Kansas Sample Subordination, Nondisturbance and Attornment Agreement

• Category: Corporations - Public
• State: Multi-State
• Control #: US-EG-9472
• Format: Word; Rich Text

Description

Subordination, Non-Disturbance and Attornment Agreement between 233 Broadway Owners LLC, Organic and Lehman Brothers Holding, Inc. regarding assurances of possession of premises dated 00/99. 5 pages. Kansas Sample Subordination, Nondisturbance, and Attornment Agreement, also known as SODA, is a legal document that governs the relationship between a tenant, landlord, and lender in a commercial property lease. The agreement seeks to establish priority rights, protect the tenant's occupancy, and address potential conflicts in the event of a foreclosure or transfer of ownership. In Kansas, there are several types of Sample Subordination, Nondisturbance, and Attornment Agreements, including: 1. Commercial Lease SODA: This agreement is commonly used in commercial lease transactions, where the tenant wishes to protect their occupancy rights and avoid eviction in case of a foreclosure or transfer of ownership. The agreement ensures that the lender recognizes the tenant's rights and agrees to honor the existing lease terms. 2. Mortgage SODA: This type of agreement is specifically designed for mortgage transactions, where the lender seeks to ensure their priority interest in the property and provide assurance to the tenant that their lease will not be disturbed due to foreclosure or transfer of ownership. The document typically outlines the terms under which the tenant's lease will be recognized by the new owner or lender. 3. Ground Lease SODA: When a tenant leases land for a long-term period to construct a building or other improvements, this agreement specifies the rights and obligations of the tenant, landlord, and lender. Ground leases often require an SODA to address potential lender issues and protect the tenant's rights in case of default or ownership transfer. The Kansas Sample Subordination, Nondisturbance, and Attornment Agreement typically include the following key provisions: a. Subordination: The tenant agrees to subordinate their leasehold interest to any mortgage or lien held by the lender, acknowledging that the lender's interest takes priority in case of default or foreclosure. b. Nondisturbance: The landlord agrees to obtain a nondisturbance agreement from the lender, ensuring that the tenant's lease will not be disturbed or terminated if a foreclosure occurs or the property is sold. c. Attornment: The tenant agrees to recognize and attorn to any successor landlord or lender, meaning they will accept the new owner or lender as the landlord and continue their lease obligations without disruption. d. Notice requirements: The agreement may outline specific notice requirements for the tenant, landlord, or lender in case of default, foreclosure, or transfer of ownership. e. Default provisions: The document may specify the consequences of default by the tenant or landlord, including potential termination of the lease or foreclosure proceedings. Overall, the Kansas Sample Subordination, Nondisturbance, and Attornment Agreement plays a vital role in protecting the rights and interests of all parties involved in a commercial lease transaction. By establishing clear guidelines for subordination, nondisturbance, and attornment, this agreement helps maintain stability and continuity in lease arrangements, even in the event of unforeseen circumstances such as foreclosure or transfer of ownership.

Kansas Sample Subordination, Nondisturbance, and Attornment Agreement, also known as SODA, is a legal document that governs the relationship between a tenant, landlord, and lender in a commercial property lease. The agreement seeks to establish priority rights, protect the tenant's occupancy, and address potential conflicts in the event of a foreclosure or transfer of ownership. In Kansas, there are several types of Sample Subordination, Nondisturbance, and Attornment Agreements, including: 1. Commercial Lease SODA: This agreement is commonly used in commercial lease transactions, where the tenant wishes to protect their occupancy rights and avoid eviction in case of a foreclosure or transfer of ownership. The agreement ensures that the lender recognizes the tenant's rights and agrees to honor the existing lease terms. 2. Mortgage SODA: This type of agreement is specifically designed for mortgage transactions, where the lender seeks to ensure their priority interest in the property and provide assurance to the tenant that their lease will not be disturbed due to foreclosure or transfer of ownership. The document typically outlines the terms under which the tenant's lease will be recognized by the new owner or lender. 3. Ground Lease SODA: When a tenant leases land for a long-term period to construct a building or other improvements, this agreement specifies the rights and obligations of the tenant, landlord, and lender. Ground leases often require an SODA to address potential lender issues and protect the tenant's rights in case of default or ownership transfer. The Kansas Sample Subordination, Nondisturbance, and Attornment Agreement typically include the following key provisions: a. Subordination: The tenant agrees to subordinate their leasehold interest to any mortgage or lien held by the lender, acknowledging that the lender's interest takes priority in case of default or foreclosure. b. Nondisturbance: The landlord agrees to obtain a nondisturbance agreement from the lender, ensuring that the tenant's lease will not be disturbed or terminated if a foreclosure occurs or the property is sold. c. Attornment: The tenant agrees to recognize and attorn to any successor landlord or lender, meaning they will accept the new owner or lender as the landlord and continue their lease obligations without disruption. d. Notice requirements: The agreement may outline specific notice requirements for the tenant, landlord, or lender in case of default, foreclosure, or transfer of ownership. e. Default provisions: The document may specify the consequences of default by the tenant or landlord, including potential termination of the lease or foreclosure proceedings. Overall, the Kansas Sample Subordination, Nondisturbance, and Attornment Agreement plays a vital role in protecting the rights and interests of all parties involved in a commercial lease transaction. By establishing clear guidelines for subordination, nondisturbance, and attornment, this agreement helps maintain stability and continuity in lease arrangements, even in the event of unforeseen circumstances such as foreclosure or transfer of ownership.