South 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 In South Carolina, a subordination of mortgage or deed of trust to an oil and gas lease with bonus and royalty payments allows for a reordering of priorities between the mortgage or deed of trust and the oil and gas lease. This arrangement ensures that the lessor (the owner of the mineral rights) receives the bonus and royalty payments until the lien holder (the holder of the mortgage or deed of trust) receives notice. There are two main types of subordination agreements in South Carolina: 1. Voluntary Subordination: This type of agreement is entered into willingly by the lien holder and lessor. The lien holder agrees to subordinate their mortgage or deed of trust to the oil and gas lease, allowing the lessor to receive the bonus and royalty payments until notice is given by the lien holder. This is typically done to encourage oil and gas exploration and production on the property. 2. Involuntary Subordination: In some cases, the South Carolina law may require the subordination of a mortgage or deed of trust to an oil and gas lease with bonus and royalty payments. This usually occurs when the lease is executed prior to the mortgage or deed of trust, making the lease a prior lien on the property. The lien holder must then subordinate their interest to the lease, allowing the lessor to receive the payments. Keywords: South Carolina, subordination, mortgage, deed of trust, oil and gas lease, bonus payments, royalty payments, lessor, lien holder, notice, voluntary subordination, involuntary subordination, exploration, production, property, prior lien, agreement.
South 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
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