What is an oil and gas lease?

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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Subordination Agreement by Lienholder to Oil and Gas Lease

Orange California Subordination Agreement by Lienholder to Oil and Gas Lease

Name: Orange California Subordination Agreement by Lienholder to Oil and Gas Lease
Brand: US Legal Forms
Rating: 4.56 (387 reviews)

Category:

Oil Gas and Minerals - Subordination

State:

Multi-State

County:

Orange

Control #:

US-OG-564

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Description

This is a form of a Subordination Agreement (by Lienholder to Oil and Gas Lease).

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Where Did This Name Come From? Although it is unclear where the Mother Hubbard clause acquired its unique name, one possibility is that it was taken from the opening stanza of the Old Mother Hubbard nursery rhyme. And so the poor dog had none.

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.

Subordination is the process of ranking home loans (mortgage, HELOC or home equity loan) by order of importance. When you have a home equity line of credit, for example, you actually have two loans your mortgage and HELOC. Both are secured by the collateral in your home at the same time.

A subordination agreement prioritizes collateralized debts, ranking one behind another for purposes of collecting repayment from a debtor in the event of foreclosure or bankruptcy. A second-in-line creditor collects only when and if the priority creditor has been fully paid.

To ratify a lease means that the landowner and oil & gas producer, as current lessor and lessee of the land, agree (or re-agree) to the terms of the existing lease.

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.

in royalty clause is a savings clause within an oil and gas lease that allows a lessee to shut in a well but continue to maintain its lease by paying the lessor certain royalties identified in the lease.

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.

An IRS tax lien subordination is an agreement that allows a new creditor to move ahead of the IRS in priority. The IRS tax lien will remain on the property. However, it will have a lower position than the new lender's security interest.

Under Texas law, there is a rule of non-apportionment. It sets out that when the property is subdivided after the lease is already in place on the tract, the royalties are not apportioned but given to the royalty interest owner on whose property the well physically sits.

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Items 1 - 7 — your speaker card must be filled out prior to the agenda item being called. Such designations will be included in a written agreement establishing the board.Provisions in this Subchapter or changes in the agreement between the. Marine Fisheries Commission and the Wildlife Resources Commission.

Orange California Subordination Agreement by Lienholder to Oil and Gas Lease

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FAQ

Why is it called a Mother Hubbard clause?

How long are oil and gas leases?

What does subordination mean on a loan?

What does a subordination do?

What does ratification of oil and gas lease mean?

What does it mean to subordinate the lien?

What is a savings clause oil and gas lease?

What is an oil and gas lease?

What is a lien subordination?

What is the rule of non apportionment in Texas?

Interesting Questions

What is an Orange Subordination Agreement by Lienholder to Oil and Gas Lease576336?

Why would a lienholder agree to a subordination agreement?

How does an Orange Subordination Agreement work?

Can a lienholder foreclose on the property with an Orange Subordination Agreement?

What happens if the lessee defaults on the lease obligations?

Can the subordination agreement be revoked or altered?

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