What are oil and gas leases?

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

Cook Illinois Surface Tenant's Subordination to An Oil and Gas Lease

Name: Cook Illinois 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:

Cook

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.

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The two most common types of leases are operating leases and financing leases (also called capital leases). In order to differentiate between the two, one must consider how fully the risks and rewards associated with ownership of the asset have been transferred to the lessee from the lessor.

An oil and gas lease is a hybrid property interest. For some purposes it can be considered a personal property and for other purposes it can be treated as real property. Under an oil and gas lease, the lessee holds the dominant property and the lessor holds the servient property.

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. Operations (including roads) proposed pursuant to leases must go through a separate permitting process.

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).

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.

How do you determine if your property is already subject to a recorded oil and gas lease? A search of the public records at the county register of deeds office is necessary. For example, in Oceana County, the public records are available online, or you can go to their office.

When you take out a mortgage loan, the lender will likely include a subordination clause. Within this clause, the lender essentially states that their lien will take precedence over any other liens placed on the house. A subordination clause serves to protect the lender in case you default.

Subordination clauses in real estate, also called dependent clauses, are contractual agreements used to indicate that current debt claims will take precedent over others made in the future. In effect, subordination is the action of one party yielding deferring priority to another party.

A nondisturbance clause is a provision in a mortgage contract that ensures that a rental agreement between the tenant and the landlord will continue under any circumstances. This is done primarily to protect the renter from eviction by the mortgagor if the property is foreclosed upon by the lender.

More Definitions of surface lease surface lease means any lease of Leased Real Property and/or Improvements under which the Company is lessee or tenant (including, without limitation, lease of any office, warehouse, or other space).

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Provision in a lease that requires a tenant to pay for gas, heating oil, electricity, water, or sewer service that the tenant uses;. Set out the default position.However, the landlord and tenant can agree to different responsibilities in a lease or tenancy agreement. Continued on next page. Our implants are made of titanium and are coated with a porous surface using a titanium plasma spray process.

Cook Illinois Surface Tenant's Subordination to An Oil and Gas Lease

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FAQ

What are the two main types of leases?

What is an oil and gas lease classified as?

How long are oil and gas leases?

What is a subordination clause in a lease?

What are oil and gas leases?

How do I research an oil and gas lease?

What is the purpose of a subordination clause?

What is a subordination clause in a real estate lease?

What is a Nondisturbance clause?

What is a surface tenant?

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What is Cook Surface Tenant's Subordination to an Oil and Gas Lease520022?

Why would a Cook Surface Tenant need to subordinate their lease to an Oil and Gas Lease520022?

What rights does a Cook Surface Tenant give up by subordinating their lease?

Can a Cook Surface Tenant negotiate the terms of subordination?

What happens if a Cook Surface Tenant does not subordinate their lease?

Can a Cook Surface Tenant terminate their lease after subordination?

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