Missouri 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. Missouri Non-Disturbance, Attornment, Estoppel & Subordination Agreement (NDAESA) is a legal document that often arises in the context of real estate transactions involving multiple parties, such as tenants, landlords, and lenders. This agreement is designed to protect the interests of these parties by establishing certain rights, obligations, and relationships. Non-Disturbance refers to the provision that assures a tenant, typically in a commercial lease, that their leasehold rights will not be disturbed by any action taken by the landlord's lender in the event of a foreclosure or similar proceeding. By signing an NDAESA, the tenant gains security and can continue its business operations undisturbed, regardless of any foreclosure actions against the landlord. Attornment refers to the tenant's agreement to recognize and accept a new landlord as a result of the foreclosure or transfer of the property. In the event of a change in ownership, or if the property is acquired by a new landlord, the tenant agrees to acknowledge and submit to the authority of the new landlord. Estoppel is an important aspect of the NDAESA, serving to prevent the tenant from claiming certain rights or defenses in the future. This type of agreement includes a clause stating that the tenant will be "estopped" from denying the validity or enforceability of the NDAESA, effective from the date of signing, regardless of any later claims or disputes that may arise. Subordination is another crucial feature of the NDAESA, especially when it comes to securing financing for real estate projects. This provision ensures that the landlord's lender maintains a priority claim on the property, allowing them to foreclose or take other actions in case of loan default. By submitting to subordination, the tenant's rights become secondary to the lender's interests. Different types or variations of NDAESA may exist based on the specific requirements and negotiations between the parties involved. For example, there could be an NDAESA specifically tailored for commercial office space, retail leases, or industrial properties. The terms and conditions of these agreements may vary, depending on the nature of the property involved and the needs of the parties. In summary, the Missouri Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legally binding contract that provides reassurances to tenants in real estate transactions. It ensures the non-disturbance of leasehold rights, requires acknowledgment of new landlords, prevents tenants from asserting certain claims, and establishes the priority of lender interests. Variations of this agreement may exist to address the unique circumstances of different types of leases or properties.

Missouri Non-Disturbance, Attornment, Estoppel & Subordination Agreement (NDAESA) is a legal document that often arises in the context of real estate transactions involving multiple parties, such as tenants, landlords, and lenders. This agreement is designed to protect the interests of these parties by establishing certain rights, obligations, and relationships. Non-Disturbance refers to the provision that assures a tenant, typically in a commercial lease, that their leasehold rights will not be disturbed by any action taken by the landlord's lender in the event of a foreclosure or similar proceeding. By signing an NDAESA, the tenant gains security and can continue its business operations undisturbed, regardless of any foreclosure actions against the landlord. Attornment refers to the tenant's agreement to recognize and accept a new landlord as a result of the foreclosure or transfer of the property. In the event of a change in ownership, or if the property is acquired by a new landlord, the tenant agrees to acknowledge and submit to the authority of the new landlord. Estoppel is an important aspect of the NDAESA, serving to prevent the tenant from claiming certain rights or defenses in the future. This type of agreement includes a clause stating that the tenant will be "estopped" from denying the validity or enforceability of the NDAESA, effective from the date of signing, regardless of any later claims or disputes that may arise. Subordination is another crucial feature of the NDAESA, especially when it comes to securing financing for real estate projects. This provision ensures that the landlord's lender maintains a priority claim on the property, allowing them to foreclose or take other actions in case of loan default. By submitting to subordination, the tenant's rights become secondary to the lender's interests. Different types or variations of NDAESA may exist based on the specific requirements and negotiations between the parties involved. For example, there could be an NDAESA specifically tailored for commercial office space, retail leases, or industrial properties. The terms and conditions of these agreements may vary, depending on the nature of the property involved and the needs of the parties. In summary, the Missouri Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legally binding contract that provides reassurances to tenants in real estate transactions. It ensures the non-disturbance of leasehold rights, requires acknowledgment of new landlords, prevents tenants from asserting certain claims, and establishes the priority of lender interests. Variations of this agreement may exist to address the unique circumstances of different types of leases or properties.