What is an example of subordination in real estate?

Here's an example of how subordination clauses in mortgage notes work for a better understanding: John decides to buy a house. John's bank agrees to lend him the money to purchase a home on the condition that they take repayment priority. John's bank uses a subordination clause to secure its rights.

What is oil and gas leasing?

An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.

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Surface Tenant's Subordination to An Oil and Gas Lease

Sample Surface Lease Agreement

Name: Clark Nevada Surface Tenant's Subordination to An Oil and Gas Lease
Brand: US Legal Forms
Rating: 4.83 (251 reviews)

Category:

Oil Gas and Minerals - Subordination

State:

Multi-State

County:

Clark

Control #:

US-OG-143

Format:

Instant download

Description

If an oil and gas lease has been granted on lands in which there is a surface tenant, it may be necessary or advisable to obtain a subordination of the agreement or lease with the surface tenant, to the oil and gas lease. This form provides for that subordination and directs the manner in which compensation for any damages shall be paid.

How to fill out Clark Nevada Surface Tenant's Subordination To An Oil And Gas Lease?

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FAQ

A subordination clause is a lease provision whereby the tenant subordinates its possessory interest in the leased premises to a third-party lender, usually a bank (the rights of the tenant are thus subject to the rights of the lender).

Here's an example of how subordination clauses in mortgage notes work for a better understanding: John decides to buy a house. John's bank agrees to lend him the money to purchase a home on the condition that they take repayment priority. John's bank uses a subordination clause to secure its rights.

An oil or gas lease is a legal document where a landowner grants an individual or company the right to extract oil or gas from beneath the landowner's property. Courts generally find leases to be legally binding, so it is very important that you understand all the terms of a lease before you sign it.

The primary term of a federal oil and gas lease is 10 years. The term is extended as long as the lease has at least one well capable of production. Leases do not authorize ground disturbance.

(a) (1) Any lease of oil or natural gas rights or any other conveyance of any kind separating such rights from the freehold estate of land shall expire at the end of ten (10) years from the date executed, unless, at the end of such ten (10) years, natural gas or oil is being produced from such land for commercial

A mineral lease is a contractual agreement between the owner of a mineral estate (known as the lessor), and another party such as an oil and gas company (the lessee). The lease gives an oil or gas company the right to explore for and develop the oil and gas deposits in the area described in the lease.

Subordination is putting something in a lower position or rank. Therefore, a subordination agreement puts the lease below the mortgage loan in priority. Mortgage lenders want the leases to be subordinate to the mortgage. That way, the mortgage loan is paid first if there is a foreclosure.

The sublease is a lease in which the lessee, called a 'principal lessee' enjoys the role of lessor. There are two leases superposed: One between the lessor and the first lessee; the other between the first lessee and the new lessee.

Subordination clauses in mortgages refer to the portion of your agreement with the mortgage company that says their lien takes precedence over any other liens you may have on your property. Let's back up a bit because we have a vocab term within a vocab definition.

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Substantially the Ultimate Recovery of Oil and Gas . Legal articles published in The Journal of the Kansas Bar Association.Resolution Approving Solar Lease Agreement between Adams County and. This language arose in the context of oil and gas leasing, where the concept of waste has a long history. But this statute contemplates a scenario where the lessee will own an oil and gas lease without the right to use the surface. A., Clark County changed the term "fuel break" to "defensible space. " The Commission made the same clarification in its ordinance.

Sample Surface Lease Agreement

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FAQ

What is a subordination clause in a lease?

What is an example of subordination in real estate?

What is oil and gas leasing?

How long are oil and gas leases?

What is the maximum term for an oil and gas lease?

How does oil and gas leasing work?

What is subordination in a commercial lease?

What is a sublease in oil and gas?

What does subordination mean in real estate?

When a company leases oil and gas WHAT IS IT leasing?

Interesting Questions

What does it mean for Clark Surface Tenant to subordinate to an Oil and Gas lease?

Why would Clark Surface Tenant agree to subordination?

Does subordination affect Clark Surface Tenant's rights?

Can Clark Surface Tenant terminate their subordination?

How long does the subordination typically last?

What happens if Clarks Surface Tenant breaches the subordination agreement?

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