Texas 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. The Texas Subordination of Mortgage or 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 commonly used in Texas real estate transactions involving oil and gas leases. This arrangement allows the lessor (property owner) to receive bonus and royalty payments from the lease until a notice is received from the lien holder (mortgage or deed of trust holder) informing the lessor that the payments should be redirected. Keywords: Texas, Subordination of Mortgage, Subordination of Deed of Trust, Oil and Gas Lease, Bonus Payments, Royalty Payments, Lessor, Notice, Lien holder, Real Estate, Transactions Different types of Texas Subordination of Mortgage or 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. Full Subordination: This type of subordination agreement ensures that all bonus and royalty payments from the oil and gas lease go directly to the lessor until a notice is received from the lien holder. The lien holder waives any claim to these payments during the subordination period. 2. Partial Subordination: In this case, only a portion of the bonus and royalty payments from the oil and gas lease is redirected to the lessor until a notice from the lien holder is received. The remaining portion may be allocated to the lien holder or used to satisfy any outstanding mortgage or deed of trust obligations. 3. Term-Limited Subordination: This type of subordination agreement establishes a specific timeframe during which the bonus and royalty payments are directed to the lessor, regardless of whether a notice is received from the lien holder. Once the specified term ends, the payments revert to the lien holder. 4. Release Upon Notice: In this variation, the subordination agreement stipulates that the bonus and royalty payments go to the lessor until a notice from the lien holder is received. Once the notice is provided, the subordination agreement is released, and the payments are redirected to the lien holder. 5. Alternative Priority Arrangement: This type of subordination agreement allows for an alternative priority arrangement, wherein the bonus and royalty payments first go to the lien holder until certain conditions are met. Once these conditions are fulfilled, the payments are redirected to the lessor. It is important to consult with legal professionals experienced in Texas real estate law to ensure that the specific subordination agreement aligns with the desired terms and protects the rights of all parties involved.

The Texas Subordination of Mortgage or 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 commonly used in Texas real estate transactions involving oil and gas leases. This arrangement allows the lessor (property owner) to receive bonus and royalty payments from the lease until a notice is received from the lien holder (mortgage or deed of trust holder) informing the lessor that the payments should be redirected. Keywords: Texas, Subordination of Mortgage, Subordination of Deed of Trust, Oil and Gas Lease, Bonus Payments, Royalty Payments, Lessor, Notice, Lien holder, Real Estate, Transactions Different types of Texas Subordination of Mortgage or 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. Full Subordination: This type of subordination agreement ensures that all bonus and royalty payments from the oil and gas lease go directly to the lessor until a notice is received from the lien holder. The lien holder waives any claim to these payments during the subordination period. 2. Partial Subordination: In this case, only a portion of the bonus and royalty payments from the oil and gas lease is redirected to the lessor until a notice from the lien holder is received. The remaining portion may be allocated to the lien holder or used to satisfy any outstanding mortgage or deed of trust obligations. 3. Term-Limited Subordination: This type of subordination agreement establishes a specific timeframe during which the bonus and royalty payments are directed to the lessor, regardless of whether a notice is received from the lien holder. Once the specified term ends, the payments revert to the lien holder. 4. Release Upon Notice: In this variation, the subordination agreement stipulates that the bonus and royalty payments go to the lessor until a notice from the lien holder is received. Once the notice is provided, the subordination agreement is released, and the payments are redirected to the lien holder. 5. Alternative Priority Arrangement: This type of subordination agreement allows for an alternative priority arrangement, wherein the bonus and royalty payments first go to the lien holder until certain conditions are met. Once these conditions are fulfilled, the payments are redirected to the lessor. It is important to consult with legal professionals experienced in Texas real estate law to ensure that the specific subordination agreement aligns with the desired terms and protects the rights of all parties involved.