Wisconsin Subordination of Mortgage / Deed of Trust to Oil and Gas Lease with Bonus and Royalty Payments to Go to Lessor Until Notice from Lien holder A Wisconsin Subordination of Mortgage or Deed of Trust to an Oil and Gas Lease with Bonus and Royalty Payments to Go to the Lessor Until Notice from a Lien holder is a legal agreement that pertains to properties within the state of Wisconsin. This agreement establishes the priority of rights between a mortgage or deed of trust on a property and an oil and gas lease held by the lessor. In Wisconsin, there may be different types of subordination agreements related to this particular circumstance. These can include: 1. General Subordination Agreement: This is a standard agreement where the mortgage or deed of trust holder agrees to subordinate their interest to the oil and gas lease, meaning the rights of the lessor in receiving bonus and royalty payments take precedence until notice of any lien holder's claim. 2. Partial Subordination Agreement: This type of agreement allows for limited subordination, where only a portion of the oil and gas lease proceeds, such as bonus payments or a specified percentage of royalty payments, go to the lessor until notice from a lien holder is received. The remaining portion of the payments continues to be applied towards satisfying the mortgage or deed of trust obligation. 3. Conditional Subordination Agreement: With this agreement, the subordination of the mortgage or deed of trust is contingent upon specific conditions. For example, the lessor might need to demonstrate a minimum dollar amount of potential royalty income or provide evidence of existing oil and gas production before the subordination becomes effective. 4. Temporary Subordination Agreement: This type of subordination agreement has a predefined duration during which the lessor receives bonus and royalty payments until notice from a lien holder is given. After this period, the mortgage or deed of trust holder regains priority. The Wisconsin Subordination of Mortgage / Deed of Trust to Oil and Gas Lease with Bonus and Royalty Payments to Go to Lessor Until Notice from Lien holder is crucial for protecting the interests of both the lessor and the mortgage or deed of trust holder. It ensures that the lessor receives the entitled payments until notice from a lien holder arises and affirms that the mortgage or deed of trust holder's rights remain intact. This agreement helps maintain clarity and fairness in the distribution of proceeds when oil and gas operations take place in Wisconsin.
Wisconsin 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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