The District of Columbia Subordination of Surface Rights Agreement (Subordination by Mineral Owner) is a legal document that governs the relationship between the owner of mineral rights and the owner of surface rights in the District of Columbia. This agreement establishes the rights and obligations of both parties, ensuring that the extraction of minerals does not interfere with the use and enjoyment of the surface property. In the District of Columbia, there are two types of subordination agreements that can be made between the mineral owner and the surface owner. The first type is a temporary subordination agreement, which allows the mineral owner to have access to the surface property for a limited period of time to conduct surveys, exploratory work, or mineral extraction. The second type is a permanent subordination agreement, which grants the mineral owner long-term or perpetual rights to access the surface property for the extraction of minerals. The purpose of these subordination agreements is to establish clear guidelines and prevent any undue harm or disruption to the surface property caused by mineral extraction activities. The agreements typically outline the specific terms and conditions of the subordination, including compensation for any damages, liability responsibilities, and the procedures for accessing and using the surface property. Keywords: District of Columbia, subordination of surface rights agreement, mineral owner, surface owner, extraction of minerals, temporary subordination agreement, permanent subordination agreement, surveys, exploratory work, access to surface property, compensation, damages, liability responsibilities.
District of Columbia Subordination of Surface Rights Agreement (Subordination by Mineral Owner)
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Subordination agreements are used to legally establish the order in which debts are to be repaid in the event of a foreclosure or bankruptcy. In return for the agreement, the lender with the subordinated debt will be compensated in some manner for the additional risk.
Also known as a mineral estate, mineral rights are just what their name implies: The right of the owner to utilize minerals found below the surface of property. Besides minerals, these rights can apply to oil and gas. Interestingly, mineral rights can be separate from actual land ownership.
A subordination clause is a clause in an agreement that states that the current claim on any debts will take priority over any other claims formed in other agreements made in the future. Subordination is the act of yielding priority.
The new lender prepares the subordination agreement in conjunction with the subordinating lienholder. Then, the parties typically sign the agreement. But in some cases, just the subordinating lender will need to sign the paperwork.
Ownership of land even includes the mines and minerals beneath the land with the exception of gold, silver, and any other resource reserved by the Crown. Any interest held by the landowner may be sold. For example, an owner may choose to retain the surface and subsurface, but sell or lease any or all of the minerals.
Like other types of property, mineral rights can be bought or sold. ing to the Freehold Owners Association (FHOA), members may list their mineral rights for lease or sale on the FHOA website. The association recommends that freeholders lease rather than sell their mineral rights to get fair value.
Whether you have an offer on the table or not, you may have good reasons to sell your mineral rights: To pursue other opportunities. If you have a nonproducing property, you might have to wait years for anything to happen ? and nothing may ever happen, even after multiple leases.
A subordination agreement is one where the lending party agrees to assign the pre-existing lien a lower priority to a subsequent oil and gas lease. As a result, it is as if the lease had been executed and recorded prior to the lien.
Example of a Subordination Agreement A standard subordination agreement covers property owners that take a second mortgage against a property. One loan becomes the subordinated debt, and the other becomes (or remains) the senior debt. Senior debt has higher claim priority than junior debt.
Surface rights are what you own on the surface of the property. These include the space, the buildings and the landscaping. Mineral rights, on the other hand, cover the specific resources beneath the surface.