South Carolina Subordination of Surface Rights Agreement (Subordination by Mineral Owner) is a legal document that allows the mineral rights' owner to exercise their rights over the surface of a property. This agreement establishes a hierarchy of rights between the surface rights owner and the mineral rights' owner, ensuring that the mineral rights' owner has the necessary access and privileges to explore and extract minerals without interfering with the surface owner's property rights. In South Carolina, there are two main types of Subordination of Surface Rights Agreement (Subordination by Mineral Owner): 1. Temporary Subordination Agreement: This type of agreement grants the mineral rights' owner temporary access and privileges over the surface of the property for a specific period. It is commonly used when mineral exploration or extraction activities are projected to occur within a designated timeframe. 2. Permanent Subordination Agreement: Unlike the temporary agreement, this type of agreement provides the mineral rights' owner with permanent rights over the surface of the property for mineral exploration and extraction. The surface rights' owner permanently subordinates their rights to the mineral rights' owner, enabling them to carry out their activities unimpeded. Keywords: South Carolina, Subordination of Surface Rights Agreement, Subordination by Mineral Owner, mineral rights, surface rights, hierarchy of rights, property rights, access, privileges, exploration, extraction, temporary subordination agreement, permanent subordination agreement.
South Carolina Subordination of Surface Rights Agreement (Subordination by Mineral Owner)
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FAQ
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.
A new creditor may wish to be the senior lender, but the existing lender must consent to give up (or subordinate) their superior claim over a security interest. The Agreement thus defines the new senior and subordinated creditors and the priority of the two claims against specific collateral.
The creditor usually will require the debtor to sign a subordination agreement which ensures they get paid before other creditors, ensuring they are not taking on high risks.
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 clause serves to protect the lender if a homeowner defaults. If this happens, the lender then has the legal standing to repossess the home and cover their loan's outstanding balance first. If other subordinate mortgages are involved, the secondary liens will take a backseat in this process.
A subordination agreement prioritizes debts, ranking one behind another for purposes of collecting repayment from a debtor in the event of foreclosure or bankruptcy. A second-in-line creditor collects only when and if the priority creditor has been fully paid.
The new lender prepares the subordination agreement in conjunction with the subordinating lienholder. Then, the parties typically sign the agreement. But in some cases, just the subordinating lender will need to sign the paperwork.
Subordination agreements ensure that a primary lender will be paid in the event the borrower takes on more debt. As with most legal documents, subordination agreements need to be notarized in order to be official in the eyes of the law.
A subordination agreement is used to pledge property for a loan without giving up possession. assign rents to the lender in case of borrower default. change the priority of mortgages.