"Subordination Nondisturbance and Attorney Agreement Form and Alternative Provisions" is a American Lawyer Media form. This form is for subordination nondisturbance and attorney agreement form and alternative provisions.
The Washington Subordination Nondisturbance and Attorney Agreement (SODA) is a legal document that outlines the rights and obligations of parties involved in a commercial real estate transaction. It is typically entered into between a lender, landlord, and tenant to protect their respective interests. The SODA form ensures that the lender's mortgage (or security interest) takes priority over the tenant's lease if the landlord defaults on their loan. This agreement acts as an assurance to the lender that the tenant will continue to honor the terms of their lease, even in the event of foreclosure or property transfer. The Washington SODA form includes several essential provisions that address various scenarios and protect the interests of the parties involved. These provisions may vary depending on the specific circumstances of the transaction. Some alternative provisions commonly included in the Washington SODA are as follows: 1. Subordination Provision: This provision establishes that the tenant's lease will be subordinate to the lender's mortgage, allowing the lender to foreclose and sell the property without terminating the lease. 2. Nondisturbance Provision: This provision guarantees that, in the event of foreclosure, the lender or new owner will not disturb the tenant's possession and use of the leased premises as long as the tenant is not in default under the terms of their lease. 3. Attornment Provision: This provision requires the tenant to recognize and attorn to (except) the lender or new owner as their landlord if there is a change in ownership due to foreclosure or other circumstances. 4. Estoppel Certificate Provision: This provision enables the lender to request a statement from the tenant confirming the terms and status of their lease, including any amendments, options, or defaults. 5. Notice Provision: This provision specifies the addresses for delivering notices to the lender, landlord, and tenant, ensuring clear communication between all parties. 6. Governing Law Provision: This provision identifies that the agreement will be governed by the laws of the state of Washington, establishing the jurisdiction for any disputes arising from the agreement. It is important to note that there may be different versions or variations of the Washington SODA form, each tailored to specific types of real estate transactions. For example, there can be separate forms for commercial leases, retail leases, or industrial leases, depending on the nature of the property and the transaction. In conclusion, the Washington Subordination Nondisturbance and Attorney Agreement Form and its alternative provisions play a crucial role in safeguarding the interests of lenders, landlords, and tenants involved in commercial real estate transactions. These agreements ensure the continuity of lease obligations and provide clarity and protection in the event of default or property transfer.The Washington Subordination Nondisturbance and Attorney Agreement (SODA) is a legal document that outlines the rights and obligations of parties involved in a commercial real estate transaction. It is typically entered into between a lender, landlord, and tenant to protect their respective interests. The SODA form ensures that the lender's mortgage (or security interest) takes priority over the tenant's lease if the landlord defaults on their loan. This agreement acts as an assurance to the lender that the tenant will continue to honor the terms of their lease, even in the event of foreclosure or property transfer. The Washington SODA form includes several essential provisions that address various scenarios and protect the interests of the parties involved. These provisions may vary depending on the specific circumstances of the transaction. Some alternative provisions commonly included in the Washington SODA are as follows: 1. Subordination Provision: This provision establishes that the tenant's lease will be subordinate to the lender's mortgage, allowing the lender to foreclose and sell the property without terminating the lease. 2. Nondisturbance Provision: This provision guarantees that, in the event of foreclosure, the lender or new owner will not disturb the tenant's possession and use of the leased premises as long as the tenant is not in default under the terms of their lease. 3. Attornment Provision: This provision requires the tenant to recognize and attorn to (except) the lender or new owner as their landlord if there is a change in ownership due to foreclosure or other circumstances. 4. Estoppel Certificate Provision: This provision enables the lender to request a statement from the tenant confirming the terms and status of their lease, including any amendments, options, or defaults. 5. Notice Provision: This provision specifies the addresses for delivering notices to the lender, landlord, and tenant, ensuring clear communication between all parties. 6. Governing Law Provision: This provision identifies that the agreement will be governed by the laws of the state of Washington, establishing the jurisdiction for any disputes arising from the agreement. It is important to note that there may be different versions or variations of the Washington SODA form, each tailored to specific types of real estate transactions. For example, there can be separate forms for commercial leases, retail leases, or industrial leases, depending on the nature of the property and the transaction. In conclusion, the Washington Subordination Nondisturbance and Attorney Agreement Form and its alternative provisions play a crucial role in safeguarding the interests of lenders, landlords, and tenants involved in commercial real estate transactions. These agreements ensure the continuity of lease obligations and provide clarity and protection in the event of default or property transfer.
