This form addresses the rights and responsibilities where Where a well authorized under the terms of this Agreement by all parties (or by less than all parties under Article VI.B.2.) has been drilled to the objective depth and the parties participating in the well cannot agree on the sequence and timing of further operations regarding the well
The Iowa Priority of Operations for 1982 Agreement refers to a specific set of regulations and guidelines governing the order in which various liens and claims take precedence in the state of Iowa. It outlines the priority in which assets and debts are to be resolved in the case of insolvency, foreclosure, or bankruptcy. Under this agreement, different types of priority are established based on the nature of the claim or lien. Here are the key categories: 1. First Priority Lien: In Iowa, certain liens hold the highest priority over all others. These include real estate taxes, both state and local, which must be paid first in the event of a property sale or bankruptcy. First priority liens also include governmental assessments and fees. 2. Secured Debt Lien: This category encompasses liens securing debts, such as mortgages or loans with collateral, that are recorded prior to other claims. Secured creditors have the right to foreclose on the property or assets used as collateral in order to satisfy their debts. 3. State Agencies Lien: Various state agencies may hold liens on properties or assets due to unpaid taxes, fines, or fees. These liens have a specific priority level, typically falling after first priority liens and secured debt liens. 4. Judgment Lien: A judgment lien is a legal claim placed on a debtor's property to secure the payment of a judgment. These liens generally arise from court orders and include debts such as child support, alimony, or unpaid judgments resulting from lawsuits. They typically follow the priority order established by first priority liens, secured debt liens, and state agency liens. 5. Mechanic's Lien: Contractors, subcontractors, or suppliers who have provided labor, materials, or services for construction or renovation projects may file a mechanic's lien for unpaid bills. These liens secure the debt by encumbering the property. Mechanic's liens usually hold a lower priority than first priority liens, secured debt liens, state agency liens, and judgment liens. It is important to note that the specific details and priorities outlined in the Iowa Priority of Operations for 1982 Agreement may have undergone modifications or updates since its inception. It is advisable to consult with legal professionals or review the latest Iowa state statutes for the most up-to-date information on lien priorities and operations.The Iowa Priority of Operations for 1982 Agreement refers to a specific set of regulations and guidelines governing the order in which various liens and claims take precedence in the state of Iowa. It outlines the priority in which assets and debts are to be resolved in the case of insolvency, foreclosure, or bankruptcy. Under this agreement, different types of priority are established based on the nature of the claim or lien. Here are the key categories: 1. First Priority Lien: In Iowa, certain liens hold the highest priority over all others. These include real estate taxes, both state and local, which must be paid first in the event of a property sale or bankruptcy. First priority liens also include governmental assessments and fees. 2. Secured Debt Lien: This category encompasses liens securing debts, such as mortgages or loans with collateral, that are recorded prior to other claims. Secured creditors have the right to foreclose on the property or assets used as collateral in order to satisfy their debts. 3. State Agencies Lien: Various state agencies may hold liens on properties or assets due to unpaid taxes, fines, or fees. These liens have a specific priority level, typically falling after first priority liens and secured debt liens. 4. Judgment Lien: A judgment lien is a legal claim placed on a debtor's property to secure the payment of a judgment. These liens generally arise from court orders and include debts such as child support, alimony, or unpaid judgments resulting from lawsuits. They typically follow the priority order established by first priority liens, secured debt liens, and state agency liens. 5. Mechanic's Lien: Contractors, subcontractors, or suppliers who have provided labor, materials, or services for construction or renovation projects may file a mechanic's lien for unpaid bills. These liens secure the debt by encumbering the property. Mechanic's liens usually hold a lower priority than first priority liens, secured debt liens, state agency liens, and judgment liens. It is important to note that the specific details and priorities outlined in the Iowa Priority of Operations for 1982 Agreement may have undergone modifications or updates since its inception. It is advisable to consult with legal professionals or review the latest Iowa state statutes for the most up-to-date information on lien priorities and operations.
