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".
Collin Texas Notice of Payout by Party Entitled to Diversionary Interest is a legal document that involves the payment of funds to an individual or entity entitled to diversionary interest in Collin County, Texas. This notice is typically issued when the conditions for payout have been met according to the terms of a contract or legal agreement. In Collin County, Texas, there may be different types of Notice of Payout by Party Entitled to Diversionary Interest. Some common examples include: 1. Real Estate Diversionary Interest: This type of notice is often related to the transfer of property ownership. It may occur when a property owner has granted a diversionary interest to another party, specifying that the property will revert to the original owner or a designated entity if certain conditions are met. The Notice of Payout is then issued when those conditions are fulfilled, and the entitlement is transferred back to the original owner. 2. Investment Diversionary Interest: This type of notice is relevant to investments or financial agreements where a portion of the profit or interest is entitled to revert to a specific party. For example, if an individual invests in a company and their agreement includes a diversionary interest clause, the Notice of Payout will be issued when the specified conditions are fulfilled and the entitled party receives their share. 3. Royalty Diversionary Interest: This type of notice is applicable to cases where royalties are involved, such as oil and gas leases or intellectual property agreements. If the agreement includes a diversionary interest provision, stating that certain rights or royalties will revert to the original owner after a specific event or period, the Notice of Payout will be provided upon satisfaction of those conditions. The purpose of the Collin Texas Notice of Payout by Party Entitled to Diversionary Interest is to formally inform the entitled party and relevant stakeholders that the specified conditions have been met and that the payout is imminent. It is an essential legal document that ensures transparency and compliance with the terms of the contract or agreement.Collin Texas Notice of Payout by Party Entitled to Diversionary Interest is a legal document that involves the payment of funds to an individual or entity entitled to diversionary interest in Collin County, Texas. This notice is typically issued when the conditions for payout have been met according to the terms of a contract or legal agreement. In Collin County, Texas, there may be different types of Notice of Payout by Party Entitled to Diversionary Interest. Some common examples include: 1. Real Estate Diversionary Interest: This type of notice is often related to the transfer of property ownership. It may occur when a property owner has granted a diversionary interest to another party, specifying that the property will revert to the original owner or a designated entity if certain conditions are met. The Notice of Payout is then issued when those conditions are fulfilled, and the entitlement is transferred back to the original owner. 2. Investment Diversionary Interest: This type of notice is relevant to investments or financial agreements where a portion of the profit or interest is entitled to revert to a specific party. For example, if an individual invests in a company and their agreement includes a diversionary interest clause, the Notice of Payout will be issued when the specified conditions are fulfilled and the entitled party receives their share. 3. Royalty Diversionary Interest: This type of notice is applicable to cases where royalties are involved, such as oil and gas leases or intellectual property agreements. If the agreement includes a diversionary interest provision, stating that certain rights or royalties will revert to the original owner after a specific event or period, the Notice of Payout will be provided upon satisfaction of those conditions. The purpose of the Collin Texas Notice of Payout by Party Entitled to Diversionary Interest is to formally inform the entitled party and relevant stakeholders that the specified conditions have been met and that the payout is imminent. It is an essential legal document that ensures transparency and compliance with the terms of the contract or agreement.
