Phoenix Arizona Subordination Agreement by Lienholder to Oil and Gas Lease

• Category: Oil Gas and Minerals - Subordination
• State: Multi-State
• City: Phoenix
• Control #: US-OG-564
• Format: Word; Rich Text

Description

This is a form of a Subordination Agreement (by Lienholder to Oil and Gas Lease). A Phoenix Arizona Subordination Agreement by Lien holder to Oil and Gas Lease is a legal document that establishes the priority of interests between a lien holder and an oil and gas lease in Phoenix, Arizona. This agreement is relevant in situations where a lien holder, such as a mortgage lender or a creditor, holds a lien on a property that is subject to an oil and gas lease. Keywords: Phoenix Arizona, Subordination Agreement, Lien holder, Oil and Gas Lease, legal document, priority of interests. In Phoenix, Arizona, there are different types of Subordination Agreements by Lien holder to Oil and Gas Lease. These can include: 1. First Lien Subordination Agreement: This type of agreement occurs when the lien holder agrees to subordinate their lien below the oil and gas lease. By doing so, the lien holder accepts that in the event of foreclosure or sale, the proceeds from the oil and gas lease would be paid first before satisfying their lien. 2. Second Lien Subordination Agreement: In this scenario, the lien holder acknowledges that there is already a first lien in place, typically a mortgage on the property, and agrees to subordinate their lien below the oil and gas lease. It means that if the property is sold or foreclosed, the first lien holder would be paid first, and only after that would the lien holder in the second position receive any remaining proceeds. 3. Partial Subordination Agreement: This type of agreement is negotiated when a lien holder agrees to partially subordinate their lien to the oil and gas lease. The partial subordination determines the priority of interests and establishes how the proceeds will be distributed between the lien holder and the oil and gas lease. 4. Temporary Subordination Agreement: This agreement is valid for a specific period, usually during the exploration and extraction phase of oil and gas activities. It grants the primary rights to the oil and gas lease during this period, while the lien holder maintains their lien rights once the temporary subordination period expires. In Phoenix, Arizona, a comprehensive Subordination Agreement by Lien holder to Oil and Gas Lease is crucial for defining the relationship between a lien holder and an oil and gas lease, ensuring clarity and fairness in the event of a property foreclosure or sale.

A Phoenix Arizona Subordination Agreement by Lien holder to Oil and Gas Lease is a legal document that establishes the priority of interests between a lien holder and an oil and gas lease in Phoenix, Arizona. This agreement is relevant in situations where a lien holder, such as a mortgage lender or a creditor, holds a lien on a property that is subject to an oil and gas lease. Keywords: Phoenix Arizona, Subordination Agreement, Lien holder, Oil and Gas Lease, legal document, priority of interests. In Phoenix, Arizona, there are different types of Subordination Agreements by Lien holder to Oil and Gas Lease. These can include: 1. First Lien Subordination Agreement: This type of agreement occurs when the lien holder agrees to subordinate their lien below the oil and gas lease. By doing so, the lien holder accepts that in the event of foreclosure or sale, the proceeds from the oil and gas lease would be paid first before satisfying their lien. 2. Second Lien Subordination Agreement: In this scenario, the lien holder acknowledges that there is already a first lien in place, typically a mortgage on the property, and agrees to subordinate their lien below the oil and gas lease. It means that if the property is sold or foreclosed, the first lien holder would be paid first, and only after that would the lien holder in the second position receive any remaining proceeds. 3. Partial Subordination Agreement: This type of agreement is negotiated when a lien holder agrees to partially subordinate their lien to the oil and gas lease. The partial subordination determines the priority of interests and establishes how the proceeds will be distributed between the lien holder and the oil and gas lease. 4. Temporary Subordination Agreement: This agreement is valid for a specific period, usually during the exploration and extraction phase of oil and gas activities. It grants the primary rights to the oil and gas lease during this period, while the lien holder maintains their lien rights once the temporary subordination period expires. In Phoenix, Arizona, a comprehensive Subordination Agreement by Lien holder to Oil and Gas Lease is crucial for defining the relationship between a lien holder and an oil and gas lease, ensuring clarity and fairness in the event of a property foreclosure or sale.