Fill and Sign the Legal Aspects of Real Estate Flashcardsquizlet Form

SUBORDINATION (Vendor’s Lien Retained by Grantor in Warranty Deed) STATE: COUNTY: LIENHOLDER: (Name and Address) GRANTEE: (Name and Address) EFFECTIVE DATE: By Warranty Deed (the “Deed”) dated (Date of Deed in which Vendor’s Lien was Retained), recorded in Volume ____, page ____ of the ____ Records of the county and state named above, Lienholder, named above, as grantor, conveyed to Grantee, named above, lands (the “Lands”) in the county and state named above, described as follows: (Description of Lands Contained in the Deed) In the Deed, Lienholder reserved and retained a Vendor’s Lien (the “Lien”) to secure the payment of the deferred consideration for the sale of the Lands, all as described in the Deed. Grantee has executed and delivered (or desires to execute) an Oil and Gas Lease (the “Lease”) on the Lands. (If only part of the Lands are to be subject to the Lease, a specific description of the lands needs to be inserted). Grantee desires that the Lien reta ined by Lienholder shall, for all purposes, be subordinate to the Lease executed (or to be execute d) by Grantee. For adequate consideration, Lienholder agrees that the Lien is (or shall be) subordinate, subject to, and inferior to the Lease on the Lease being executed, delivered, and pl aced of record in the county where the Lands are located. In the event of default under the terms of the Lien, or a foreclosure of the Lien and the subsequent sale of the Lands subject to the Lease, Lienholder agrees that the le asehold estate created by the Lease shall in no way be affected or impaired by any default, fore closure, or sale, and the Lease shall remain in full force and effect according to its terms. T he Lien shall not, by this Subordination, be impaired insofar as it encumbers the Lessor’s reversionary mineral estat e, possibility of reverter, or the royalty reserved in the Lease. This Subordination is signed by Lienholder as of the date of the acknowledgment below, but is deemed effective for all purposes as of the Effective Date stated above. Lienholder (Acknowledgment)