Virgin Islands 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 Virgin Islands Non-Disturbance, Attornment, Estoppel & Subordination Agreement (ND AESA) is a legal document that provides protection to tenants and lenders in the event of a foreclosure or change in ownership of a property. This agreement is commonly used in commercial real estate transactions to safeguard the rights and interests of the parties involved. Keywords: Virgin Islands, non-disturbance, attornment, estoppel, subordination agreement, tenants, lenders, foreclosure, change in ownership, protection, commercial real estate, rights, interests. There are different types of the Virgin Islands Non-Disturbance, Attornment, Estoppel & Subordination Agreements based on the specific nature of the transaction or parties involved: 1. Landlord-Tenant ND AESA: This type of agreement is entered into by a landlord and tenant, typically in a commercial lease situation. It ensures that the tenant's rights and leasehold interests will be protected even if the property is foreclosed upon or changed ownership. The tenant agrees to recognize and attorn to the new owner as their landlord. 2. Lender-Borrower ND AESA: This agreement is executed between a lender (such as a mortgagee) and a borrower. It guarantees that the lender's rights and security interests in the property will be maintained despite any change in ownership. The borrower acknowledges the lender's priority position in case of foreclosure or default. 3. Subordination ND AESA: In some cases, a ND AESA may include a subordination provision. This means that certain rights or claims (e.g., a subordinate lien) will be placed below those of another party (e.g., a primary lender). The subordination agreement acknowledges and determines the order of priority between the conflicting interests. A Virgin Islands Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a crucial document that offers legal assurance and protection to both tenants and lenders in real estate transactions within the Virgin Islands. It ensures that their rights, interests, and positions are recognized and preserved, even in potentially disruptive scenarios like foreclosure or change in ownership.

A Virgin Islands Non-Disturbance, Attornment, Estoppel & Subordination Agreement (ND AESA) is a legal document that provides protection to tenants and lenders in the event of a foreclosure or change in ownership of a property. This agreement is commonly used in commercial real estate transactions to safeguard the rights and interests of the parties involved. Keywords: Virgin Islands, non-disturbance, attornment, estoppel, subordination agreement, tenants, lenders, foreclosure, change in ownership, protection, commercial real estate, rights, interests. There are different types of the Virgin Islands Non-Disturbance, Attornment, Estoppel & Subordination Agreements based on the specific nature of the transaction or parties involved: 1. Landlord-Tenant ND AESA: This type of agreement is entered into by a landlord and tenant, typically in a commercial lease situation. It ensures that the tenant's rights and leasehold interests will be protected even if the property is foreclosed upon or changed ownership. The tenant agrees to recognize and attorn to the new owner as their landlord. 2. Lender-Borrower ND AESA: This agreement is executed between a lender (such as a mortgagee) and a borrower. It guarantees that the lender's rights and security interests in the property will be maintained despite any change in ownership. The borrower acknowledges the lender's priority position in case of foreclosure or default. 3. Subordination ND AESA: In some cases, a ND AESA may include a subordination provision. This means that certain rights or claims (e.g., a subordinate lien) will be placed below those of another party (e.g., a primary lender). The subordination agreement acknowledges and determines the order of priority between the conflicting interests. A Virgin Islands Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a crucial document that offers legal assurance and protection to both tenants and lenders in real estate transactions within the Virgin Islands. It ensures that their rights, interests, and positions are recognized and preserved, even in potentially disruptive scenarios like foreclosure or change in ownership.