A Georgia Subordination Nondisturbance and Attornment Agreement (SODA) is a legal document that is commonly used in real estate transactions involving a mortgage or lease. It outlines the rights and obligations of various parties involved, such as the lender, tenant, and landlord, in case of default or foreclosure. In essence, the agreement establishes the priority or ranking of different interests in a property. It ensures that the lender's mortgage lien takes precedence over any leasehold interest, enabling the lender to foreclose on the property without disturbing the rights of the tenant. Additionally, it protects the tenant from having the lease terminated by the lender in the event of foreclosure. The Georgia SODA typically consists of three key provisions: subordination, nondisturbance, and attornment. "Subordination" means that the tenant agrees that their leasehold interest is subordinate to the lender's mortgage lien. This specifies that in case of default, the lender's interest will come first, allowing them to foreclose on the property if necessary. The "nondisturbance" provision guarantees that if the lender does foreclose on the property, the tenant's rights under the lease will be recognized and unaffected. The agreement ensures the tenant retains their right to occupy the premises and that their lease terms continue to be valid and enforceable with the new owner, even following foreclosure. Lastly, "attornment" refers to the tenant's agreement to recognize and accept a new landlord if the property is foreclosed upon. The tenant agrees to attorn or recognize the lender or the new owner as their landlord. This provision protects the lender's interest in ensuring that the tenant remains obligated under the terms of the lease, regardless of any change in ownership. There may be different types of Georgia SODA agreements depending on the specific details of the transaction or the parties involved. For example, there could be distinct Sodas for commercial properties, retail spaces, or multi-tenant properties. Each agreement would cater to the unique circumstances and considerations relevant to the particular type of property, but they would generally include the subordination, nondisturbance, and attornment provisions as core elements.
Georgia Subordination Nondisturbance and Attornment Agreement
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