Posted on: 12th Jun, 2011 04:56 pm
Land was used as collateral in a loan. Now we are being ask to lease the land to a gas company to drill. Are we allowed to do this. We have not missed a payment on the loan.
Yes - unless there's a provision in your Note that prohibits it.
Hi tchand!
Welcome to forums!
You should contact your lender and take his permission regarding the same. If the lender agrees to your request, then you can lease the property to a gas company.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should contact your lender and take his permission regarding the same. If the lender agrees to your request, then you can lease the property to a gas company.
Feel free to ask if you've further queries.
Sussane
