Indiana Non-Disturbance and Attornment Agreement

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-1052
• Format: Word; Rich Text

Description

This form is a nondisturbance and attornment agreement. A non-disturbance and attornment agreement, also known as an NCAA, is a legal document executed between a tenant, landlord, and a lender. In Indiana, this agreement enables a tenant to continue occupying a leased property even if the property owner defaults on their mortgage loan. The purpose of an Indiana Non-Disturbance and Attornment Agreement is to protect the tenant's rights in case the property they are leasing becomes subject to foreclosure due to the landlord's financial difficulties. By signing this agreement, the lender agrees to recognize the tenant's lease and not disturb their possession of the property in the event of foreclosure. The agreement typically includes the following key elements: 1. Identification of Parties: It outlines the names and addresses of the tenant, landlord, and lender involved in the agreement. 2. Lease Recognition: The lender acknowledges the validity of the existing lease between the landlord and tenant, ensuring that the tenant's rights and obligations under the lease will remain intact even after foreclosure. 3. Non-Disturbance: The lender agrees not to disturb the tenant's possession of the property in the event of foreclosure, allowing them to remain in the property throughout their lease term, assuming they comply with all lease provisions. 4. Attornment: The tenant agrees to recognize the lender as their new landlord if foreclosure occurs, thereby "attorning" their leasehold interest from the original landlord to the lender. This ensures a smooth transition of the lease from the original landlord to the lender, without jeopardizing the tenant's rights. 5. Subordination: This clause clarifies that the tenant's lease is subordinate to the lender's mortgage and will not take precedence over the lender's rights in case of default by the landlord. 6. Notification: The tenant undertakes to inform the lender about any defaults, breaches, or other lease-related matters by the landlord. It's important to note that while the general concept of an Indiana Non-Disturbance and Attornment Agreement remains consistent, there may be variations in specific terms and conditions depending on the parties involved, property type, or other circumstances. Other types of Non-Disturbance and Attornment Agreements in Indiana may include agreements specific to commercial properties, retail spaces, industrial spaces, or residential properties. These agreements may have additional provisions tailored to the unique characteristics and requirements of each property type. In conclusion, an Indiana Non-Disturbance and Attornment Agreement is a legal contract that protects the interests of tenants in leased properties during foreclosure proceedings. It ensures the continuity of the tenant's occupancy rights and establishes a clear relationship between the tenant, lender, and landlord in situations of financial distress.

A non-disturbance and attornment agreement, also known as an NCAA, is a legal document executed between a tenant, landlord, and a lender. In Indiana, this agreement enables a tenant to continue occupying a leased property even if the property owner defaults on their mortgage loan. The purpose of an Indiana Non-Disturbance and Attornment Agreement is to protect the tenant's rights in case the property they are leasing becomes subject to foreclosure due to the landlord's financial difficulties. By signing this agreement, the lender agrees to recognize the tenant's lease and not disturb their possession of the property in the event of foreclosure. The agreement typically includes the following key elements: 1. Identification of Parties: It outlines the names and addresses of the tenant, landlord, and lender involved in the agreement. 2. Lease Recognition: The lender acknowledges the validity of the existing lease between the landlord and tenant, ensuring that the tenant's rights and obligations under the lease will remain intact even after foreclosure. 3. Non-Disturbance: The lender agrees not to disturb the tenant's possession of the property in the event of foreclosure, allowing them to remain in the property throughout their lease term, assuming they comply with all lease provisions. 4. Attornment: The tenant agrees to recognize the lender as their new landlord if foreclosure occurs, thereby "attorning" their leasehold interest from the original landlord to the lender. This ensures a smooth transition of the lease from the original landlord to the lender, without jeopardizing the tenant's rights. 5. Subordination: This clause clarifies that the tenant's lease is subordinate to the lender's mortgage and will not take precedence over the lender's rights in case of default by the landlord. 6. Notification: The tenant undertakes to inform the lender about any defaults, breaches, or other lease-related matters by the landlord. It's important to note that while the general concept of an Indiana Non-Disturbance and Attornment Agreement remains consistent, there may be variations in specific terms and conditions depending on the parties involved, property type, or other circumstances. Other types of Non-Disturbance and Attornment Agreements in Indiana may include agreements specific to commercial properties, retail spaces, industrial spaces, or residential properties. These agreements may have additional provisions tailored to the unique characteristics and requirements of each property type. In conclusion, an Indiana Non-Disturbance and Attornment Agreement is a legal contract that protects the interests of tenants in leased properties during foreclosure proceedings. It ensures the continuity of the tenant's occupancy rights and establishes a clear relationship between the tenant, lender, and landlord in situations of financial distress.