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".
Contra Costa California Notice of Payout by Party Entitled to Diversionary Interest is a legal document that refers to the process by which a party entitled to revert the interest on a property receives a payout. This document is commonly used in real estate transactions in Contra Costa County, California. The Notice of Payout is filed by the party who holds the diversionary interest, which means that they have the right to reclaim ownership of the property once certain conditions are met. This document serves as a formal notification to the current owner(s) and any interested parties that the party holding the diversionary interest wishes to exercise their right to receive a payout in exchange for the extinguishment of their rights. The Notice of Payout typically includes details such as the names of the current owner(s) and the party entitled to the diversionary interest, a description of the property in question, the specific conditions triggering the reversion, and the amount of payout being requested by the party entitled to the diversionary interest. There are different types or scenarios under which a Contra Costa California Notice of Payout by Party Entitled to Diversionary Interest may be filed: 1. Concluding a Lease Agreement: If a property is leased and the lease agreement stipulates that the property shall revert to the lessor at the end of the lease term, the lessor may file a Notice of Payout to receive the agreed-upon amount in exchange for relinquishing their diversionary interest. 2. Termination of a Deed Restriction: In cases where a property is subject to a deed restriction that grants certain rights to a specific party after a stipulated period, the party entitled to the reversion may file a Notice of Payout once the conditions to terminate the restriction are met. 3. Forfeiture of a Conditional Gift: Sometimes, a property is gifted with a condition attached to it, such as the beneficiary being required to use the property for a specific purpose. If the beneficiary fails to meet the condition, the party entitled to the diversionary interest may file a Notice of Payout to reclaim ownership of the property. It is important to note that the specific requirements and procedures for filing a Contra Costa California Notice of Payout by Party Entitled to Diversionary Interest may vary depending on the details of the property, the type of diversionary interest, and local regulations. Therefore, it is advisable to consult with a qualified attorney or legal professional for guidance when preparing and filing this document.Contra Costa California Notice of Payout by Party Entitled to Diversionary Interest is a legal document that refers to the process by which a party entitled to revert the interest on a property receives a payout. This document is commonly used in real estate transactions in Contra Costa County, California. The Notice of Payout is filed by the party who holds the diversionary interest, which means that they have the right to reclaim ownership of the property once certain conditions are met. This document serves as a formal notification to the current owner(s) and any interested parties that the party holding the diversionary interest wishes to exercise their right to receive a payout in exchange for the extinguishment of their rights. The Notice of Payout typically includes details such as the names of the current owner(s) and the party entitled to the diversionary interest, a description of the property in question, the specific conditions triggering the reversion, and the amount of payout being requested by the party entitled to the diversionary interest. There are different types or scenarios under which a Contra Costa California Notice of Payout by Party Entitled to Diversionary Interest may be filed: 1. Concluding a Lease Agreement: If a property is leased and the lease agreement stipulates that the property shall revert to the lessor at the end of the lease term, the lessor may file a Notice of Payout to receive the agreed-upon amount in exchange for relinquishing their diversionary interest. 2. Termination of a Deed Restriction: In cases where a property is subject to a deed restriction that grants certain rights to a specific party after a stipulated period, the party entitled to the reversion may file a Notice of Payout once the conditions to terminate the restriction are met. 3. Forfeiture of a Conditional Gift: Sometimes, a property is gifted with a condition attached to it, such as the beneficiary being required to use the property for a specific purpose. If the beneficiary fails to meet the condition, the party entitled to the diversionary interest may file a Notice of Payout to reclaim ownership of the property. It is important to note that the specific requirements and procedures for filing a Contra Costa California Notice of Payout by Party Entitled to Diversionary Interest may vary depending on the details of the property, the type of diversionary interest, and local regulations. Therefore, it is advisable to consult with a qualified attorney or legal professional for guidance when preparing and filing this document.
