Kentucky Subordination of Mortgage / Deed of Trust to Oil and Gas Lease with Bonus and Royalty Payments to Go to Lessor Until Notice from Lienholder
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FAQ
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.
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.
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 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.
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.
