A North Dakota Subordination, Non-Disturbance, and Attornment Agreement (SODA) is a legal document that serves to protect the interests of various parties involved in a commercial loan related to a leased property. It outlines the rights and obligations of the lender, tenant, and landlord, specifically in the event of default, foreclosure, or a change in ownership of the property. In North Dakota, there are two common types of Subordination, Non-Disturbance, and Attornment Agreements of a Lease regarding a Commercial Loan: 1. General SODA: This type of agreement typically involves a commercial property where the landlord and tenant have already entered into a lease agreement, and the landlord is securing a loan against the property. The lender seeks assurance that the tenant will continue to pay rent and abide by the lease terms, regardless of any foreclosure or change in ownership. Keywords: North Dakota Subordination, Non-Disturbance, and Attornment Agreement, commercial loan, leased property, foreclosure, default, change in ownership, lender, tenant, landlord, lease agreement. 2. SODA with Estoppel Certificate: In this type of agreement, an additional document called an Estoppel Certificate is attached to the SODA. The Estoppel Certificate is signed by the tenant and outlines the current status of the lease, such as rent amount, lease term, security deposit, and any other terms essential to the lease. This document provides the lender with confidence about the tenant's representations and ensures that there are no undisclosed agreements or disputes between the tenant and landlord. Keywords: North Dakota Subordination, Non-Disturbance, and Attornment Agreement, commercial loan, leased property, foreclosure, default, change in ownership, lender, tenant, landlord, lease agreement, Estoppel Certificate. Overall, a North Dakota Subordination, Non-Disturbance, and Attornment Agreement of a Lease regarding a Commercial Loan aims to protect the interests of all parties involved. The agreement establishes clear guidelines, responsibilities, and expectations when it comes to the lease and the loan, providing security and stability to each party in the event of unforeseen circumstances.
A North Dakota Subordination, Non-Disturbance, and Attornment Agreement (SODA) is a legal document that serves to protect the interests of various parties involved in a commercial loan related to a leased property. It outlines the rights and obligations of the lender, tenant, and landlord, specifically in the event of default, foreclosure, or a change in ownership of the property. In North Dakota, there are two common types of Subordination, Non-Disturbance, and Attornment Agreements of a Lease regarding a Commercial Loan: 1. General SODA: This type of agreement typically involves a commercial property where the landlord and tenant have already entered into a lease agreement, and the landlord is securing a loan against the property. The lender seeks assurance that the tenant will continue to pay rent and abide by the lease terms, regardless of any foreclosure or change in ownership. Keywords: North Dakota Subordination, Non-Disturbance, and Attornment Agreement, commercial loan, leased property, foreclosure, default, change in ownership, lender, tenant, landlord, lease agreement. 2. SODA with Estoppel Certificate: In this type of agreement, an additional document called an Estoppel Certificate is attached to the SODA. The Estoppel Certificate is signed by the tenant and outlines the current status of the lease, such as rent amount, lease term, security deposit, and any other terms essential to the lease. This document provides the lender with confidence about the tenant's representations and ensures that there are no undisclosed agreements or disputes between the tenant and landlord. Keywords: North Dakota Subordination, Non-Disturbance, and Attornment Agreement, commercial loan, leased property, foreclosure, default, change in ownership, lender, tenant, landlord, lease agreement, Estoppel Certificate. Overall, a North Dakota Subordination, Non-Disturbance, and Attornment Agreement of a Lease regarding a Commercial Loan aims to protect the interests of all parties involved. The agreement establishes clear guidelines, responsibilities, and expectations when it comes to the lease and the loan, providing security and stability to each party in the event of unforeseen circumstances.
