Puerto Rico 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 governs the relationship between a mortgage or deed of trust, an oil and gas lease, and the payment of bonuses and royalties in Puerto Rico. In this arrangement, the mortgage or deed of trust is subordinated to the oil and gas lease, which means that the rights and claims of the lessor (i.e., the owner of the oil and gas rights) take priority over the lender's claims in the event of default or foreclosure. The purpose of this subordination is to ensure that the lessor receives their entitled bonus and royalty payments before any potential claims from the mortgage or deed of trust holder can be made. The lessor, who is the party granting the oil and gas lease, has the right to collect these payments until a notice is received from the lien holder (the lender holding the mortgage or deed of trust) stating that they have a claim against the lease payments. This type of subordination is commonly used in Puerto Rico to protect the interests of the lessor in oil and gas lease agreements, ensuring that they receive their due payments without interference from any mortgage or deed of trust-related claims. Variations of Puerto Rico 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 may include: 1. Partial Subordination: In this scenario, only a portion of the mortgage or deed of trust is subordinated to the oil and gas lease, allowing for simultaneous collection of payments by the lessor and the mortgage holder. 2. Limited Duration Subordination: This type of subordination has an expiration date or triggers a specific event after which the mortgage or deed of trust holder has priority over the lease payments. 3. Conditional Subordination: The subordination agreement is subject to specific conditions being met, such as the lessor providing additional collateral or meeting certain performance criteria. 4. Multiple Lien holders: When there are multiple lien holders, each may have different priority levels or subordination agreements depending on their respective mortgage or deed of trust terms.
Puerto Rico 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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