This form is used when a Tenant is the lessee under a (Surface Lease, Agricultural Lease, Grazing Lease, etc.) which covers all or a portion of the Land and the Operator, the owner of the Lease and the Lessee, desires that the Tenant subordinate the Tenant's rights to the leasehold estate and rights created by the Lease.
Iowa Surface Tenant's Consent for Subordination to An Oil, Gas, and Mineral Lease
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Multi-State
Control #:
US-OG-310
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Word;
Rich Text
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How to fill out Surface Tenant's Consent For Subordination To An Oil, Gas, And Mineral Lease?
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FAQ
Consent and Subordination means the Consent and Subordination with respect to any interest in the Licensed Slots, which Consent and Subordination shall be substantially in the form set forth as Exhibit C hereto. Consent and Subordination . 1.1 (Definition of Loan Documents)
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.
Unsurprisingly, mortgage lenders don't like the risk associated with a second lien. A subordination agreement allows them to reassign your mortgage to first lien and your HELOC to second lien position.
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.
A subordination agreement is a legal document that establishes one debt as ranking behind another in priority for collecting repayment from a debtor. The priority of debts can become extremely important when a debtor defaults on their payments or declares bankruptcy.
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.
