Broward Florida Subordination, Non-Disturbance, and Attornment Agreement of a Lease regarding a Commercial Loan

• Category: Loans and Lending
• State: Multi-State
• County: Broward
• Control #: US-1176BG
• Format: Word; Rich Text

Description

The main purpose of this document is to subordinate the lease to the deed of trust or mortgage (if applicable), and have the tenant agree to be bound by the lease to a new owner in the event of foreclosure. The Broward County Subordination, Non-Disturbance, and Attornment Agreement (SODA) is a legal document associated with commercial loans and leasing agreements in Broward, Florida. This agreement establishes the rights and obligations of all parties involved, including the lender, the landlord, and the tenant. It aims to protect the interests of both the lender and the tenant in case of a default or foreclosure. In Broward County, there are primarily three types of Subordination, Non-Disturbance, and Attornment Agreement of a Lease regarding a Commercial Loan: 1. Subordination: The subordination clause in the agreement ensures that the lender's mortgage takes priority over the lease. In case of a default, foreclosure, or sale of the property, the lender's rights are superior to those of the tenant, and the lease becomes subordinate to the mortgage. 2. Non-Disturbance: The non-disturbance clause guarantees that the tenant's rights under the lease will not be disturbed, even if the property is foreclosed upon or sold. It provides the tenant with assurance that their occupancy will continue undisturbed, as long as they fulfill their lease obligations. 3. Attornment: The attornment clause addresses the relationship between the tenant and the new owner or lender, in case of a foreclosure or sale. It requires the tenant to recognize and attorn (except) the new owner or lender as their landlord, and continue to fulfill their lease obligations under the new ownership structure. This Broward Florida SODA agreement is essential for commercial lenders as it protects their interests by ensuring the lease remains subordinate to the mortgage. It also provides tenants with security, as they are guaranteed the continuation of their lease and rights even in the event of foreclosure or change in ownership. Keywords: Broward County, Florida, Subordination, Non-Disturbance, Attornment Agreement, lease, commercial loan, lender, landlord, tenant, default, foreclosure, rights, mortgage, occupancy, sales, ownership structure.

The Broward County Subordination, Non-Disturbance, and Attornment Agreement (SODA) is a legal document associated with commercial loans and leasing agreements in Broward, Florida. This agreement establishes the rights and obligations of all parties involved, including the lender, the landlord, and the tenant. It aims to protect the interests of both the lender and the tenant in case of a default or foreclosure. In Broward County, there are primarily three types of Subordination, Non-Disturbance, and Attornment Agreement of a Lease regarding a Commercial Loan: 1. Subordination: The subordination clause in the agreement ensures that the lender's mortgage takes priority over the lease. In case of a default, foreclosure, or sale of the property, the lender's rights are superior to those of the tenant, and the lease becomes subordinate to the mortgage. 2. Non-Disturbance: The non-disturbance clause guarantees that the tenant's rights under the lease will not be disturbed, even if the property is foreclosed upon or sold. It provides the tenant with assurance that their occupancy will continue undisturbed, as long as they fulfill their lease obligations. 3. Attornment: The attornment clause addresses the relationship between the tenant and the new owner or lender, in case of a foreclosure or sale. It requires the tenant to recognize and attorn (except) the new owner or lender as their landlord, and continue to fulfill their lease obligations under the new ownership structure. This Broward Florida SODA agreement is essential for commercial lenders as it protects their interests by ensuring the lease remains subordinate to the mortgage. It also provides tenants with security, as they are guaranteed the continuation of their lease and rights even in the event of foreclosure or change in ownership. Keywords: Broward County, Florida, Subordination, Non-Disturbance, Attornment Agreement, lease, commercial loan, lender, landlord, tenant, default, foreclosure, rights, mortgage, occupancy, sales, ownership structure.