North Charleston South Carolina Acuerdo de Subordinación, No Perturbación y Apertura - South Carolina Subordination, Non-Disturbance, and Attornment Agreement

• Category: South Carolina Bienes Raíces - Contratos
• State: South Carolina
• City: North Charleston
• Control #: SC-LR007
• Format: Word

Description

This document is three forms in one. The subordination part is where the lender's security interest becomes superior to the preexisting lease, and upon foreclosure by the lender, the title obtained by the purchaser at the foreclosure sale will be superior to the existing lease. The non-disturbance part of the agreement, the lender has agreed that upon acquiring title to the leased property through a foreclosure sale, that the lender, or any other purchaser at the sale, will "not disturb" the tenancy of the tenant, so long as the tenant is not in default, and that such tenancy will continue as if the foreclosure had never occurred. The "attornment" part of the agreement, is where the tenant is agreeing to acknowledge the purchaser at the foreclosure sale as the new landlord under the lease. A North Charleston South Carolina Subordination, Non-Disturbance, and Attornment Agreement, commonly known as an SND Agreement, is a legal document that establishes the rights and obligations between a tenant, landlord, and a lender in the context of a commercial real estate lease. This agreement is crucial in situations where a commercial property is subject to a mortgage or loan and the tenant wants to protect their leasehold interest in the event of a foreclosure. The agreement consists of three key elements or clauses: subordination, non-disturbance, and attornment. 1. Subordination: The subordination clause establishes that the tenant's leasehold interest is subordinate, or secondary, to the lender's mortgage or loan. This means that if the landlord defaults on the loan and the property goes into foreclosure, the lender's rights take precedence over the tenant's rights. Subordination helps protect the lender's collateral and ensures that the tenant cannot interfere with the lender's ability to sell or take possession of the property. 2. Non-Disturbance: The non-disturbance clause provides a certain level of protection to the tenant. It states that as long as the tenant complies with the terms of the lease, pays rent, and fulfills their obligations, the lender will not disturb their occupancy rights even in the event of foreclosure. This clause gives the tenant peace of mind, knowing that their leasehold interest will not be abruptly terminated if the landlord defaults on the mortgage. 3. Attornment: The attornment clause obligates the tenant to recognize and accept a new owner or lender in the event of foreclosure. It establishes that the tenant will continue to pay rent and fulfill their obligations to the new owner or lender who acquires the property through foreclosure. In simpler terms, attornment means the tenant agrees to recognize the foreclosure buyer or lender as their new landlord and continue the lease relationship with them. Different types of SND Agreements in North Charleston South Carolina may include variations in the specific terms and conditions agreed upon by the parties involved. These variations could be related to the duration of the agreement, specific lease provisions, or additional rights and protections granted to either the tenant or the lender. In summary, a North Charleston South Carolina Subordination, Non-Disturbance, and Attornment Agreement is a crucial document that ensures the protection and continuity of a tenant's leasehold interest in case of foreclosure. It establishes the subordination of the tenant's rights to the lender, provides non-disturbance rights to the tenant, and obligates the tenant to attorn to a new owner or lender. This agreement helps maintain stability and security for both the tenant and the lender in commercial real estate transactions.

A North Charleston South Carolina Subordination, Non-Disturbance, and Attornment Agreement, commonly known as an SND Agreement, is a legal document that establishes the rights and obligations between a tenant, landlord, and a lender in the context of a commercial real estate lease. This agreement is crucial in situations where a commercial property is subject to a mortgage or loan and the tenant wants to protect their leasehold interest in the event of a foreclosure. The agreement consists of three key elements or clauses: subordination, non-disturbance, and attornment. 1. Subordination: The subordination clause establishes that the tenant's leasehold interest is subordinate, or secondary, to the lender's mortgage or loan. This means that if the landlord defaults on the loan and the property goes into foreclosure, the lender's rights take precedence over the tenant's rights. Subordination helps protect the lender's collateral and ensures that the tenant cannot interfere with the lender's ability to sell or take possession of the property. 2. Non-Disturbance: The non-disturbance clause provides a certain level of protection to the tenant. It states that as long as the tenant complies with the terms of the lease, pays rent, and fulfills their obligations, the lender will not disturb their occupancy rights even in the event of foreclosure. This clause gives the tenant peace of mind, knowing that their leasehold interest will not be abruptly terminated if the landlord defaults on the mortgage. 3. Attornment: The attornment clause obligates the tenant to recognize and accept a new owner or lender in the event of foreclosure. It establishes that the tenant will continue to pay rent and fulfill their obligations to the new owner or lender who acquires the property through foreclosure. In simpler terms, attornment means the tenant agrees to recognize the foreclosure buyer or lender as their new landlord and continue the lease relationship with them. Different types of SND Agreements in North Charleston South Carolina may include variations in the specific terms and conditions agreed upon by the parties involved. These variations could be related to the duration of the agreement, specific lease provisions, or additional rights and protections granted to either the tenant or the lender. In summary, a North Charleston South Carolina Subordination, Non-Disturbance, and Attornment Agreement is a crucial document that ensures the protection and continuity of a tenant's leasehold interest in case of foreclosure. It establishes the subordination of the tenant's rights to the lender, provides non-disturbance rights to the tenant, and obligates the tenant to attorn to a new owner or lender. This agreement helps maintain stability and security for both the tenant and the lender in commercial real estate transactions.

Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.