"Subordination Nondisturbance and Attorney Agreement Form and Alternative Provisions" is a American Lawyer Media form. This form is for subordination nondisturbance and attorney agreement form and alternative provisions.
Arizona Subordination Nondisturbance and Attorney Agreement Form, also known as SN DAA, is a legal document that helps protect the rights and interests of tenants when it comes to property leasing and financing arrangements. This agreement is commonly signed between a tenant, lender, and landlord in a commercial lease context, ensuring that the tenant's rights will not be jeopardized if the lender forecloses on the property. The Arizona SN DAA includes various provisions and alternative provisions that are relevant to protecting the tenant's rights and interests. These provisions may vary depending on the specific circumstances and needs of the parties involved. Some key provisions often included in the agreement are: 1. Subordination Provision: This provision clarifies that the tenant's leasehold interest is subordinate to the lender's mortgage or deed of trust on the property. It ensures that if the lender forecloses, the lease will remain in effect and the tenant will not be evicted. 2. Nondisturbance Provision: This provision guarantees the tenant's right to continue occupying the premises if the property owner defaults on their loan or undergoes foreclosure. The lender agrees to recognize the tenant's lease and not disturb their occupancy rights. 3. Attornment Provision: This provision requires the tenant to acknowledge and agree to attorn to the new owner or the lender in the event of foreclosure. Attornment means that the tenant agrees to recognize and accept the new landlord or lender as the successor-in-interest to the property. 4. Notice Requirement: The agreement may include a provision mandating that the lender provides the tenant with notice of any default or foreclosure proceedings. This allows the tenant to take appropriate actions, such as curing the default, if necessary. 5. Self-Help Provision: In certain circumstances, the landlord or lender may be allowed to enter the premises to cure any default by the tenant, such as unpaid rent or a violation of the lease terms. This provision would outline the conditions under which this can occur. 6. Alternative Provisions: Depending on the specific needs and negotiations of the parties, alternative provisions may be added to the SN DAA. These provisions provide flexibility and allow parties to customize the agreement based on their unique circumstances. It is important to note that there may be different variations of SN DAA forms and alternative provisions used in Arizona, as specific terms and conditions can vary between agreements. Consulting with an experienced attorney or legal professional knowledgeable in Arizona real estate law is essential to ensure the agreement accurately reflects the parties' intentions and protects their respective rights and interests.Arizona Subordination Nondisturbance and Attorney Agreement Form, also known as SN DAA, is a legal document that helps protect the rights and interests of tenants when it comes to property leasing and financing arrangements. This agreement is commonly signed between a tenant, lender, and landlord in a commercial lease context, ensuring that the tenant's rights will not be jeopardized if the lender forecloses on the property. The Arizona SN DAA includes various provisions and alternative provisions that are relevant to protecting the tenant's rights and interests. These provisions may vary depending on the specific circumstances and needs of the parties involved. Some key provisions often included in the agreement are: 1. Subordination Provision: This provision clarifies that the tenant's leasehold interest is subordinate to the lender's mortgage or deed of trust on the property. It ensures that if the lender forecloses, the lease will remain in effect and the tenant will not be evicted. 2. Nondisturbance Provision: This provision guarantees the tenant's right to continue occupying the premises if the property owner defaults on their loan or undergoes foreclosure. The lender agrees to recognize the tenant's lease and not disturb their occupancy rights. 3. Attornment Provision: This provision requires the tenant to acknowledge and agree to attorn to the new owner or the lender in the event of foreclosure. Attornment means that the tenant agrees to recognize and accept the new landlord or lender as the successor-in-interest to the property. 4. Notice Requirement: The agreement may include a provision mandating that the lender provides the tenant with notice of any default or foreclosure proceedings. This allows the tenant to take appropriate actions, such as curing the default, if necessary. 5. Self-Help Provision: In certain circumstances, the landlord or lender may be allowed to enter the premises to cure any default by the tenant, such as unpaid rent or a violation of the lease terms. This provision would outline the conditions under which this can occur. 6. Alternative Provisions: Depending on the specific needs and negotiations of the parties, alternative provisions may be added to the SN DAA. These provisions provide flexibility and allow parties to customize the agreement based on their unique circumstances. It is important to note that there may be different variations of SN DAA forms and alternative provisions used in Arizona, as specific terms and conditions can vary between agreements. Consulting with an experienced attorney or legal professional knowledgeable in Arizona real estate law is essential to ensure the agreement accurately reflects the parties' intentions and protects their respective rights and interests.
