A Knoxville Tennessee Subordination, Non-Disturbance, and Attornment Agreement (SODA) is a legal document that outlines the rights and obligations of three parties: the tenant, the landlord, and a third-party lender. This agreement is commonly used in commercial real estate transactions, particularly when a tenant leases space in a building that is mortgaged by the landlord. Keyword: Knoxville Tennessee Subordination, Non-Disturbance, and Attornment Agreement The subordination aspect of the agreement refers to the tenant's agreement to subordinate its leasehold interest to the rights of the lender. This means that the lender's interests in the property take priority over the tenant's rights in the event of foreclosure or default by the landlord. By signing the agreement, the tenant consents to this arrangement, ensuring that the lender can enforce its rights without interference from the tenant. The non-disturbance aspect of the agreement provides the tenant with assurance that, even in the event of foreclosure or sale of the property, the tenant's lease will remain in effect and the tenant's rights will be protected. This means that if a new owner acquires the property through foreclosure, the new owner must honor the existing lease and not disturb the tenant's occupancy rights. The attornment aspect of the agreement establishes the tenant's acknowledgment and agreement to recognize a new landlord, such as the lender following a foreclosure, as the rightful owner of the property. In other words, the tenant agrees to continue paying rent and performing its obligations under the lease to the new owner or landlord. There are various types of Knoxville Tennessee Subordination, Non-Disturbance, and Attornment Agreements that can be tailored to specific situations. For example, there could be an agreement between the tenant, landlord, and the lender of the first mortgage. Additionally, in situations where there are multiple mortgages on the property, there may be separate agreements for each lender to ensure proper subordination, non-disturbance, and attornment. In summary, a Knoxville Tennessee Subordination, Non-Disturbance, and Attornment Agreement is a legal document that protects the rights of tenants in commercial real estate leases when the property is subject to a mortgage. It dictates the tenant's agreement to subordinate its rights to those of the lender, provides assurance of non-disturbance in the event of foreclosure, and establishes the tenant's attornment to a new landlord.
Knoxville Tennessee Subordination, Non-Disturbance and Attornment Agreement
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How to fill out Knoxville Tennessee Subordination, Non-Disturbance And Attornment Agreement?
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