A Fairfax Virginia Subordination Nondisturbance and Attornment Agreement, commonly referred to as Sodas, is a legal document that addresses the rights and obligations of three different parties in a commercial real estate scenario: the tenant (referred to as the "subtenant"), the landlord (referred to as the "sublandlord"), and the lender (usually a financial institution that holds a mortgage on the property). The purpose of an SODA is to establish the priorities of these parties in the event of certain events, such as foreclosure. It ensures that the lender's mortgage lien will take precedence over the subtenant's leasehold interest, while also providing certain protections for the subtenant. In Fairfax, Virginia, several types of Sodas may exist, depending on specific circumstances: 1. Subordination Agreement: This type of Sodas primarily addresses the subtenant's leasehold interest. It acknowledges that the subtenant's rights are subordinate to the lender's interest in the property. In the event of foreclosure, the lender can extinguish the subtenant's leasehold interest and potentially terminate the lease. 2. Nondisturbance Agreement: This agreement is typically beneficial for the subtenant as it ensures that, in case of foreclosure or a change in ownership, the new owner or lender will honor the subtenant's lease. The subtenant's right to possession and the corresponding lease terms remain intact even if the property ownership changes. 3. Attornment Agreement: This agreement ensures that the subtenant recognizes and acknowledges the new owner or lender as the landlord or sublandlord in the event of foreclosure. The subtenant agrees to attorn to the new owner, meaning they accept them as their landlord and fulfill their lease obligations to the new owner. Each type serves different purposes, but all three are typically incorporated into a single Fairfax Virginia Subordination Nondisturbance and Attornment Agreement. These agreements protect the rights and interests of all parties involved in commercial lease arrangements, allowing for a smooth transition in the event of foreclosure or ownership changes.
Fairfax Virginia Subordination Nondisturbance and Attornment Agreement
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