A Subordination, Nondisturbance, and Attornment Agreement (SODA) is a legal document that defines the rights and obligations of various parties involved in a real estate transaction, specifically in the context of a lease agreement. The Arizona Subordination Nondisturbance and Attornment Agreement are governed by the laws of the state of Arizona and are crucial tools in providing clarity and protection for both tenants and lenders. In Arizona real estate, there are primarily two types of Subordination, Nondisturbance, and Attornment Agreement: 1. Subordination Agreement: The Subordination Agreement is a clause within the SODA that outlines the priority of liens on a property. It typically places the lender's lien above that of the tenant's leasehold interest. By signing this subordination clause, the tenant agrees that if the property goes into foreclosure, the lender has the right to terminate the lease and evict the tenant. This ensures that the lender's interest takes precedence over the tenant's occupancy rights. 2. Nondisturbance Agreement: The Nondisturbance Agreement, also a component of the SODA, protects the tenant's rights in the event of foreclosure. It ensures that if the property is foreclosed upon, the new owner or the lender will recognize the tenant's lease and not disturb their occupancy rights. Essentially, the tenant's lease remains valid and enforceable, even under new ownership. 3. Attornment Agreement: The Attornment Agreement binds the tenant to recognize a new landlord or lender in the event of a transfer or change in ownership. It guarantees that the tenant will continue to comply with all lease provisions, pay rent, and cooperate with the new owner. This agreement allows for a smooth transition when there is a change in ownership, ensuring that the tenant's rights are preserved. In summary, the Arizona Subordination Nondisturbance and Attornment Agreement are crucial legal documents that establish the priority of liens, protect the tenant's rights in case of foreclosure, and ensure a smooth transition in the event of a change in ownership. These agreements offer security to both lenders and tenants, outlining their rights and obligations in a real estate transaction.
Arizona Subordination Nondisturbance and Attornment Agreement
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