Subordination means an agreement to put a debt or claim which has priority in a lower position behind another debt, particularly a new loan. A property owner with a loan secured by the property who applies for a second mortgage to make additions or repairs usually must get a subordination of the original loan so the new loan has first priority. A declaration of homestead must always be subordinated to a loan.
Mississippi Subordination Agreement For Easement
Category:
State:
Mississippi
Control #:
MS-844LT
Format:
Word;
Rich Text
Instant download
Description
This Lease Subordination Agreement is a lienholder's lien that was created by a (Mortgage/Deed of Trust) and is subordinated to a mineral/oil/gas lease and lienholder releases, said Leasehold from all liens created by said (Mortgage/Deed of Trust), and all extensions and renewals of such liens. Lienholder retains all rights under the (Mortgage/Deed of Trust) against any royalty interest reserved by the lessor in and payable under the terms of the lease, or any of lessor's reversionary interests on the termination or expiration of the lease.
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FAQ
Affirmative easements are the most common. They allow privileged use of land owned by others. Negative easements are more restrictive. They limit how land is used.
Methods of TerminationRelease.Abandonment.Abandoning Easements Created by Prescription.Intent to Abandon.Abandonment by Statute for Public Streets.Prescription.End of Necessity.Merger.More items...
Wrongful interference with an easement is a private nuisance. The existence of the easement must be established for a claim to succeed.
Easement rights that you hope to enjoy in future can be transferred. Also, with the transfer in ownership of a property, the right to easement will naturally transfer to the new owner.
Creation of EasementsExpress Easements. Express easements are created by a written agreement between landowners granting or reserving an easement.Implied Easements.Prescriptive Easements.
