A non-disturbance and attornment agreement (NDA) is a legal document that ensures tenant protection in the event of a default by the landlord. It is a common agreement used in real estate transactions and leasing arrangements. In the state of Illinois, there are several types of non-disturbance and attornment agreements that serve different purposes. The primary purpose of an NDA is to establish a relationship between the tenant, the landlord, and the landlord's lender. It aims to protect the tenant's rights and interests even if the property undergoes foreclosure or a change in ownership. By signing this agreement, the tenant agrees to recognize and attorn to the new owner or the lender, and the new owner or lender agrees to honor the tenant's lease and not disturb their occupancy. In Illinois, there are three main types of non-disturbance and attornment agreements: 1. Standard Non-Disturbance and Attornment Agreement: This is the most basic type of NDA used in Illinois. It typically involves the tenant, landlord, and lender. The agreement ensures that the tenant's lease will be recognized and enforced by the new landlord or lender, even in the event of foreclosure. 2. Subordination Non-Disturbance and Attornment Agreement (SODA): An SODA is often requested by lenders of the landlord to protect their interests when leasing commercial properties. It ensures that the tenant's lease is subordinate to the lender's mortgage. This means that if the landlord defaults on their loan, the lender has the right to evict the tenant, but the tenant's rights would still be protected under the agreement. 3. Recognition Non-Disturbance and Attornment Agreement (RNA): An RNA is commonly used in cases where an existing tenant continues to occupy a property after its sale. It ensures that the tenant's rights will be recognized and respected by the new owner. This agreement is crucial for tenants as it prevents any disruption or adverse impact on their lease terms due to a change in ownership. In summary, an Illinois non-disturbance and attornment agreement is a legal document that safeguards a tenant's rights in case of foreclosure or change in property ownership. The agreement establishes the tenant's right to continue occupying the property and ensures that the new landlord or lender will recognize and honor the existing lease terms. The different types of NDAs in Illinois include the standard non-disturbance and attornment agreement, subordination non-disturbance and attornment agreement, and recognition non-disturbance and attornment agreement.
Illinois Non-Disturbance and Attornment Agreement
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