Maine 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. Maine Sample Subordination, Nondisturbance, and Attornment Agreement: A Maine Sample Subordination, Nondisturbance, and Attornment Agreement (SODA) is a legally binding document that outlines the relationship between a tenant, landlord, and lender in a commercial real estate property. This agreement is often used when a tenant rents a space in a building that is subject to a mortgage or other financing arrangement. The purpose of the SODA is to establish the rights and obligations of the parties involved in the event of default or foreclosure on the property. It identifies the priority of interests, protects the tenant's rights, and ensures that the tenant's lease is not disturbed or terminated due to the actions of the lender. This agreement consists of three components: 1. Subordination: The tenant agrees that their leasehold interest will be subordinate to the lender's mortgage or lien on the property. This means that if the property goes into foreclosure, the lender's rights will take precedence over the tenant's lease rights. The tenant acknowledges that their lease may be terminated if the lender forecloses, but this provision typically allows the tenant to remain in the property if they are not in default. 2. Nondisturbance: In exchange for the tenant's subordination, the lender provides a non-disturbance provision. This clause ensures that as long as the tenant is not in default under the lease, the lender will not disturb the tenant's occupancy, and the lease will remain in effect even after a foreclosure. It protects the tenant's rights and provides stability to their business operations. 3. Attornment: The attornment clause requires the tenant to recognize and attorn to the lender as their new landlord if the property is foreclosed upon. This means that the tenant agrees to continue paying rent and perform their obligations under the lease to the lender or the lender's assignee. It allows the lender to step into the shoes of the landlord, ensuring that the tenant's lease remains intact and unaffected by the foreclosure. Maine may not have specific types of Sample Subordination, Nondisturbance, and Attornment Agreements exclusive to the state. However, different variations and modifications to adapt to the specific requirements and circumstances of a particular transaction may exist. It is advisable to consult a legal expert familiar with Maine real estate laws to draft an agreement that complies with the state's regulations. In conclusion, a Maine Sample Subordination, Nondisturbance, and Attornment Agreement is a vital document that protects the rights and interests of tenants, landlords, and lenders in commercial real estate transactions. It establishes the priority of interests, ensures lease continuity for tenants, and provides stability in the event of foreclosure.

Maine Sample Subordination, Nondisturbance, and Attornment Agreement: A Maine Sample Subordination, Nondisturbance, and Attornment Agreement (SODA) is a legally binding document that outlines the relationship between a tenant, landlord, and lender in a commercial real estate property. This agreement is often used when a tenant rents a space in a building that is subject to a mortgage or other financing arrangement. The purpose of the SODA is to establish the rights and obligations of the parties involved in the event of default or foreclosure on the property. It identifies the priority of interests, protects the tenant's rights, and ensures that the tenant's lease is not disturbed or terminated due to the actions of the lender. This agreement consists of three components: 1. Subordination: The tenant agrees that their leasehold interest will be subordinate to the lender's mortgage or lien on the property. This means that if the property goes into foreclosure, the lender's rights will take precedence over the tenant's lease rights. The tenant acknowledges that their lease may be terminated if the lender forecloses, but this provision typically allows the tenant to remain in the property if they are not in default. 2. Nondisturbance: In exchange for the tenant's subordination, the lender provides a non-disturbance provision. This clause ensures that as long as the tenant is not in default under the lease, the lender will not disturb the tenant's occupancy, and the lease will remain in effect even after a foreclosure. It protects the tenant's rights and provides stability to their business operations. 3. Attornment: The attornment clause requires the tenant to recognize and attorn to the lender as their new landlord if the property is foreclosed upon. This means that the tenant agrees to continue paying rent and perform their obligations under the lease to the lender or the lender's assignee. It allows the lender to step into the shoes of the landlord, ensuring that the tenant's lease remains intact and unaffected by the foreclosure. Maine may not have specific types of Sample Subordination, Nondisturbance, and Attornment Agreements exclusive to the state. However, different variations and modifications to adapt to the specific requirements and circumstances of a particular transaction may exist. It is advisable to consult a legal expert familiar with Maine real estate laws to draft an agreement that complies with the state's regulations. In conclusion, a Maine Sample Subordination, Nondisturbance, and Attornment Agreement is a vital document that protects the rights and interests of tenants, landlords, and lenders in commercial real estate transactions. It establishes the priority of interests, ensures lease continuity for tenants, and provides stability in the event of foreclosure.