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".
Hennepin County, Minnesota: Notice of Payout by Party Entitled to Diversionary Interest Description: The Hennepin County, situated in the state of Minnesota, utilizes a Notice of Payout by Party Entitled to Diversionary Interest to inform parties involved about the release of funds or assets to individuals or entities with diversionary interests. A diversionary interest refers to an ownership or financial interest that will revert to a certain party after a predetermined event or condition takes place. Hennepin County Notice of Payout by Party Entitled to Diversionary Interest serves as an official document ensuring transparency and communication in the distribution of assets or funds. This notice is used to notify the designated party regarding their entitlement to a payout due to the fulfillment of specific conditions, such as the completion of a lease, the passing of a certain time period, or the occurrence of an event. Types of Hennepin Minnesota Notice of Payout by Party Entitled to Diversionary Interest: 1. Real Estate Diversionary Interest Payout Notice: This notice type is used when a diversionary interest involves real estate. It could pertain to the transfer of property ownership or the release of funds held in escrow upon the satisfaction of predetermined conditions. 2. Financial Investment Diversionary Interest Payout Notice: This notice is applicable when a diversionary interest concerns financial investments, such as stocks, bonds, or mutual funds. It informs the entitled party about the release of funds, dividends, or interest due to specific triggering events or conditions. 3. Intellectual Property Diversionary Interest Payout Notice: In cases where diversionary interests involve intellectual property rights, this notice is utilized. It could include the release of royalties or licensing fees when certain conditions, like the expiration of a contract, are met. 4. Trust or Estate Diversionary Interest Payout Notice: This type of notice is used to distribute assets or funds from a trust or estate to parties entitled to diversionary interests. It ensures that beneficiaries are informed regarding the completion of conditions allowing for a payout. 5. Contractual Diversionary Interest Payout Notice: When diversionary interests are established through contractual agreements, this notice is employed to inform the designated parties about the forthcoming payout. It could include circumstances such as the conclusion of a lease or the expiration of a loan agreement. It is important to note that the specific format and content of the Hennepin Minnesota Notice of Payout by Party Entitled to Diversionary Interest may vary depending on the nature of the diversionary interest and the relevant legal requirements. Furthermore, it is advisable to consult with an attorney or legal professional and review the applicable statutes and regulations before drafting or responding to such a notice.
