Illinois Mineral Owner's Subordination (of Rights to Make Use of Surface Estate)
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FAQ
A subordination agreement establishes one debt as ranking behind another in priority for collecting repayment should a debtor default. Considered to be a type of subordinated debt, junior debt has a lower priority for repayment than other debt claims in the case of default.
Dominance of Mineral Estate This means that the owner of the mineral estate has the right to freely use the surface estate to the extent reasonably necessary for the exploration, development, and production of the oil and gas under the property.
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.
Subordination Agreements ? Oil and Gas Leasing This arrangement allows the oil and gas company to continue producing from their wells without interruption and the mortgage company to keep receiving payments, even if the landowner defaults on the mortgage.
In the United States, landowners possess both surface and mineral rights unless they choose to sell the mineral rights to someone else. Once mineral rights have been sold, the original owner retains only the rights to the land surface, while the second party may exploit the underground resources in any way they choose.
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.
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.
A property owner with mineral rights may explore, extract, and sell natural deposits found underneath the land surface. But surface rights only refer to exclusive rights to all physical property on the land.