Travis 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
• County: Travis
• 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. Travis Texas 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 rights and priorities of parties involved in a property transaction in Travis County, Texas, with considerations for potential oil and gas exploration. This document ensures that the mortgage or deed of trust on a property will be subordinate to the rights of the lessor in an oil and gas lease, particularly in relation to bonus and royalty payments. In Travis County, there may be different variations of the 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, depending on the specific terms and conditions agreed upon between the parties involved. Some common types of subordination agreements used in Travis County, Texas, include: 1. First Priority Subordination: This type of subordination agreement specifies that the mortgage or deed of trust will be subordinate to the oil and gas lease, making the lessor the primary beneficiary of bonus and royalty payments until notice is received from the lien holder. 2. Second Priority Subordination: In this case, the subordination agreement establishes that the mortgage or deed of trust will have priority over the oil and gas lease. However, once notice is received from the lien holder, the bonus and royalty payments will be redirected to the lessor instead. 3. Partial Subordination: This type of subordination agreement allows for a portion of the bonus and royalty payments to be allocated to the lien holder, while the remaining amount is paid to the lessor until notice is given. These subordination agreements are designed to protect the interests of both the lien holder and the lessor, ensuring that each party receives their rightful share of bonus and royalty payments from potential oil and gas activities on the property. By establishing clear priorities and conditions, this document helps promote transparency and fairness in property transactions within Travis County, Texas.

Travis Texas 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 rights and priorities of parties involved in a property transaction in Travis County, Texas, with considerations for potential oil and gas exploration. This document ensures that the mortgage or deed of trust on a property will be subordinate to the rights of the lessor in an oil and gas lease, particularly in relation to bonus and royalty payments. In Travis County, there may be different variations of the 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, depending on the specific terms and conditions agreed upon between the parties involved. Some common types of subordination agreements used in Travis County, Texas, include: 1. First Priority Subordination: This type of subordination agreement specifies that the mortgage or deed of trust will be subordinate to the oil and gas lease, making the lessor the primary beneficiary of bonus and royalty payments until notice is received from the lien holder. 2. Second Priority Subordination: In this case, the subordination agreement establishes that the mortgage or deed of trust will have priority over the oil and gas lease. However, once notice is received from the lien holder, the bonus and royalty payments will be redirected to the lessor instead. 3. Partial Subordination: This type of subordination agreement allows for a portion of the bonus and royalty payments to be allocated to the lien holder, while the remaining amount is paid to the lessor until notice is given. These subordination agreements are designed to protect the interests of both the lien holder and the lessor, ensuring that each party receives their rightful share of bonus and royalty payments from potential oil and gas activities on the property. By establishing clear priorities and conditions, this document helps promote transparency and fairness in property transactions within Travis County, Texas.