New York 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. Description: A New York Sample Subordination, Nondisturbance, and Attornment Agreement (SODA) is a legal document that outlines the rights and obligations of the parties involved in a commercial real estate lease, typically between a tenant, landlord, and a lender. This agreement ensures that in the event of default or foreclosure by the landlord on their mortgage, the tenant's rights to occupy and use the leased premises will be protected. It determines the priority of interests and addresses the subordination, nondisturbance, and attornment clauses, which are crucial in commercial lease transactions. There are different types of New York Sample Subordination, Nondisturbance, and Attornment Agreements, including: 1. Subordination Agreement: This type of agreement establishes the priority of interests between the lender and the tenant. The tenant agrees that their leasehold interest will be subordinate to any mortgage or security interest held by the lender. By signing the subordination agreement, the tenant relinquishes their priority to the lender's interest in the property. 2. Nondisturbance Agreement: This agreement provides the tenant with assurance that their lease will not be disturbed or terminated in the event of foreclosure or transfer of ownership. It ensures that the tenant's rights to occupy the premises will be protected and honored by the new owner or lender. 3. Attornment Agreement: An attornment agreement requires the tenant to recognize and accept a new owner or lender as their landlord. This agreement ensures that the tenant will continue to pay rent and perform their obligations to the new owner or lender, even in the event of a foreclosure or transfer of ownership. Together, these three clauses form the comprehensive New York Sample Subordination, Nondisturbance, and Attornment Agreement, which protects both the tenant's rights and the lender's interests in a commercial real estate lease transaction.

Description: A New York Sample Subordination, Nondisturbance, and Attornment Agreement (SODA) is a legal document that outlines the rights and obligations of the parties involved in a commercial real estate lease, typically between a tenant, landlord, and a lender. This agreement ensures that in the event of default or foreclosure by the landlord on their mortgage, the tenant's rights to occupy and use the leased premises will be protected. It determines the priority of interests and addresses the subordination, nondisturbance, and attornment clauses, which are crucial in commercial lease transactions. There are different types of New York Sample Subordination, Nondisturbance, and Attornment Agreements, including: 1. Subordination Agreement: This type of agreement establishes the priority of interests between the lender and the tenant. The tenant agrees that their leasehold interest will be subordinate to any mortgage or security interest held by the lender. By signing the subordination agreement, the tenant relinquishes their priority to the lender's interest in the property. 2. Nondisturbance Agreement: This agreement provides the tenant with assurance that their lease will not be disturbed or terminated in the event of foreclosure or transfer of ownership. It ensures that the tenant's rights to occupy the premises will be protected and honored by the new owner or lender. 3. Attornment Agreement: An attornment agreement requires the tenant to recognize and accept a new owner or lender as their landlord. This agreement ensures that the tenant will continue to pay rent and perform their obligations to the new owner or lender, even in the event of a foreclosure or transfer of ownership. Together, these three clauses form the comprehensive New York Sample Subordination, Nondisturbance, and Attornment Agreement, which protects both the tenant's rights and the lender's interests in a commercial real estate lease transaction.