Arizona Non-Disturbance, Attornment, Estoppel & Subordination Agreement

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-1053
• Format: Word; Rich Text

Description

This form is a nondisturbance, attornment, estoppel and subordination agreement. Arizona Non-Disturbance, Attornment, Estoppel & Subordination Agreement, also known as the ADANDE Agreement, is a legal document that protects the rights and interests of tenants, lenders, and property owners in the state of Arizona. This agreement typically involves three parties: the tenant, the lender, and the property owner, and it regulates their relationships and obligations in the event of foreclosure or lease termination. Non-Disturbance: The non-disturbance clause guarantees that if the property owner defaults on their mortgage or faces foreclosure, the tenant's rights to occupy and use the property will not be disrupted. This provision ensures that the tenant's lease agreement remains intact despite any foreclosure actions taken by the lender. Attornment: Attornment refers to the agreement by which a tenant recognizes a new landlord or lender and agrees to become their direct tenant. In the ADANDE Agreement, the tenant acknowledges that in the event of a foreclosure or transfer of ownership, they will recognize and attorn to the lender as the new landlord. This provision protects the lender's interests by ensuring continuous rental income from the property. Estoppel: Estoppel is the legal doctrine that prevents a party from denying or contradicting a statement or representation they previously made. In the context of the ADANDE Agreement, the estoppel provision comes into play when a tenant agrees to confirm certain statements concerning the lease, rental amounts, or other material terms. This prevents the tenant from later claiming that the lease terms were different from what was represented in the agreement. Subordination: Subordination in the ADANDE Agreement refers to the priority of liens or claims against the property. Typically, lenders require tenants to subordinate their leasehold interests to the lender's mortgage. This means that in the event of a foreclosure, the lender's interest takes precedence over the tenant's leasehold interest. Subordination protects the lender by ensuring they have a first claim over the property. It is important to note that while these provisions are commonly found in Arizona Non-Disturbance, Attornment, Estoppel & Subordination Agreements, there may be variations or additional clauses depending on the specific agreement and the parties involved. Thus, it is crucial to carefully review the terms and consult an attorney to ensure the agreement meets the requirements and concerns of all parties involved.

Arizona Non-Disturbance, Attornment, Estoppel & Subordination Agreement, also known as the ADANDE Agreement, is a legal document that protects the rights and interests of tenants, lenders, and property owners in the state of Arizona. This agreement typically involves three parties: the tenant, the lender, and the property owner, and it regulates their relationships and obligations in the event of foreclosure or lease termination. Non-Disturbance: The non-disturbance clause guarantees that if the property owner defaults on their mortgage or faces foreclosure, the tenant's rights to occupy and use the property will not be disrupted. This provision ensures that the tenant's lease agreement remains intact despite any foreclosure actions taken by the lender. Attornment: Attornment refers to the agreement by which a tenant recognizes a new landlord or lender and agrees to become their direct tenant. In the ADANDE Agreement, the tenant acknowledges that in the event of a foreclosure or transfer of ownership, they will recognize and attorn to the lender as the new landlord. This provision protects the lender's interests by ensuring continuous rental income from the property. Estoppel: Estoppel is the legal doctrine that prevents a party from denying or contradicting a statement or representation they previously made. In the context of the ADANDE Agreement, the estoppel provision comes into play when a tenant agrees to confirm certain statements concerning the lease, rental amounts, or other material terms. This prevents the tenant from later claiming that the lease terms were different from what was represented in the agreement. Subordination: Subordination in the ADANDE Agreement refers to the priority of liens or claims against the property. Typically, lenders require tenants to subordinate their leasehold interests to the lender's mortgage. This means that in the event of a foreclosure, the lender's interest takes precedence over the tenant's leasehold interest. Subordination protects the lender by ensuring they have a first claim over the property. It is important to note that while these provisions are commonly found in Arizona Non-Disturbance, Attornment, Estoppel & Subordination Agreements, there may be variations or additional clauses depending on the specific agreement and the parties involved. Thus, it is crucial to carefully review the terms and consult an attorney to ensure the agreement meets the requirements and concerns of all parties involved.