Suffolk New York 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
• County: Suffolk
• 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 Suffolk County in New York offers various types of subordination of mortgage or deed of trust to oil and gas lease agreements with bonus and royalty payments. These agreements are designed to protect the interests of both the property owner (lessee) and the lien holder, ensuring a smooth process of oil and gas extraction while addressing any financial obligations. Here are a few different types of Suffolk New York 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: 1. Regular Subordination of Mortgage: This type of agreement involves the subordination of an existing mortgage or deed of trust on a property to an oil and gas lease. The lessee holds the rights to extract oil and gas from the property and agrees to make bonus and royalty payments to the lessor until the lien holder provides a notice. 2. Partial Subordination of Mortgage: In this scenario, only a portion of the original mortgage or deed of trust is subordinated to the oil and gas lease. The lessee makes bonus and royalty payments directly to the lessor for the specified portion of the property until notified by the lien holder. 3. Temporary Subordination of Mortgage: This type of agreement is temporary in nature. The mortgage or deed of trust is temporarily subordinated to the oil and gas lease for a predetermined period. During this time, the lessee pays bonus and royalty payments to the lessor until notified by the lien holder. 4. Non-Disturbance Agreement: A non-disturbance agreement ensures that the lease between the lessor and lessee remains in effect even in the event of foreclosure or sale of the property. This ensures that the lessee can continue with the oil and gas extraction activities. 5. Estoppel Certificate: An estoppel certificate is a document issued by the lessor, stating the terms and conditions of the existing lease, including any obligations related to bonus and royalty payments. This certificate is commonly requested by the lien holder to verify the lease agreement before providing a notice. 6. Lien holder Notification: This stage comes into play when the lien holder notifies the lessee about providing future bonus and royalty payments directly to them instead of the lessor. From this point onwards, the lessee must adhere to the instructions provided by the lien holder. These various types of agreements and certificates ensure that the Suffolk County property owners and lien holders have a clear understanding of their rights and obligations regarding the subordination of mortgage or deed of trust to oil and gas lease agreements.

The Suffolk County in New York offers various types of subordination of mortgage or deed of trust to oil and gas lease agreements with bonus and royalty payments. These agreements are designed to protect the interests of both the property owner (lessee) and the lien holder, ensuring a smooth process of oil and gas extraction while addressing any financial obligations. Here are a few different types of Suffolk New York 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: 1. Regular Subordination of Mortgage: This type of agreement involves the subordination of an existing mortgage or deed of trust on a property to an oil and gas lease. The lessee holds the rights to extract oil and gas from the property and agrees to make bonus and royalty payments to the lessor until the lien holder provides a notice. 2. Partial Subordination of Mortgage: In this scenario, only a portion of the original mortgage or deed of trust is subordinated to the oil and gas lease. The lessee makes bonus and royalty payments directly to the lessor for the specified portion of the property until notified by the lien holder. 3. Temporary Subordination of Mortgage: This type of agreement is temporary in nature. The mortgage or deed of trust is temporarily subordinated to the oil and gas lease for a predetermined period. During this time, the lessee pays bonus and royalty payments to the lessor until notified by the lien holder. 4. Non-Disturbance Agreement: A non-disturbance agreement ensures that the lease between the lessor and lessee remains in effect even in the event of foreclosure or sale of the property. This ensures that the lessee can continue with the oil and gas extraction activities. 5. Estoppel Certificate: An estoppel certificate is a document issued by the lessor, stating the terms and conditions of the existing lease, including any obligations related to bonus and royalty payments. This certificate is commonly requested by the lien holder to verify the lease agreement before providing a notice. 6. Lien holder Notification: This stage comes into play when the lien holder notifies the lessee about providing future bonus and royalty payments directly to them instead of the lessor. From this point onwards, the lessee must adhere to the instructions provided by the lien holder. These various types of agreements and certificates ensure that the Suffolk County property owners and lien holders have a clear understanding of their rights and obligations regarding the subordination of mortgage or deed of trust to oil and gas lease agreements.