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".
The Virginia Notice of Payout by Party Entitled to Diversionary Interest is a legal document that serves as notification to other parties involved in a real estate transaction about the disbursement of funds to the party entitled to the diversionary interest. This notice is typically used when there is a change in ownership or when a property is sold, and a diversionary interest exists. Keywords: Virginia, Notice of Payout, Party Entitled, Diversionary Interest, real estate transaction, disbursement of funds, change in ownership, property sold. Types of Virginia Notice of Payout by Party Entitled to Diversionary Interest: 1. Virginia Notice of Payout by Party Entitled to Diversionary Interest — Change in Ownership: This type of notice is used when there is a change in ownership of a property. It notifies all relevant parties, such as buyers, sellers, and lenders, about the payout of funds to the party entitled to the diversionary interest. 2. Virginia Notice of Payout by Party Entitled to Diversionary Interest — Property Sale: This notice is utilized when a property is sold, and there is a diversionary interest involved. It informs the buyers, sellers, and any other stakeholders about the disbursement of funds to the entitled party. 3. Virginia Notice of Payout by Party Entitled to Diversionary Interest — Estate Planning: In certain situations, the diversionary interest may be tied to estate planning, such as in cases where a property is put into a trust. This notice is used to notify beneficiaries or trustees about the payout of funds related to the diversionary interest. 4. Virginia Notice of Payout by Party Entitled to Diversionary Interest — Mortgage or Loan Repayment: This type of notice is used specifically when a mortgage or loan repayment triggers the payout of funds to the party entitled to the diversionary interest. It notifies all relevant parties, including the lender, borrower, and any other interested parties, about the disbursement. In summary, the Virginia Notice of Payout by Party Entitled to Diversionary Interest is a crucial legal document used in various situations involving real estate transactions. Its purpose is to provide notification to relevant parties about the disbursement of funds to the entitled party with a diversionary interest.
