Rhode Island 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. Rhode Island Sample Subordination, Nondisturbance, and Attornment Agreement: Understanding the Terms and Benefits In Rhode Island, a Sample Subordination, Nondisturbance, and Attornment Agreement (SODA) is a legal document that clarifies the rights and obligations of three parties involved in a commercial real estate transaction — the tenant, the landlord, and the lender. It ensures smoother transactions and protects the interests of all parties involved. The purpose of this agreement is to establish the priority of rights concerning the property in case of foreclosure or default. The lender, often a mortgagee, requires the tenant to sign the SODA to secure their interests. It provides them assurance that the tenant's lease will not be disturbed, even if the property changes ownership due to foreclosure or loan default. Keywords: — Rhode Island Subordination Agreement: The subordination aspect of the SODA refers to the tenant agreeing that their lease will become subordinate to the mortgage or any loans secured by the property. This means that in case of foreclosure, the lender's rights will take precedence over those of the tenant. — Rhode Island Nondisturbance Agreement: The nondisturbance aspect offers protection to the tenant by ensuring that their lease will remain valid and in force, even if the property is foreclosed upon. This agreement assures the tenant that their occupancy rights will be respected by the lender or any future property owner. — Rhode Island Attornment Agreement: The attornment aspect of the SODA refers to the tenant's acknowledgment and agreement to recognize and attorn to the new owner of the property, typically the lender, in case of a foreclosure or change in ownership. This agreement mainly benefits the lender, as it ensures that the tenant will continue paying rent to the new owner. Different Types of Rhode Island Sample Subordination, Nondisturbance, and Attornment Agreement: While the basic structure and purpose of an SODA remain consistent, there may be variations in the specific language and terms used based on the unique circumstances of each commercial real estate transaction. Some common variations of the Rhode Island SODA can include: 1. Commercial Lease Subordination, Nondisturbance, and Attornment Agreement: This type of agreement specifically addresses commercial property leases, such as office spaces, retail stores, or warehouses. It safeguards the tenant's occupancy rights and lease integrity during foreclosure or ownership changes. 2. Residential Lease Subordination, Nondisturbance, and Attornment Agreement: Similar to the commercial lease SODA, this agreement is tailored for residential properties. It primarily protects the rights of tenants living in apartment complexes, condominiums, or single-family homes, ensuring they are not adversely affected by foreclosure or change in property ownership. 3. Land Subordination, Nondisturbance, and Attornment Agreement: This type of agreement is relevant when the leased property is vacant land. It secures the rights of the tenant, allowing them to continue using and developing the land as agreed upon, regardless of any foreclosure or new ownership situation. In conclusion, a Rhode Island Sample Subordination, Nondisturbance, and Attornment Agreement play a crucial role in protecting the interests of tenants, landlords, and lenders in commercial real estate transactions. By establishing clear rights and obligations, this agreement ensures the continuity of leases during foreclosure or ownership changes, thus providing stability and security to all parties involved.

Rhode Island Sample Subordination, Nondisturbance, and Attornment Agreement: Understanding the Terms and Benefits In Rhode Island, a Sample Subordination, Nondisturbance, and Attornment Agreement (SODA) is a legal document that clarifies the rights and obligations of three parties involved in a commercial real estate transaction — the tenant, the landlord, and the lender. It ensures smoother transactions and protects the interests of all parties involved. The purpose of this agreement is to establish the priority of rights concerning the property in case of foreclosure or default. The lender, often a mortgagee, requires the tenant to sign the SODA to secure their interests. It provides them assurance that the tenant's lease will not be disturbed, even if the property changes ownership due to foreclosure or loan default. Keywords: — Rhode Island Subordination Agreement: The subordination aspect of the SODA refers to the tenant agreeing that their lease will become subordinate to the mortgage or any loans secured by the property. This means that in case of foreclosure, the lender's rights will take precedence over those of the tenant. — Rhode Island Nondisturbance Agreement: The nondisturbance aspect offers protection to the tenant by ensuring that their lease will remain valid and in force, even if the property is foreclosed upon. This agreement assures the tenant that their occupancy rights will be respected by the lender or any future property owner. — Rhode Island Attornment Agreement: The attornment aspect of the SODA refers to the tenant's acknowledgment and agreement to recognize and attorn to the new owner of the property, typically the lender, in case of a foreclosure or change in ownership. This agreement mainly benefits the lender, as it ensures that the tenant will continue paying rent to the new owner. Different Types of Rhode Island Sample Subordination, Nondisturbance, and Attornment Agreement: While the basic structure and purpose of an SODA remain consistent, there may be variations in the specific language and terms used based on the unique circumstances of each commercial real estate transaction. Some common variations of the Rhode Island SODA can include: 1. Commercial Lease Subordination, Nondisturbance, and Attornment Agreement: This type of agreement specifically addresses commercial property leases, such as office spaces, retail stores, or warehouses. It safeguards the tenant's occupancy rights and lease integrity during foreclosure or ownership changes. 2. Residential Lease Subordination, Nondisturbance, and Attornment Agreement: Similar to the commercial lease SODA, this agreement is tailored for residential properties. It primarily protects the rights of tenants living in apartment complexes, condominiums, or single-family homes, ensuring they are not adversely affected by foreclosure or change in property ownership. 3. Land Subordination, Nondisturbance, and Attornment Agreement: This type of agreement is relevant when the leased property is vacant land. It secures the rights of the tenant, allowing them to continue using and developing the land as agreed upon, regardless of any foreclosure or new ownership situation. In conclusion, a Rhode Island Sample Subordination, Nondisturbance, and Attornment Agreement play a crucial role in protecting the interests of tenants, landlords, and lenders in commercial real estate transactions. By establishing clear rights and obligations, this agreement ensures the continuity of leases during foreclosure or ownership changes, thus providing stability and security to all parties involved.