ADDITIONAL LIMITATIONS ARE APPARENT IN 60 O.S. 176 ET SEQ., WHEN THE PROPERTY HAS BEEN ENCUMBERED. INDEED, THE OKLAHOMA SUPREME COURT HAS STATED THAT:
IN THE ABSENCE OF A COVENANT OR AN AGREEMENT TO THE CONTRARY, THE LESSEE TAKES THE LEASED PROPERTY SUBJECT TO ALL SERVITUDES OR OTHER ENCUMBRANCES RESTING ON IT AT THE TIME OF THE LEASE.
ANTONIO V. GENERAL OUTDOOR ADVERTISING CO., 414 P.2D 289 (OKLA. 1966), CITING 51 C.J.S. LANDLORD AND TENANT 356. THIS STRONGLY INFERS THAT ENCUMBERED PROPERTY CAN BE LEASED FURTHER, BUT IS DONE SO SUBJECT TO THE LIENS THEREON. HOWEVER, IT IS POSSIBLE, PERHAPS LIKELY, THAT THE TERMS OF A PARTICULAR BOND INDENTURE CONTAIN RESTRAINTS OR PARTICULARIZED PROVISIONS REGARDING THE BOND COLLATERAL.
IT IS, THEREFORE, THE OPINION OF THE UNDERSIGNED ATTORNEY THAT:
1. IT IS POSSIBLE, BY AGREEMENT OF THE PARTIES, FOR A SUBSEQUENT AGREEMENT TO BE EXECUTED WHICH WHOLLY SUPERSEDES A PRIOR AGREEMENT. WHETHER OR NOT A PARTICULAR AGREEMENT ACHIEVES THAT END IS DEPENDENT ON THE LANGUAGE AND TERMS OF BOTH THE PRIOR AND SUBSEQUENT AGREEMENTS AS WELL AS ON ANY APPLICABLE MUNICIPAL ORDINANCES OR CHARTER PROVISIONS. THEREFORE, YOUR QUESTION IS TOO FACT-SPECIFIC TO BE ANSWERED BY THIS INFORMAL OPINION;
2. IT IS NOT A STATUTORY REQUIREMENT TO FILE AN AMENDMENT TO A LEASE UNDER A PUBLIC TRUST IN THE OFFICE OF THE SECRETARY OF STATE FOR THE AMENDMENT TO BE VALID;
3. SUBJECT TO THE LIMITATIONS OF 41 O.S. 10 (1991), AND THE LEASE AGREEMENT, A LESSEE HAS AUTHORITY TO ASSIGN ITS INTEREST, BUT NOT SELL THE PROPERTY; AND
4. THERE IS NO GENERAL PROHIBITION AGAINST THE ASSIGNMENT OF A LEASEHOLD ON A PUBLIC TRUST WHEN THE PROPERTY THEREIN IS ENCUMBERED BY REVENUE BONDS, BUT ONE MUST BE AWARE THAT A SPECIFIC BOND INDENTURE MAY CONTAIN SUCH PROHIBITIONS.
(JAMES ROBERT JOHNSON)