North Carolina 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 North Carolina Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal contract that helps protect the tenants and lenders in a real estate property when there is a foreclosure or lease termination. This agreement ensures that the tenant's rights and the lender's security interests are preserved, even in the event of a change in ownership. The purpose of a Non-Disturbance, Attornment, Estoppel & Subordination Agreement is to establish the relationship and understanding between the landlord, tenant, and lender. It outlines the rights and obligations in case of a foreclosure, lease termination, or any other major change involving the property. The agreement typically covers the following key elements: 1. Non-Disturbance: This part of the agreement ensures that if there is a foreclosure or the property is sold, the tenant's lease rights will be recognized and honored by the new owner or mortgage lender. It gives the tenant protection against being evicted or having the terms of their lease altered without notice. 2. Attornment: This clause requires the tenant to accept a new landlord or mortgage lender that may acquire the property through foreclosure or other means. It establishes a legal relationship between the tenant and the new property owner, ensuring that the lease remains valid and enforceable. 3. Estoppel: The estoppel provision confirms that the tenant and landlord agree to the facts stated in the agreement. It prevents either party from later claiming that certain representations made in the agreement were incorrect or inaccurate. 4. Subordination: Subordination refers to the tenant's acknowledgment that the rights of the lender, including the lien or mortgage against the property, take precedence over their lease if the property enters foreclosure. This provision protects the lender's interests and ensures that they have priority in recovering their investment. Different types of North Carolina Non-Disturbance, Attornment, Estoppel & Subordination Agreements may arise based on the type of property involved or the specific circumstances. For example, there could be agreements tailored for commercial real estate leases, residential leases, or agreements specific to a particular lender or tenant. In conclusion, a North Carolina Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a crucial legal document designed to safeguard the rights and interests of tenants and lenders in the event of significant changes in property ownership. It provides assurance to tenants that their leases will be honored and recognized by new property owners or lenders, while also protecting the lender's interests.

A North Carolina Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal contract that helps protect the tenants and lenders in a real estate property when there is a foreclosure or lease termination. This agreement ensures that the tenant's rights and the lender's security interests are preserved, even in the event of a change in ownership. The purpose of a Non-Disturbance, Attornment, Estoppel & Subordination Agreement is to establish the relationship and understanding between the landlord, tenant, and lender. It outlines the rights and obligations in case of a foreclosure, lease termination, or any other major change involving the property. The agreement typically covers the following key elements: 1. Non-Disturbance: This part of the agreement ensures that if there is a foreclosure or the property is sold, the tenant's lease rights will be recognized and honored by the new owner or mortgage lender. It gives the tenant protection against being evicted or having the terms of their lease altered without notice. 2. Attornment: This clause requires the tenant to accept a new landlord or mortgage lender that may acquire the property through foreclosure or other means. It establishes a legal relationship between the tenant and the new property owner, ensuring that the lease remains valid and enforceable. 3. Estoppel: The estoppel provision confirms that the tenant and landlord agree to the facts stated in the agreement. It prevents either party from later claiming that certain representations made in the agreement were incorrect or inaccurate. 4. Subordination: Subordination refers to the tenant's acknowledgment that the rights of the lender, including the lien or mortgage against the property, take precedence over their lease if the property enters foreclosure. This provision protects the lender's interests and ensures that they have priority in recovering their investment. Different types of North Carolina Non-Disturbance, Attornment, Estoppel & Subordination Agreements may arise based on the type of property involved or the specific circumstances. For example, there could be agreements tailored for commercial real estate leases, residential leases, or agreements specific to a particular lender or tenant. In conclusion, a North Carolina Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a crucial legal document designed to safeguard the rights and interests of tenants and lenders in the event of significant changes in property ownership. It provides assurance to tenants that their leases will be honored and recognized by new property owners or lenders, while also protecting the lender's interests.