Franklin Ohio Subordination, Non-Disturbance, and Attornment Agreement of a Lease regarding a Commercial Loan

• Category: Loans and Lending
• State: Multi-State
• County: Franklin
• 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 Franklin Ohio Subordination, Non-Disturbance, and Attornment Agreement of a Lease (SODA) is a crucial document in the context of a commercial loan. It outlines the rights and obligations of various parties involved, including the commercial tenant, the landlord, and the lender. Here's a detailed description of an SODA and its different types: 1. Franklin Ohio Subordination, Non-Disturbance, and Attornment Agreement (SODA): The SODA is a legal contract entered into by the commercial tenant, the landlord, and the lender in the context of a commercial loan. It aims to establish the rights and priorities of all parties involved, especially when circumstances arise that may impact the lease in relation to the loan. 2. Subordination: Subordination refers to the act of placing the rights and interests of one party below those of another. In the case of an SODA, the tenant typically agrees to subordinate their lease to the lender's security interest. This means that if the landlord defaults on the loan, the lender will have priority over the tenant's rights, including the ability to terminate the lease. 3. Non-Disturbance: Non-Disturbance protects the tenant's right to not be disturbed by the lender's actions in the event of the landlord's default. The lender agrees that as long as the tenant is not in default under the lease, they will not disturb the tenant's possession or use of the leased premises, even if the landlord defaults on the loan. 4. Attornment: Attornment refers to the tenant's agreement to recognize and accept a new landlord, which could be the lender, in the event of a foreclosure or other circumstances where the landlord's interest is transferred to the lender. This ensures that the tenant will continue to fulfill their lease obligations under the new ownership. Different types or variations of the Franklin Ohio SODA may include specific provisions related to the duration of the agreement, notice requirements, default remedies, payment redirection, and other relevant clauses. These variations may vary depending on the specific terms negotiated between the tenant, landlord, and lender. Keywords: Franklin Ohio, Subordination, Non-Disturbance, Attornment, Agreement, Lease, Commercial Loan, Tenant, Landlord, Lender, Foreclosure, Default, Rights, Obligations, Document.

The Franklin Ohio Subordination, Non-Disturbance, and Attornment Agreement of a Lease (SODA) is a crucial document in the context of a commercial loan. It outlines the rights and obligations of various parties involved, including the commercial tenant, the landlord, and the lender. Here's a detailed description of an SODA and its different types: 1. Franklin Ohio Subordination, Non-Disturbance, and Attornment Agreement (SODA): The SODA is a legal contract entered into by the commercial tenant, the landlord, and the lender in the context of a commercial loan. It aims to establish the rights and priorities of all parties involved, especially when circumstances arise that may impact the lease in relation to the loan. 2. Subordination: Subordination refers to the act of placing the rights and interests of one party below those of another. In the case of an SODA, the tenant typically agrees to subordinate their lease to the lender's security interest. This means that if the landlord defaults on the loan, the lender will have priority over the tenant's rights, including the ability to terminate the lease. 3. Non-Disturbance: Non-Disturbance protects the tenant's right to not be disturbed by the lender's actions in the event of the landlord's default. The lender agrees that as long as the tenant is not in default under the lease, they will not disturb the tenant's possession or use of the leased premises, even if the landlord defaults on the loan. 4. Attornment: Attornment refers to the tenant's agreement to recognize and accept a new landlord, which could be the lender, in the event of a foreclosure or other circumstances where the landlord's interest is transferred to the lender. This ensures that the tenant will continue to fulfill their lease obligations under the new ownership. Different types or variations of the Franklin Ohio SODA may include specific provisions related to the duration of the agreement, notice requirements, default remedies, payment redirection, and other relevant clauses. These variations may vary depending on the specific terms negotiated between the tenant, landlord, and lender. Keywords: Franklin Ohio, Subordination, Non-Disturbance, Attornment, Agreement, Lease, Commercial Loan, Tenant, Landlord, Lender, Foreclosure, Default, Rights, Obligations, Document.