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Surface Tenant's Subordination to An Oil and Gas Lease

Subordination Agreement Oil And Gas Lease Form

Name: Subordination Agreement Oil And Gas Lease Form
Brand: US Legal Forms
Rating: 4.83 (251 reviews)

Category:

Oil Gas and Minerals - Subordination

State:

Multi-State

Control #:

US-OG-143

Format:

Instant download

Description

If an oil and gas lease has been granted on lands in which there is a surface tenant, it may be necessary or advisable to obtain a subordination of the agreement or lease with the surface tenant, to the oil and gas lease. This form provides for that subordination and directs the manner in which compensation for any damages shall be paid.

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FAQ

A subordination clause is a lease provision whereby the tenant subordinates its possessory interest in the leased premises to a third-party lender, usually a bank (the rights of the tenant are thus subject to the rights of the lender).

A subordination agreement prioritizes collateralized debts, ranking one behind another for purposes of collecting repayment from a debtor in the event of foreclosure or bankruptcy. A second-in-line creditor collects only when and if the priority creditor has been fully paid.

If you need to identify the grantor and grantee in a document, keep in mind that the grantor is the seller (on deeds), or borrower (on mortgages) and the grantee is the buyer. Another tip is that the grantor is usually the one who signed the document.

Subordination agreements are prepared by your lender. The process occurs internally if you only have one lender. When your mortgage and home equity line or loan have different lenders, both financial institutions work together to draft the necessary paperwork.

In real estate parlance, the party conveying property is called the grantor. The party receiving the property is the grantee. Either party can be an individual, a business entity, or a partnership. The contract between the grantor and grantee establishes the terms of transfer between the parties.

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In addition, "subordination" is necessary if a tax deduction will be sought for an easement donation. A complete and recorded copy of the lease agreement, if any.What is a subordination agreement?

Subordination Agreement Oil And Gas Lease Form

Description

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How to fill out Subordination Agreement Oil And Gas Lease Form?

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FAQ

What is a subordination clause in a lease?

What is required for a subordination agreement?

Is the borrower the grantor or grantee?

Who prepares a subordination agreement?

Who is the grantee on a subordination agreement?

Interesting Questions

What is a subordination agreement in the context of an oil and gas lease form?

Why is a subordination agreement important in multi-state oil and gas leasing?

Who are the parties involved in a subordination agreement for an oil and gas lease?

What are the main provisions covered in a subordination agreement for an oil and gas lease?

Can a subordination agreement affect the rights of the lessor in an oil and gas lease?

Is it recommended to consult legal counsel when drafting or signing a subordination agreement for an oil and gas lease?

Are there any specific regulations or laws that govern subordination agreements for oil and gas leases in multi-state situations?

Can a subordination agreement be modified or terminated?

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