Illinois Subordination of Lien (Deed of Trust/Mortgage to Right of Way)

• Category: Oil Gas and Minerals - Subordination
• State: Multi-State
• Control #: US-OG-1145
• Format: Word; Rich Text

Description

This form is a subordination of lien for deed of trust or mortgage to right of way. Illinois Subordination of Lien (Deed of Trust/Mortgage to Right of Way) is a legal document that allows for a change in priority of liens on a property in favor of a right of way. This subordination is typically requested when a property owner needs to grant an easement or right of way to another party, such as a utility company or government agency, over a portion of their property that is encumbered by a deed of trust or mortgage. By executing a Subordination of Lien, the property owner agrees to subordinate the lien, deed of trust, or mortgage to the new right of way, thereby allowing the rights of the easement holder to take precedence over the existing lien. This subordination enables the easement holder to access the property without interference or potential foreclosure on the affected portion. There are different types of Illinois Subordination of Lien (Deed of Trust/Mortgage to Right of Way) that can be used, depending on the specific circumstances and parties involved. Some commonly used subordination types include: 1. Voluntary Subordination: This occurs when the property owner willingly agrees to subordinate their lien to the right of way in order to facilitate the smooth operation of the easement. This is often done through negotiation and agreement between the parties involved. 2. Involuntary Subordination: In certain cases, a government agency may exercise its power of eminent domain to acquire a right of way over private property. In such instances, the property owner may be required to subordinate their lien involuntarily to accommodate the public need for the right of way. This is typically done through a legal order or judgment. 3. Partial Subordination: This type of subordination is used when only a portion of the property is subject to the right of way. The property owner agrees to subordinate their lien only on the specific portion affected, while maintaining rights on the remaining portion. It is important for property owners to consult with legal professionals experienced in real estate law to properly draft and execute a Subordination of Lien (Deed of Trust/Mortgage to Right of Way) document. This ensures that the subordination is legally binding and protects the rights and interests of all parties involved. Keywords: Illinois, Subordination of Lien, Deed of Trust, Mortgage, Right of Way, Easement, Priority, Lien Subordination Types, Voluntary Subordination, Involuntary Subordination, Partial Subordination, Real Estate Law.

Illinois Subordination of Lien (Deed of Trust/Mortgage to Right of Way) is a legal document that allows for a change in priority of liens on a property in favor of a right of way. This subordination is typically requested when a property owner needs to grant an easement or right of way to another party, such as a utility company or government agency, over a portion of their property that is encumbered by a deed of trust or mortgage. By executing a Subordination of Lien, the property owner agrees to subordinate the lien, deed of trust, or mortgage to the new right of way, thereby allowing the rights of the easement holder to take precedence over the existing lien. This subordination enables the easement holder to access the property without interference or potential foreclosure on the affected portion. There are different types of Illinois Subordination of Lien (Deed of Trust/Mortgage to Right of Way) that can be used, depending on the specific circumstances and parties involved. Some commonly used subordination types include: 1. Voluntary Subordination: This occurs when the property owner willingly agrees to subordinate their lien to the right of way in order to facilitate the smooth operation of the easement. This is often done through negotiation and agreement between the parties involved. 2. Involuntary Subordination: In certain cases, a government agency may exercise its power of eminent domain to acquire a right of way over private property. In such instances, the property owner may be required to subordinate their lien involuntarily to accommodate the public need for the right of way. This is typically done through a legal order or judgment. 3. Partial Subordination: This type of subordination is used when only a portion of the property is subject to the right of way. The property owner agrees to subordinate their lien only on the specific portion affected, while maintaining rights on the remaining portion. It is important for property owners to consult with legal professionals experienced in real estate law to properly draft and execute a Subordination of Lien (Deed of Trust/Mortgage to Right of Way) document. This ensures that the subordination is legally binding and protects the rights and interests of all parties involved. Keywords: Illinois, Subordination of Lien, Deed of Trust, Mortgage, Right of Way, Easement, Priority, Lien Subordination Types, Voluntary Subordination, Involuntary Subordination, Partial Subordination, Real Estate Law.