North Dakota 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. North Dakota Non-Disturbance, Attornment, Estoppel & Subordination Agreement (NASA) is a legal document that outlines the rights and obligations of parties involved in a commercial real estate transaction. This agreement ensures that the tenant's leasehold interest will not be disturbed in the event of a foreclosure or sale of the property. The key terms encompassed by the NASA are: 1. Non-Disturbance: This provision guarantees the tenant's continued right to occupy and enjoy the premises despite any changes in ownership or default by the landlord. It ensures that the tenant's lease will remain valid and enforceable, even if the property is foreclosed upon. 2. Attornment: The agreement contains an attornment clause, whereby the tenant agrees to recognize and accept a new landlord in the event of a foreclosure or transfer of ownership. This clause establishes a direct legal relationship between the tenant and the new landlord, ensuring the tenant's obligations and rights are preserved. 3. Estoppel: The estoppel provision in the NASA prevents the tenant from making claims or assertions that contradict the terms of their lease agreement. It confirms that the tenant acknowledges the lease terms, including any rent amounts, lease duration, and other provisions agreed upon. 4. Subordination: Subordination agreements involve the tenant's agreement to subordinate their lease to any potential mortgages or other encumbrances on the property. This clause allows lenders to place liens on the property, ensuring their rights take priority over the tenant's leasehold interest. In North Dakota, there are no specific types of NASA variations unique to the state. However, variations of NASA may exist based on specific property types and lender requirements. For instance, some agreements may be tailored for commercial properties, while others may pertain to multifamily residential buildings or industrial spaces. In conclusion, the North Dakota Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a critical legal document that protects the rights of tenants in commercial real estate transactions. This agreement ensures that the tenant's leasehold interest remains intact, even in the event of foreclosure or transfer of ownership. Understanding and including relevant keywords such as non-disturbance, attornment, estoppel, subordination, and North Dakota will help in crafting a detailed and accurate description of the NASA.

North Dakota Non-Disturbance, Attornment, Estoppel & Subordination Agreement (NASA) is a legal document that outlines the rights and obligations of parties involved in a commercial real estate transaction. This agreement ensures that the tenant's leasehold interest will not be disturbed in the event of a foreclosure or sale of the property. The key terms encompassed by the NASA are: 1. Non-Disturbance: This provision guarantees the tenant's continued right to occupy and enjoy the premises despite any changes in ownership or default by the landlord. It ensures that the tenant's lease will remain valid and enforceable, even if the property is foreclosed upon. 2. Attornment: The agreement contains an attornment clause, whereby the tenant agrees to recognize and accept a new landlord in the event of a foreclosure or transfer of ownership. This clause establishes a direct legal relationship between the tenant and the new landlord, ensuring the tenant's obligations and rights are preserved. 3. Estoppel: The estoppel provision in the NASA prevents the tenant from making claims or assertions that contradict the terms of their lease agreement. It confirms that the tenant acknowledges the lease terms, including any rent amounts, lease duration, and other provisions agreed upon. 4. Subordination: Subordination agreements involve the tenant's agreement to subordinate their lease to any potential mortgages or other encumbrances on the property. This clause allows lenders to place liens on the property, ensuring their rights take priority over the tenant's leasehold interest. In North Dakota, there are no specific types of NASA variations unique to the state. However, variations of NASA may exist based on specific property types and lender requirements. For instance, some agreements may be tailored for commercial properties, while others may pertain to multifamily residential buildings or industrial spaces. In conclusion, the North Dakota Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a critical legal document that protects the rights of tenants in commercial real estate transactions. This agreement ensures that the tenant's leasehold interest remains intact, even in the event of foreclosure or transfer of ownership. Understanding and including relevant keywords such as non-disturbance, attornment, estoppel, subordination, and North Dakota will help in crafting a detailed and accurate description of the NASA.