A Sample Subordination, Nondisturbance, and Attornment Agreement (SODA) is a legal document commonly used in commercial real estate transactions, specifically in the leasing context. This agreement establishes the rights and obligations of the various parties involved — usually the tenant, the landlord, and the lender. In the state of Arizona, there are essentially two types of Sample Subordination, Nondisturbance, and Attornment Agreements that may be used: 1. Commercial Lease SODA: This type of agreement is utilized when there is an existing lease between a tenant and a landlord, and the landlord wants to secure financing through a lender. The lender requires the tenant to sign an SODA to ensure that their lease rights are subordinate to the lender's mortgage or deed of trust. This means that if the property is foreclosed upon, the tenant will recognize the lender as the new landlord and continue to pay rent directly to them. 2. Mortgage SODA: In some cases, the lender may require the landlord to sign an SODA to protect their rights in the event of default by the tenant. This agreement ensures that the landlord's lease rights remain undisturbed, even if the lender forecloses on the property. By signing the SODA, the landlord attorns to the lender, acknowledging them as the primary mortgagee and agrees to continue the obligations under the lease, including receiving rent payments from the tenant. Keywords: Sample Subordination, Nondisturbance, and Attornment Agreement, Arizona, commercial real estate transactions, leasing context, tenant, landlord, lender, commercial lease SODA, existing lease, financing, mortgage, deed of trust, subordinate, foreclosure, recognize, new landlord, rent payments, mortgage SODA, default, lease rights, undisturbed, forecloses, attorns, primary mortgagee. Disclaimer: This content is meant to provide a general understanding and should not be used as legal advice. It is recommended to consult a qualified attorney for specific guidance on Arizona Sample Subordination, Nondisturbance, and Attornment Agreement.
Arizona Sample Subordination, Nondisturbance and Attornment Agreement
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How to fill out Arizona Sample Subordination, Nondisturbance And Attornment Agreement?
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