North Dakota Sample Subordination, Nondisturbance and Attornment Agreement

• Category: Corporations - Public
• State: Multi-State
• Control #: US-EG-9472
• Format: Word; Rich Text

Description

Subordination, Non-Disturbance and Attornment Agreement between 233 Broadway Owners LLC, Organic and Lehman Brothers Holding, Inc. regarding assurances of possession of premises dated 00/99. 5 pages. A North Dakota Sample Subordination, Nondisturbance, and Attornment Agreement (SODA) is a legal document that outlines the rights and obligations of parties involved in a real estate transaction. It is typically used when a property is subject to a mortgage or lease and is being sold or transferred to a new owner. The agreement aims to protect the interests of all relevant parties, including the lender, tenant, and new property owner. The subordination aspect of the agreement refers to the priority of liens or claims on the property. In this case, it specifically addresses the relative priority of the mortgage lien and the leasehold interest. By agreeing to subordinate, the tenant acknowledges that the mortgage lien takes precedence over their leasehold interest if the property goes into foreclosure. The nondisturbance provision ensures that the tenant's rights and lease agreement will be honored by the new owner if the property changes hands. It provides the tenant with protection in the event of a foreclosure or change in ownership. The attornment section of the agreement requires the tenant to recognize the new owner as the landlord and to continue paying rent and performing all other obligations under the lease. This provision helps facilitate a smooth transition of ownership and maintains the tenant-landlord relationship. Various types of North Dakota Sample Subordination, Nondisturbance, and Attornment Agreement may exist depending on the specific circumstances of the real estate transaction. For example, there could be agreements tailored for commercial properties, residential properties, or mixed-use properties. Each type of agreement will contain specific provisions relevant to the particular property and parties involved. In summary, a North Dakota Sample Subordination, Nondisturbance, and Attornment Agreement is a crucial legal document that protects the rights and interests of lenders, tenants, and new property owners in real estate transactions. It ensures that the parties involved understand and agree to the priority of liens, safeguards the tenant's lease agreement, and establishes a smooth continuation of the tenant-landlord relationship.

A North Dakota Sample Subordination, Nondisturbance, and Attornment Agreement (SODA) is a legal document that outlines the rights and obligations of parties involved in a real estate transaction. It is typically used when a property is subject to a mortgage or lease and is being sold or transferred to a new owner. The agreement aims to protect the interests of all relevant parties, including the lender, tenant, and new property owner. The subordination aspect of the agreement refers to the priority of liens or claims on the property. In this case, it specifically addresses the relative priority of the mortgage lien and the leasehold interest. By agreeing to subordinate, the tenant acknowledges that the mortgage lien takes precedence over their leasehold interest if the property goes into foreclosure. The nondisturbance provision ensures that the tenant's rights and lease agreement will be honored by the new owner if the property changes hands. It provides the tenant with protection in the event of a foreclosure or change in ownership. The attornment section of the agreement requires the tenant to recognize the new owner as the landlord and to continue paying rent and performing all other obligations under the lease. This provision helps facilitate a smooth transition of ownership and maintains the tenant-landlord relationship. Various types of North Dakota Sample Subordination, Nondisturbance, and Attornment Agreement may exist depending on the specific circumstances of the real estate transaction. For example, there could be agreements tailored for commercial properties, residential properties, or mixed-use properties. Each type of agreement will contain specific provisions relevant to the particular property and parties involved. In summary, a North Dakota Sample Subordination, Nondisturbance, and Attornment Agreement is a crucial legal document that protects the rights and interests of lenders, tenants, and new property owners in real estate transactions. It ensures that the parties involved understand and agree to the priority of liens, safeguards the tenant's lease agreement, and establishes a smooth continuation of the tenant-landlord relationship.