is applicable when a particular asset, such as artwork, intellectual property, or real estate, is subject to diversionary interest. It outlines the conditions triggering the diversionary interest and notifies parties regarding the forthcoming payout. In conclusion, the New Mexico Notice of Payout by Party Entitled to Diversionary Interest is an essential legal document that ensures transparency and compliance during the distribution of funds to individuals or entities holding diversionary interest. The various types of notices mentioned above serve specific purposes based on the nature of the diversionary interest and the triggered events.
