A Wisconsin Subordination Agreement by Lien holder to Oil and Gas Lease is a legal document that establishes the order of priority between a lien holder and an oil and gas leaseholder in Wisconsin. This agreement is crucial when there are multiple parties involved in a property and ensures that the lien holder's rights are protected in case of default or foreclosure. In Wisconsin, there are two main types of Subordination Agreement by Lien holder to Oil and Gas Lease: 1. General Subordination Agreement: This agreement establishes the priority of the lien holder's rights over the oil and gas leaseholder's rights in the event of default or foreclosure. By signing this agreement, the lien holder agrees to subordinate their claim to the rights of the oil and gas leaseholder. This means that if the property is sold or foreclosed upon, the oil and gas lease will be paid off before the lien holder's debt is settled. 2. Partial Subordination Agreement: This type of agreement specifically addresses the subordination of a lien holder's rights to a particular portion of the property subject to an oil and gas lease. In some cases, a property may have multiple liens attached to different portions of the land. A partial subordination agreement allows the lien holder to subjugate their claim only to the section under the oil and gas lease, while maintaining priority over other portions of the property. Keywords: Wisconsin, Subordination Agreement, Lien holder, Oil and Gas Lease, priority, default, foreclosure, property, rights, general, partial.
Wisconsin Subordination Agreement by Lienholder to Oil and Gas Lease
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