Mississippi 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 Mississippi Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document that aims to protect tenants in the event of a default or foreclosure on their leased property. This agreement outlines the relationship between the tenant, the landlord, and the lender, ensuring that the tenant's rights will be respected even in the face of a foreclosure. Keywords: 1. Non-Disturbance: The non-disturbance clause ensures that the tenant's rights will not be disrupted or terminated due to the actions of the landlord or lender. It protects the tenant's possession and use of the leased property, even if the landlord defaults on their mortgage or the property undergoes foreclosure. 2. Attornment: Attornment refers to the agreement by which a tenant acknowledges a new landlord that has acquired the property through foreclosure or other means. It establishes a legal relationship between the tenant and the new owner, ensuring that the tenant will continue to pay rent and adhere to the terms of the lease. 3. Estoppel: The estoppel clause prevents a party from denying or asserting something contrary to what is established as true by a previous action, statement, or agreement. In the context of a Non-Disturbance, Attornment, Estoppel & Subordination Agreement, estoppel ensures that both the landlord and lender are bound by the terms of the agreement and cannot later dispute the rights and obligations outlined within. 4. Subordination: The subordination clause determines the priority of liens on the property in question. It may require the tenant to subordinate their leasehold interest to a mortgage or other financial encumbrances, granting the lender priority in the event of default or foreclosure. This clause protects the tenant's rights while acknowledging the lender's interest, typically ensuring continued tenancy under certain conditions. Different Types of Mississippi Non-Disturbance, Attornment, Estoppel & Subordination Agreement: 1. Commercial Non-Disturbance, Attornment, Estoppel & Subordination Agreement: This agreement is used in commercial lease agreements when the leased property is anticipated to be subject to a mortgage or foreclosure. It provides protection for both the tenant and lender, ensuring the tenant's rights are preserved while safeguarding the lender's interests. 2. Residential Non-Disturbance, Attornment, Estoppel & Subordination Agreement: Designed for residential lease agreements, this agreement offers similar protections as the commercial version but tailored to the specific needs and rights of residential tenants. It assures tenants that their lease will not be terminated due to foreclosure, providing peace of mind and stability during challenging times. By executing a Mississippi Non-Disturbance, Attornment, Estoppel & Subordination Agreement, tenants can find comfort in knowing that their rights and lease agreements will generally remain intact, even if the landlord defaults on the mortgage or the property undergoes foreclosure.

A Mississippi Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document that aims to protect tenants in the event of a default or foreclosure on their leased property. This agreement outlines the relationship between the tenant, the landlord, and the lender, ensuring that the tenant's rights will be respected even in the face of a foreclosure. Keywords: 1. Non-Disturbance: The non-disturbance clause ensures that the tenant's rights will not be disrupted or terminated due to the actions of the landlord or lender. It protects the tenant's possession and use of the leased property, even if the landlord defaults on their mortgage or the property undergoes foreclosure. 2. Attornment: Attornment refers to the agreement by which a tenant acknowledges a new landlord that has acquired the property through foreclosure or other means. It establishes a legal relationship between the tenant and the new owner, ensuring that the tenant will continue to pay rent and adhere to the terms of the lease. 3. Estoppel: The estoppel clause prevents a party from denying or asserting something contrary to what is established as true by a previous action, statement, or agreement. In the context of a Non-Disturbance, Attornment, Estoppel & Subordination Agreement, estoppel ensures that both the landlord and lender are bound by the terms of the agreement and cannot later dispute the rights and obligations outlined within. 4. Subordination: The subordination clause determines the priority of liens on the property in question. It may require the tenant to subordinate their leasehold interest to a mortgage or other financial encumbrances, granting the lender priority in the event of default or foreclosure. This clause protects the tenant's rights while acknowledging the lender's interest, typically ensuring continued tenancy under certain conditions. Different Types of Mississippi Non-Disturbance, Attornment, Estoppel & Subordination Agreement: 1. Commercial Non-Disturbance, Attornment, Estoppel & Subordination Agreement: This agreement is used in commercial lease agreements when the leased property is anticipated to be subject to a mortgage or foreclosure. It provides protection for both the tenant and lender, ensuring the tenant's rights are preserved while safeguarding the lender's interests. 2. Residential Non-Disturbance, Attornment, Estoppel & Subordination Agreement: Designed for residential lease agreements, this agreement offers similar protections as the commercial version but tailored to the specific needs and rights of residential tenants. It assures tenants that their lease will not be terminated due to foreclosure, providing peace of mind and stability during challenging times. By executing a Mississippi Non-Disturbance, Attornment, Estoppel & Subordination Agreement, tenants can find comfort in knowing that their rights and lease agreements will generally remain intact, even if the landlord defaults on the mortgage or the property undergoes foreclosure.