Update: Sorry, these stories have been taken down from the Star-Telegram site.

Gas deals’ fine print can be costly

• Some area residents who have already signed gas leases are finding out that their mortgage companies want a cut too. Some mortgage companies are charging fees that could amount to several years’ worth of royalties.
  Property owners in Crestwood should look into their mortgage company’s requirements regarding subordination agreements before signing a lease, and also read the fine print about how your mortgage deals with rents, royalties and other income. The Lease Committee will recommend language in our lease form that holds the gas companies responsible for the subordination requirements.

Woodhaven neighborhood pools its gas-lease assets

• In Woodhaven, 962 people signed a community lease, meaning that they will split all the royalties from every well on every unit in the lease, based on their lot size. Typical leases pool a homeowner’s property with other properties to form a unit, and royalties are based on the wells in the individual units. The Lease Committee is currently seeking legal counsel on whether a community lease best suits Crestwood residents.