Michigan Non-Disturbance, Attornment, Estoppel & Subordination Agreement

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-1053
• Format: Word; Rich Text

Description

This form is a nondisturbance, attornment, estoppel and subordination agreement. A Michigan Non-Disturbance, Attornment, Estoppel & Subordination Agreement, also known as a NDAESA, is a legal document that protects the rights and interests of tenants in the event of a change in ownership or mortgage of a property. This agreement is typically entered into between a tenant, a landlord, and a mortgage lender. Keywords: Michigan, Non-Disturbance, Attornment, Estoppel & Subordination Agreement, NDAESA, tenant, landlord, mortgage lender, rights, interests, change in ownership, change in mortgage. There are different types of Michigan Non-Disturbance, Attornment, Estoppel & Subordination Agreements, which include: 1. Commercial NDAESA: This type of agreement is commonly used for commercial properties, including office buildings, retail spaces, and industrial complexes. It ensures that the tenant's lease rights and obligations will be honored by the new owner or mortgage lender, even in the case of foreclosure. 2. Residential NDAESA: This agreement is specific to residential properties, such as apartments, condominiums, or single-family homes that are being rented out. It provides similar protection to tenants in the event of a change in ownership or mortgage. 3. Subordination NDAESA: A subordination agreement is a component of the NDAESA that addresses the priority of rights between the tenant's lease and the mortgage lender's lien. It establishes that the tenant's leasehold interest is subordinate to the lender's mortgage interest, ensuring that the lender's rights are protected. 4. Non-Disturbance NDAESA: The non-disturbance clause in this agreement ensures that the tenant's lease will not be terminated or disturbed by any action taken by the new owner or mortgage lender. It provides security to the tenant, allowing them to continue occupying and operating their business or residing in the property. 5. Attornment NDAESA: The attornment provision in this agreement requires the tenant to recognize and accept the new owner or mortgage lender as their landlord, even after a change in ownership or mortgage. This provision ensures a smooth transition for the tenant without any disruption to their lease. Overall, a Michigan Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a crucial legal document that safeguards the rights and interests of tenants in the state, providing them with assurance and security in case of any changes to the property's ownership or mortgage arrangements.

A Michigan Non-Disturbance, Attornment, Estoppel & Subordination Agreement, also known as a NDAESA, is a legal document that protects the rights and interests of tenants in the event of a change in ownership or mortgage of a property. This agreement is typically entered into between a tenant, a landlord, and a mortgage lender. Keywords: Michigan, Non-Disturbance, Attornment, Estoppel & Subordination Agreement, NDAESA, tenant, landlord, mortgage lender, rights, interests, change in ownership, change in mortgage. There are different types of Michigan Non-Disturbance, Attornment, Estoppel & Subordination Agreements, which include: 1. Commercial NDAESA: This type of agreement is commonly used for commercial properties, including office buildings, retail spaces, and industrial complexes. It ensures that the tenant's lease rights and obligations will be honored by the new owner or mortgage lender, even in the case of foreclosure. 2. Residential NDAESA: This agreement is specific to residential properties, such as apartments, condominiums, or single-family homes that are being rented out. It provides similar protection to tenants in the event of a change in ownership or mortgage. 3. Subordination NDAESA: A subordination agreement is a component of the NDAESA that addresses the priority of rights between the tenant's lease and the mortgage lender's lien. It establishes that the tenant's leasehold interest is subordinate to the lender's mortgage interest, ensuring that the lender's rights are protected. 4. Non-Disturbance NDAESA: The non-disturbance clause in this agreement ensures that the tenant's lease will not be terminated or disturbed by any action taken by the new owner or mortgage lender. It provides security to the tenant, allowing them to continue occupying and operating their business or residing in the property. 5. Attornment NDAESA: The attornment provision in this agreement requires the tenant to recognize and accept the new owner or mortgage lender as their landlord, even after a change in ownership or mortgage. This provision ensures a smooth transition for the tenant without any disruption to their lease. Overall, a Michigan Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a crucial legal document that safeguards the rights and interests of tenants in the state, providing them with assurance and security in case of any changes to the property's ownership or mortgage arrangements.