New York 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. A New York Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document that outlines the rights and obligations of parties involved in a lease agreement, typically in the context of real estate transactions. This agreement is crucial in ensuring clarity and protection for various parties, including landlords, tenants, lenders, and subtenants. Here is a detailed description of each component of the agreement: 1. Non-Disturbance: The non-disturbance provision guarantees the tenant the right to remain in possession of the leased property, even if the landlord encounters financial or legal issues, or if the property undergoes foreclosure. This protection ensures that the tenant's lease will not be affected by the actions of the landlord or any subsequent owner. 2. Attornment: The attornment provision refers to the tenant's agreement to recognize and accept a new landlord or lender if ownership of the property changes. In the event of a foreclosure or the sale of the property, the tenant agrees to become the tenant of the new owner or lender and maintain the obligations stated in the original lease. 3. Estoppel: The estoppel provision prevents the tenant from making contradictory claims in the future that are inconsistent with the terms of the agreement. It ensures that both parties are bound by the representations, statements, and agreements made in the agreement and prohibits the tenant from denying them at a later stage. 4. Subordination: The subordination provision addresses the priority of liens or claims against the property. It states that the tenant's rights are subordinate to the rights of any existing or future lender. This provision protects the lender's interests by ensuring that their lien takes precedence over the tenant's leasehold interest. Different types of New York Non-Disturbance, Attornment, Estoppel & Subordination Agreements may exist depending on the specific circumstances or parties involved. Some examples include: 1. Landlord-Tenant Non-Disturbance, Attornment, Estoppel & Subordination Agreement: This agreement is commonly used between landlords, tenants, and lenders to address the respective rights and obligations of all parties when a property undergoes a change of ownership or is subject to a mortgage or foreclosure. 2. Subordination Agreement: A subordination agreement primarily focuses on the subordination provision mentioned earlier. It is typically used between tenant and lender, where the tenant agrees that the landlord's mortgage or lien takes precedence over their leasehold interest. 3. Estoppel Certificate: An estoppel certificate is a document used to confirm the current status of a lease, including the amount of rent paid, any outstanding balances, and other relevant details. It is often requested by lenders, potential buyers, or new landlords to ensure that there are no conflicting claims or misrepresented information regarding the lease terms. In summary, a New York Non-Disturbance, Attornment, Estoppel & Subordination Agreement provides important legal protections and establishes the rights and obligations of landlords, tenants, lenders, and subtenants in lease transactions. These agreements safeguard parties from uncertainties arising due to changes in ownership, foreclosure, or conflicting claims and maintain stability in their leasehold interests.

A New York Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document that outlines the rights and obligations of parties involved in a lease agreement, typically in the context of real estate transactions. This agreement is crucial in ensuring clarity and protection for various parties, including landlords, tenants, lenders, and subtenants. Here is a detailed description of each component of the agreement: 1. Non-Disturbance: The non-disturbance provision guarantees the tenant the right to remain in possession of the leased property, even if the landlord encounters financial or legal issues, or if the property undergoes foreclosure. This protection ensures that the tenant's lease will not be affected by the actions of the landlord or any subsequent owner. 2. Attornment: The attornment provision refers to the tenant's agreement to recognize and accept a new landlord or lender if ownership of the property changes. In the event of a foreclosure or the sale of the property, the tenant agrees to become the tenant of the new owner or lender and maintain the obligations stated in the original lease. 3. Estoppel: The estoppel provision prevents the tenant from making contradictory claims in the future that are inconsistent with the terms of the agreement. It ensures that both parties are bound by the representations, statements, and agreements made in the agreement and prohibits the tenant from denying them at a later stage. 4. Subordination: The subordination provision addresses the priority of liens or claims against the property. It states that the tenant's rights are subordinate to the rights of any existing or future lender. This provision protects the lender's interests by ensuring that their lien takes precedence over the tenant's leasehold interest. Different types of New York Non-Disturbance, Attornment, Estoppel & Subordination Agreements may exist depending on the specific circumstances or parties involved. Some examples include: 1. Landlord-Tenant Non-Disturbance, Attornment, Estoppel & Subordination Agreement: This agreement is commonly used between landlords, tenants, and lenders to address the respective rights and obligations of all parties when a property undergoes a change of ownership or is subject to a mortgage or foreclosure. 2. Subordination Agreement: A subordination agreement primarily focuses on the subordination provision mentioned earlier. It is typically used between tenant and lender, where the tenant agrees that the landlord's mortgage or lien takes precedence over their leasehold interest. 3. Estoppel Certificate: An estoppel certificate is a document used to confirm the current status of a lease, including the amount of rent paid, any outstanding balances, and other relevant details. It is often requested by lenders, potential buyers, or new landlords to ensure that there are no conflicting claims or misrepresented information regarding the lease terms. In summary, a New York Non-Disturbance, Attornment, Estoppel & Subordination Agreement provides important legal protections and establishes the rights and obligations of landlords, tenants, lenders, and subtenants in lease transactions. These agreements safeguard parties from uncertainties arising due to changes in ownership, foreclosure, or conflicting claims and maintain stability in their leasehold interests.