Missouri 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 Missouri Non-Disturbance and Attornment Agreement is a legal document that often arises in the context of commercial real estate transactions. It is a tripartite agreement among a tenant (the "lessee"), a landlord (the "lessor"), and a third-party lender (the "lender") that ensures the tenant's rights are protected even if the landlord defaults on their loan to the lender. The purpose of a Non-Disturbance and Attornment Agreement (NDA) is to establish the tenant's right to continue occupying the leased premises and to receive uninterrupted services, even if the landlord defaults on their mortgage loan and the property is foreclosed upon. The NDA provides assurance to the tenant that their leasehold interest will be recognized and preserved by the new owner, typically the foreclosing lender, who steps into the shoes of the landlord. This agreement is particularly relevant when a tenant desires security and stability in their lease, especially in situations where the property they are renting is collateral for a mortgage loan. By obtaining a Non-Disturbance and Attornment Agreement from the lender, the tenant ensures that they will not face sudden eviction or disruptions to their business operations due to the actions of the landlord's creditor. In Missouri, there are different types of Non-Disturbance and Attornment Agreements that can be tailored to specific situations or property types. For instance, there are NDAs specific to commercial properties, retail spaces, industrial complexes, or even residential units. Each type may have unique provisions and clauses, depending on the intricacies and requirements of the lease and the property involved. The essential components of a Missouri Non-Disturbance and Attornment Agreement typically include: 1. Identification of the parties: This section provides the legal names and addresses of the tenant, landlord, and lender involved in the agreement. 2. Lease recognition: The agreement explicitly recognizes and acknowledges the tenant's lease rights and status as a lessee under the lease agreement. 3. Non-Disturbance provision: This clause ensures that if the landlord defaults on their loan, the tenant's rights won't be disturbed, and the lender won't interfere with the tenant's ability to occupy and enjoy the leased premises. 4. Attornment provision: This provision states that in the event of foreclosure or the lender becoming the new owner, the tenant agrees to recognize the lender or new owner as the rightful landlord and agrees to attorn to their rights and obligations under the lease. 5. Subordination clause: This clause typically makes the tenant's lease subordinate to the lender's mortgage, ensuring that the lease remains subject to the lender's rights, while still offering protection to the tenant. 6. Notice provision: The agreement usually requires that the lender notifies the tenant if they intend to foreclose on the property or if any changes to the landlord's address or contact information occur. Missouri Non-Disturbance and Attornment Agreements are crucial safeguards for tenants leasing commercial or other types of properties when there is a risk of default by the landlord. By obtaining this agreement, tenants can protect their occupancy rights and maintain business continuity, providing them with peace of mind amid potential disruptions in the landlord's financial matters.

A Missouri Non-Disturbance and Attornment Agreement is a legal document that often arises in the context of commercial real estate transactions. It is a tripartite agreement among a tenant (the "lessee"), a landlord (the "lessor"), and a third-party lender (the "lender") that ensures the tenant's rights are protected even if the landlord defaults on their loan to the lender. The purpose of a Non-Disturbance and Attornment Agreement (NDA) is to establish the tenant's right to continue occupying the leased premises and to receive uninterrupted services, even if the landlord defaults on their mortgage loan and the property is foreclosed upon. The NDA provides assurance to the tenant that their leasehold interest will be recognized and preserved by the new owner, typically the foreclosing lender, who steps into the shoes of the landlord. This agreement is particularly relevant when a tenant desires security and stability in their lease, especially in situations where the property they are renting is collateral for a mortgage loan. By obtaining a Non-Disturbance and Attornment Agreement from the lender, the tenant ensures that they will not face sudden eviction or disruptions to their business operations due to the actions of the landlord's creditor. In Missouri, there are different types of Non-Disturbance and Attornment Agreements that can be tailored to specific situations or property types. For instance, there are NDAs specific to commercial properties, retail spaces, industrial complexes, or even residential units. Each type may have unique provisions and clauses, depending on the intricacies and requirements of the lease and the property involved. The essential components of a Missouri Non-Disturbance and Attornment Agreement typically include: 1. Identification of the parties: This section provides the legal names and addresses of the tenant, landlord, and lender involved in the agreement. 2. Lease recognition: The agreement explicitly recognizes and acknowledges the tenant's lease rights and status as a lessee under the lease agreement. 3. Non-Disturbance provision: This clause ensures that if the landlord defaults on their loan, the tenant's rights won't be disturbed, and the lender won't interfere with the tenant's ability to occupy and enjoy the leased premises. 4. Attornment provision: This provision states that in the event of foreclosure or the lender becoming the new owner, the tenant agrees to recognize the lender or new owner as the rightful landlord and agrees to attorn to their rights and obligations under the lease. 5. Subordination clause: This clause typically makes the tenant's lease subordinate to the lender's mortgage, ensuring that the lease remains subject to the lender's rights, while still offering protection to the tenant. 6. Notice provision: The agreement usually requires that the lender notifies the tenant if they intend to foreclose on the property or if any changes to the landlord's address or contact information occur. Missouri Non-Disturbance and Attornment Agreements are crucial safeguards for tenants leasing commercial or other types of properties when there is a risk of default by the landlord. By obtaining this agreement, tenants can protect their occupancy rights and maintain business continuity, providing them with peace of mind amid potential disruptions in the landlord's financial matters.