A Kentucky Subordination Nondisturbance and Attornment Agreement (SODA) is a legal document typically used in the context of real estate transactions. It establishes the rights and obligations of three parties involved in a commercial lease — the tenant, the landlord, and a third-party lender or mortgagee. The purpose of a Subordination Nondisturbance and Attornment Agreement is to protect the interests of the lender in case the landlord defaults on their mortgage. It ensures that the tenant's leasehold interests will not be disturbed, even if the property is foreclosed upon by the lender. SODA agreements are particularly important in situations where the tenant's ability to operate their business is dependent on continued occupancy of the leased premises. There can be different types of Kentucky Subordination Nondisturbance and Attornment Agreements, each serving specific purposes or tailored to different scenarios: 1. Subordination Agreement: Specifies that the tenant's leasehold interest is subordinate to the lender's mortgage or lien. This means that if the landlord defaults, the lender has priority over the tenant's rights. 2. Nondisturbance Agreement: Ensures that the tenant's lease remains in effect, and their occupancy rights are protected even if the property undergoes foreclosure or change of ownership. The lender agrees not to disturb the tenant's possession of the premises. 3. Attornment Agreement: Establishes the tenant's acknowledgment and agreement to recognize a new landlord or mortgagee if the property undergoes foreclosure or is sold. The tenant agrees to attorn to the new owner or lender and continue performing their lease obligations. By signing an SODA, the tenant gains some security and certainty that their lease will be recognized and upheld, regardless of changes in ownership or any default by the landlord. The lender, on the other hand, ensures that the tenant's lease does not impede their ability to recover their investment in the property. It is essential for all parties involved in a commercial lease transaction — the tenant, landlord, and lender – to carefully review and negotiate the terms of the Kentucky Subordination Nondisturbance and Attornment Agreement to safeguard their interests and mitigate potential risks.
Kentucky Subordination Nondisturbance and Attornment Agreement
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