Delaware Subordination of Surface Rights Agreement (Subordination by Mineral Owner)
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FAQ
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.
In many states, the owners of the land are not necessarily the owners of the minerals. When the surface and subsurface (mineral) estates are owned by different parties, they are referred to as split estate or severed estate lands.
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.
Laws. The federal law governing locatable minerals is the Mining Law of 1872 (), which declared all valuable mineral deposits in land belonging to the United States to be free and open to exploration and purchase.
Subordination agreements may be included in existing deeds of trust or may be outlined in an independent contract. In situations where two deeds of trust are being recorded concurrently, the lien priority is typically handled by instructing the title company as to which security instrument will be recorded first.
The surface estate includes everything above ground, such as the land itself, trees, and buildings. On the other hand, the mineral estate refers to the rights to any resources that may be found below ground, such as oil, gas, and minerals.
The term severed mineral rights refers to a state of title to a given parcel of land in which the mineral estate is owned by a party other than the party that is the owner of the surface estate ? in other words, the mineral estate has been severed from the surface estate.
In Texas, the mineral lessee has the implied right to use the surface estate for exploring and producing minerals. Such mineral rights are superior to the right of the surface owner to the extent that they are reasonably necessary for the develop- ment of the mineral property.