The New Jersey 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 document that outlines the agreement between a mortgage lender or lien holder and a lessor who owns an oil and gas lease. This subordination agreement specifies the priority of payments from the lease, with the lessor receiving the bonus and royalty payments until the lien holder provides notice. In New Jersey, there are various types of subordination agreements related to mortgages or deeds of trust being subordinate to oil and gas leases, such as: 1. Subordination of Mortgage to Oil and Gas Lease: This type of agreement establishes the priority of payments from an oil and gas lease, making the lessor the primary recipient of bonus and royalty payments until the lien holder provides notice. 2. Subordination of Deed of Trust to Oil and Gas Lease: Similar to the previous type, this agreement involves a deed of trust being subordinated to an oil and gas lease. The priority of payments from the lease is outlined, with the lessor receiving the bonus and royalty payments until the lien holder provides notice. 3. Priority of Payments Agreement between Lien holder and Lessor: This agreement sets out the terms and conditions for the priority of payments from an oil and gas lease, specifically directing the bonus and royalty payments to go to the lessor until the lien holder provides written notice to redirect those payments. 4. Subordination Agreement with Bonus and Royalty Payments: This type of subordination agreement includes provisions for bonus and royalty payments from the oil and gas lease, with the lien holder agreeing to subordinate their rights until notice is given. 5. Notice from Lien holder for Change in Priority: In this subordination agreement, the lien holder is required to provide written notice when they wish to change the priority of payments from the oil and gas lease. This notice triggers the transfer of bonus and royalty payments to the lien holder. It is important to note that these agreements should be drafted and executed with the assistance of legal professionals to ensure compliance with New Jersey laws and to protect the interests of all parties involved.
New Jersey Subordination of Mortgage / Deed of Trust to Oil and Gas Lease with Bonus and Royalty Payments to Go to Lessor Until Notice from Lienholder
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