San Jose California Acuerdo de Subordinación de No Perturbación y Apertura - Subordination Nondisturbance and Attornment Agreement

• Category: Arrendador Inquilino - Subordinación - Acuerdos - Alaska
• State: Multi-State
• City: San Jose
• Control #: US-0734-WG
• Format: Word

Description

Subordination Nondisturbance and Attornment Agreement A San Jose California Subordination Nondisturbance and Attornment Agreement, also known as an SN DAA, is a legal document that outlines the relationship between a tenant, landlord, and the tenant's lender in a commercial real estate lease. It ensures the tenant's rights and interests are protected in the event of default or foreclosure by the landlord's lender. In San Jose, California, there are two common types of SN DAA agreements: 1. Standard Subordination Nondisturbance and Attornment Agreement: This agreement establishes the subordination of the tenant's lease to any mortgage or deed of trust held by the landlord's lender. It recognizes the lender's right to foreclose and provides assurance to the lender that the tenant will honor the lease terms even in the event of foreclosure. The tenant agrees to recognize the lender as the new landlord if foreclosure occurs (attornment) and to continue paying rent and fulfilling obligations under the lease. 2. Subordination, Non-Disturbance, Attornment, and Estoppel Agreement (SUNDAE): This agreement incorporates additional provisions known as estoppel certificates. Estoppel certificates are documents signed by the tenant, confirming the lease agreement's current status, including rent amount, lease term, and any defaults or lease modifications. It provides evidence to the lender that the lease is valid and states that the tenant will not claim any defenses or counterclaims against the landlord if they have previously not been disclosed in the certificate. Both types of SN DAA agreements serve the purpose of protecting the tenant's rights and occupancy in the leased premises, even in situations where the landlord faces foreclosure or default on their mortgage. These agreements provide stability and assurance to all parties involved in a commercial real estate lease transaction. It is advisable for tenants to consult with legal professionals experienced in SN DAA agreements to ensure their rights are safeguarded and to understand the specific terms and conditions based on the agreement type.

A San Jose California Subordination Nondisturbance and Attornment Agreement, also known as an SN DAA, is a legal document that outlines the relationship between a tenant, landlord, and the tenant's lender in a commercial real estate lease. It ensures the tenant's rights and interests are protected in the event of default or foreclosure by the landlord's lender. In San Jose, California, there are two common types of SN DAA agreements: 1. Standard Subordination Nondisturbance and Attornment Agreement: This agreement establishes the subordination of the tenant's lease to any mortgage or deed of trust held by the landlord's lender. It recognizes the lender's right to foreclose and provides assurance to the lender that the tenant will honor the lease terms even in the event of foreclosure. The tenant agrees to recognize the lender as the new landlord if foreclosure occurs (attornment) and to continue paying rent and fulfilling obligations under the lease. 2. Subordination, Non-Disturbance, Attornment, and Estoppel Agreement (SUNDAE): This agreement incorporates additional provisions known as estoppel certificates. Estoppel certificates are documents signed by the tenant, confirming the lease agreement's current status, including rent amount, lease term, and any defaults or lease modifications. It provides evidence to the lender that the lease is valid and states that the tenant will not claim any defenses or counterclaims against the landlord if they have previously not been disclosed in the certificate. Both types of SN DAA agreements serve the purpose of protecting the tenant's rights and occupancy in the leased premises, even in situations where the landlord faces foreclosure or default on their mortgage. These agreements provide stability and assurance to all parties involved in a commercial real estate lease transaction. It is advisable for tenants to consult with legal professionals experienced in SN DAA agreements to ensure their rights are safeguarded and to understand the specific terms and conditions based on the agreement type.

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.