Oregon 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. Oregon Sample Subordination, Nondisturbance, and Attornment Agreement is a legal document that outlines the agreement between a tenant, landlord, and a lender in the state of Oregon. This agreement is a valuable tool for protecting the rights and interests of all parties involved in a lease or rental transaction, especially when there is a mortgage involved. A subordination clause allows the lender to maintain its priority lien position over the rights of the tenant and the landlord in case of default or foreclosure. In simpler terms, it means that if the landlord fails to meet their mortgage obligations, the lender has the right to take possession of the property, even if there is an existing lease agreement with a tenant. The nondisturbance clause safeguards the tenant's rights and ensures that the lender will not disturb the tenant's occupancy or leasehold interest in the event of foreclosure. This protection offers peace of mind to the tenant, ensuring that their lease agreement will be honored by the new property owner, even if the property changes hands due to foreclosure. Lastly, the attornment clause establishes the tenant's obligation to recognize and cooperate with any new owner or lender who acquires the property through foreclosure. This means that the tenant agrees to continue paying rent and abiding by the terms of the lease, even if the ownership of the property changes. In Oregon, there might be different types of Sample Subordination, Nondisturbance, and Attornment Agreements based on the specific circumstances of the lease agreement. For instance, there can be agreements tailored for commercial leases or residential leases, depending on the type of property being rented. Each agreement will include pertinent details such as the names and addresses of the tenant, landlord, and lender, the property address, the duration of the lease, and the terms and conditions that will govern the subordination, nondisturbance, and attornment. In conclusion, Oregon Sample Subordination, Nondisturbance, and Attornment Agreement is an essential legal document that protects the rights of tenants, landlords, and lenders when a property is subject to a mortgage. It ensures that all parties involved are aware of their obligations and rights, offering a framework for a smooth and secure lease experience.

Oregon Sample Subordination, Nondisturbance, and Attornment Agreement is a legal document that outlines the agreement between a tenant, landlord, and a lender in the state of Oregon. This agreement is a valuable tool for protecting the rights and interests of all parties involved in a lease or rental transaction, especially when there is a mortgage involved. A subordination clause allows the lender to maintain its priority lien position over the rights of the tenant and the landlord in case of default or foreclosure. In simpler terms, it means that if the landlord fails to meet their mortgage obligations, the lender has the right to take possession of the property, even if there is an existing lease agreement with a tenant. The nondisturbance clause safeguards the tenant's rights and ensures that the lender will not disturb the tenant's occupancy or leasehold interest in the event of foreclosure. This protection offers peace of mind to the tenant, ensuring that their lease agreement will be honored by the new property owner, even if the property changes hands due to foreclosure. Lastly, the attornment clause establishes the tenant's obligation to recognize and cooperate with any new owner or lender who acquires the property through foreclosure. This means that the tenant agrees to continue paying rent and abiding by the terms of the lease, even if the ownership of the property changes. In Oregon, there might be different types of Sample Subordination, Nondisturbance, and Attornment Agreements based on the specific circumstances of the lease agreement. For instance, there can be agreements tailored for commercial leases or residential leases, depending on the type of property being rented. Each agreement will include pertinent details such as the names and addresses of the tenant, landlord, and lender, the property address, the duration of the lease, and the terms and conditions that will govern the subordination, nondisturbance, and attornment. In conclusion, Oregon Sample Subordination, Nondisturbance, and Attornment Agreement is an essential legal document that protects the rights of tenants, landlords, and lenders when a property is subject to a mortgage. It ensures that all parties involved are aware of their obligations and rights, offering a framework for a smooth and secure lease experience.