Pennsylvania Sample Subordination, Nondisturbance, and Attornment Agreement (SODA) The Pennsylvania Sample Subordination, Nondisturbance, and Attornment Agreement (SODA) is a legal contract commonly used in commercial real estate transactions. This agreement outlines the relationship between three parties: the lender, the tenant, and the landlord. It aims to protect the interests of each party in case of default, foreclosure, or transfer of ownership. In Pennsylvania, there are different types of SODA agreements, depending on the specific situation. Some common variations include: 1. Subordination Agreement: This type of SODA agreement establishes the order of priority of rights between the lender and the tenant regarding the property. It ensures that the lender's mortgage lien takes precedence over the tenant's leasehold interest in case of default. 2. Nondisturbance Agreement: The nondisturbance provision in the SODA agreement ensures that the tenant's rights and leasehold interest will not be disturbed or terminated by the lender in the event of foreclosure or other actions. It provides security to the tenant, allowing them to continue operating their business without disruption. 3. Attornment Agreement: The attornment provision in the SODA agreement outlines the tenant's obligation to recognize and accept a new landlord in case of a transfer of property ownership. It establishes a legal relationship between the new owner and the tenant, protecting both parties' rights and obligations under the existing lease agreement. These agreements are crucial for lenders, tenants, and landlords as they clarify the rights and obligations of each party in various scenarios. In a default situation, the SODA agreement determines which party has priority and how the foreclosure process should proceed. Likewise, in the case of a change in property ownership, the attornment provision ensures continuity of the leasehold interest for the tenant. Pennsylvania's law recognizes the importance of SODA agreements in protecting the rights of all parties involved in commercial real estate transactions. It is advisable for lenders, tenants, and landlords to consult legal professionals experienced in Pennsylvania real estate law to draft or review these agreements to ensure compliance with state regulations and protect their respective interests. In conclusion, the Pennsylvania Sample Subordination, Nondisturbance, and Attornment Agreement (SODA) encompasses various types of agreements tailored to specific commercial real estate scenarios. These agreements play a vital role in outlining the rights and obligations of lenders, tenants, and landlords, providing clarity and security in the event of default or property ownership transfer.
Pennsylvania Sample Subordination, Nondisturbance and Attornment Agreement
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