South Dakota 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 commonly used in the state of South Dakota. This legal agreement establishes the priority of a mortgage or deed of trust over an oil and gas lease held by a lessor. Keywords: South Dakota, subordination of mortgage, deed of trust, oil and gas lease, bonus payments, royalty payments, lessor, lien holder, legal document. There are no specific types of South Dakota 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. However, there can be variations in the terms and conditions depending on the specific details and agreements between the parties involved. It is important to consult an attorney or legal expert for specific guidance on drafting and executing this document. It is essential for property owners or lessors who have an existing mortgage or deed of trust to subordinate their interests to an oil and gas lease, ensuring that any bonus or royalty payments derived from the lease are first directed to the lessor until the lien holder receives notice. The South Dakota 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 typically includes the following key elements: 1. Parties: Identifies the lessor, the mortgage or deed of trust holder (lien holder), and any third parties involved. 2. Property description: Clearly defines the specific property subject to the subordination agreement, including legal description and boundaries. 3. Mortgage or deed of trust details: Describes the existing mortgage or deed of trust, including information about the lender, loan amount, interest rate, and any other relevant terms. 4. Oil and gas lease details: Outlines the key provisions of the oil and gas lease, including the duration, permitted activities, royalty rates, bonus payments, and any other rights and obligations. 5. Subordination clause: Establishes that the mortgage or deed of trust is subordinate to the oil and gas lease, indicating that the lessor's rights to bonus and royalty payments take priority until formal notice is given to the lien holder. 6. Notice provision: Specifies the requirement for the lessor to provide written notice to the lien holder once the bonus or royalty payments under the oil and gas lease reach a specified threshold or event. This notice triggers the transfer of payments to the lien holder. 7. Signatures and notarization: Requires all parties involved to sign and acknowledge the agreement before a notary public. In summary, a South Dakota 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 establishes the priority of a mortgage or deed of trust over an oil and gas lease. It ensures that the lessor receives the bonus and royalty payments until the lien holder receives notice, providing protection and clarity for all parties involved.
South Dakota 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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