Wayne Michigan 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 Wayne, Michigan, property owners may encounter the need for a subordination of mortgage or deed of trust to an oil and gas lease. This arrangement allows for the execution of an oil and gas lease while ensuring priority to the lien holder. It also establishes a specific distribution of bonus and royalty payments, directing them to the lessor until notice is received from the lien holder. This subordination of mortgage or deed of trust to an oil and gas lease is a legal document that serves to protect the interests of both the lien holder and the lessor. By legally prioritizing the lien holder's rights, this agreement ensures the mortgage or deed of trust remains intact while allowing the property owner to engage in oil and gas lease activities. The subordination of mortgage or deed of trust involves the following key components: 1. Subordination Clause: This clause acknowledges and confirms that the lien holder's mortgage or deed of trust will be inferior to the oil and gas lease. It recognizes that the lease will have priority in terms of the rights to the property and proceeds generated from the oil and gas operations. 2. Bonus and Royalty Payments: The agreement specifies that all bonus and royalty payments derived from oil and gas exploration or production will be directed to the lessor until notice is received from the lien holder. This ensures that the lessor remains the designated recipient of these payments, providing them with the expected financial benefits. 3. Notice Requirement: The document includes a provision stating that once the lien holder provides notice to the lessee, the bonus and royalty payments will then be redirected to the lien holder. Until such notice is received, the lessor continues to receive these payments. Different variations of the Wayne Michigan 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 may exist depending on individual terms and conditions. However, the general objective of prioritizing the lien holder's rights and securing the lessor's bonus and royalty payments remains consistent across these agreements. In summary, the Wayne Michigan 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 legally binding document that facilitates the execution of an oil and gas lease while safeguarding the rights of the lien holder and the lessor. By designating priority and establishing a payment structure, this agreement ensures a fair and balanced arrangement for all parties involved.
Wayne Michigan 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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