Michigan Subordination Agreement by Lienholder to Oil and Gas Lease
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How to fill out Subordination Agreement By Lienholder To Oil And Gas Lease?
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FAQ
A subordination agreement must be signed and acknowledged by a notary and recorded in the official records of the county to be enforceable.
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.
