Nebraska 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. Nebraska Non-Disturbance, Attornment, Estoppel & Subordination Agreement (NDAESA) is a legal document commonly used in real estate transactions to protect the rights and interests of tenants and lenders in Nebraska. This agreement ensures that both parties involved, namely the tenant and lender, have certain rights and obligations in the event of a default by the landlord or a change in ownership. The NDAESA is comprised of various clauses and provisions that safeguard the tenant's occupancy rights and protect the lender's security interest in the property. It establishes a relationship between the lender and tenant, even if the property is sold or foreclosed upon. The key components of the Nebraska NDAESA include: 1. Non-Disturbance Clause: This clause guarantees the tenant that their lease will remain valid and unaffected, even if the property is foreclosed upon or ownership changes hands. It ensures that the tenant's rights, obligations, and lease terms will be honored by any future owner or lender. 2. Attornment Clause: The attornment clause obligates the tenant to recognize and acknowledge a new landlord or lender in the event of a foreclosure or change in ownership. This clause establishes a direct relationship between the tenant and the new owner or lender. 3. Estoppel Certificate: An estoppel certificate is a statement provided by the tenant confirming the terms of their lease agreement, the existence of any defaults by the landlord, and other relevant information. This certificate prevents the tenant from later denying the accuracy of the stated facts or terms, providing legal protection to both the tenant and the lender. 4. Subordination Clause: The subordination clause establishes the priority of the lender's lien over the tenant's lease rights. This clause allows the lender to foreclose on the property and extinguish the tenant's lease if the landlord defaults on their loan obligations. By subordinating the tenant's lease, the lender ensures that their security interest takes precedence over the tenant's occupancy rights. Different types of Nebraska Non-Disturbance, Attornment, Estoppel & Subordination Agreements may vary in terms of specific clauses, provisions, and conditions based on the type of property and lender involved. These variations depend on the circumstances of the transaction and should be carefully reviewed by both parties before signing the agreement. Overall, the Nebraska NDAESA offers essential protection for tenants and lenders in real estate transactions. It guarantees the tenant's right to continue their occupancy under the existing lease terms, irrespective of any changes in ownership or foreclosure circumstances. Simultaneously, it provides lenders with the necessary security interest in the property, ensuring their interests are prioritized in case of default or foreclosure.

Nebraska Non-Disturbance, Attornment, Estoppel & Subordination Agreement (NDAESA) is a legal document commonly used in real estate transactions to protect the rights and interests of tenants and lenders in Nebraska. This agreement ensures that both parties involved, namely the tenant and lender, have certain rights and obligations in the event of a default by the landlord or a change in ownership. The NDAESA is comprised of various clauses and provisions that safeguard the tenant's occupancy rights and protect the lender's security interest in the property. It establishes a relationship between the lender and tenant, even if the property is sold or foreclosed upon. The key components of the Nebraska NDAESA include: 1. Non-Disturbance Clause: This clause guarantees the tenant that their lease will remain valid and unaffected, even if the property is foreclosed upon or ownership changes hands. It ensures that the tenant's rights, obligations, and lease terms will be honored by any future owner or lender. 2. Attornment Clause: The attornment clause obligates the tenant to recognize and acknowledge a new landlord or lender in the event of a foreclosure or change in ownership. This clause establishes a direct relationship between the tenant and the new owner or lender. 3. Estoppel Certificate: An estoppel certificate is a statement provided by the tenant confirming the terms of their lease agreement, the existence of any defaults by the landlord, and other relevant information. This certificate prevents the tenant from later denying the accuracy of the stated facts or terms, providing legal protection to both the tenant and the lender. 4. Subordination Clause: The subordination clause establishes the priority of the lender's lien over the tenant's lease rights. This clause allows the lender to foreclose on the property and extinguish the tenant's lease if the landlord defaults on their loan obligations. By subordinating the tenant's lease, the lender ensures that their security interest takes precedence over the tenant's occupancy rights. Different types of Nebraska Non-Disturbance, Attornment, Estoppel & Subordination Agreements may vary in terms of specific clauses, provisions, and conditions based on the type of property and lender involved. These variations depend on the circumstances of the transaction and should be carefully reviewed by both parties before signing the agreement. Overall, the Nebraska NDAESA offers essential protection for tenants and lenders in real estate transactions. It guarantees the tenant's right to continue their occupancy under the existing lease terms, irrespective of any changes in ownership or foreclosure circumstances. Simultaneously, it provides lenders with the necessary security interest in the property, ensuring their interests are prioritized in case of default or foreclosure.