North Carolina Subordination of Mortgage / Deed of Trust to Oil and Gas Lease with Bonus and Royalty Payments to Go to Lessor Until Notice from Lienholder

• Category: Oil Gas and Minerals - Subordination
• State: Multi-State
• Control #: US-OG-142
• Format: Word; Rich Text

Description

This form provides for a lienholder to subordinate its lien, created by a mortgage or deed of trust, to an existing oil and gas lease, and directs the bonus and rental payments provided for in the lease to be delivered to the lessor until notified by the lienholder. A North Carolina Subordination of Mortgage / Deed of Trust to Oil and Gas Lease with Bonus and Royalty Payments to Go to Lessor Until Notice from Lien holder is a legal agreement that allows the lessor (the owner of an oil or gas lease) to receive all bonus payments and royalty payments until the lien holder (the holder of a mortgage or deed of trust) provides notice that they are exercising their rights. In this type of agreement, the lessor is given priority over the lien holder when it comes to receiving payments from the oil and gas lease. The purpose of subordinating the mortgage or deed of trust is to ensure that the lessor receives their rightful share of the profits from the lease, even if there is an outstanding debt. Keyword: North Carolina, Subordination of Mortgage, Deed of Trust, Oil and Gas Lease, Bonus Payments, Royalty Payments, Lessor, Notice, Lien holder. There are various types of subordination agreements in North Carolina related to mortgage or deed of trust and oil and gas leases. Some common ones include: 1. Partial Subordination of Mortgage / Deed of Trust to Oil and Gas Lease: This agreement allows for a partial subordination, where only a portion of the bonus and royalty payments go to the lessor until notice from the lien holder. The remaining share is still paid to the lien holder to satisfy the outstanding debt. 2. Temporary Subordination of Mortgage / Deed of Trust to Oil and Gas Lease: This type of agreement is limited to a specific time period. The lessor receives all bonus and royalty payments until notice from the lien holder, but after the specified period, the lien holder resumes receiving their share. 3. Perpetual Subordination of Mortgage / Deed of Trust to Oil and Gas Lease: In this agreement, the lessor continues to receive all bonus and royalty payments until notice from the lien holder indefinitely, regardless of the outstanding debt. This type of subordination is typically used when the lien holder agrees to permanently give up their rights to the oil and gas lease payments. 4. Full Subordination of Mortgage / Deed of Trust to Oil and Gas Lease: This agreement entails the complete subordination of the lien holder's rights to the lessor. The lessor receives all bonus and royalty payments until notice from the lien holder, and the lien holder no longer has any claim to these payments. It is crucial to consult with a qualified legal professional to draft or interpret any North Carolina Subordination of Mortgage / Deed of Trust to Oil and Gas Lease agreement, as the specific terms and conditions may vary based on individual circumstances.

A North Carolina Subordination of Mortgage / Deed of Trust to Oil and Gas Lease with Bonus and Royalty Payments to Go to Lessor Until Notice from Lien holder is a legal agreement that allows the lessor (the owner of an oil or gas lease) to receive all bonus payments and royalty payments until the lien holder (the holder of a mortgage or deed of trust) provides notice that they are exercising their rights. In this type of agreement, the lessor is given priority over the lien holder when it comes to receiving payments from the oil and gas lease. The purpose of subordinating the mortgage or deed of trust is to ensure that the lessor receives their rightful share of the profits from the lease, even if there is an outstanding debt. Keyword: North Carolina, Subordination of Mortgage, Deed of Trust, Oil and Gas Lease, Bonus Payments, Royalty Payments, Lessor, Notice, Lien holder. There are various types of subordination agreements in North Carolina related to mortgage or deed of trust and oil and gas leases. Some common ones include: 1. Partial Subordination of Mortgage / Deed of Trust to Oil and Gas Lease: This agreement allows for a partial subordination, where only a portion of the bonus and royalty payments go to the lessor until notice from the lien holder. The remaining share is still paid to the lien holder to satisfy the outstanding debt. 2. Temporary Subordination of Mortgage / Deed of Trust to Oil and Gas Lease: This type of agreement is limited to a specific time period. The lessor receives all bonus and royalty payments until notice from the lien holder, but after the specified period, the lien holder resumes receiving their share. 3. Perpetual Subordination of Mortgage / Deed of Trust to Oil and Gas Lease: In this agreement, the lessor continues to receive all bonus and royalty payments until notice from the lien holder indefinitely, regardless of the outstanding debt. This type of subordination is typically used when the lien holder agrees to permanently give up their rights to the oil and gas lease payments. 4. Full Subordination of Mortgage / Deed of Trust to Oil and Gas Lease: This agreement entails the complete subordination of the lien holder's rights to the lessor. The lessor receives all bonus and royalty payments until notice from the lien holder, and the lien holder no longer has any claim to these payments. It is crucial to consult with a qualified legal professional to draft or interpret any North Carolina Subordination of Mortgage / Deed of Trust to Oil and Gas Lease agreement, as the specific terms and conditions may vary based on individual circumstances.