Chicago Illinois Sample Subordination, Nondisturbance and Attornment Agreement

• Category: Corporations - Public
• State: Multi-State
• City: Chicago
• Control #: US-EG-9472
• Format: Word; Rich Text

Description

Subordination, Non-Disturbance and Attornment Agreement between 233 Broadway Owners LLC, Organic and Lehman Brothers Holding, Inc. regarding assurances of possession of premises dated 00/99. 5 pages. A Chicago Illinois Sample Subordination, Nondisturbance, and Attornment Agreement, also known as SODA, is a legal contract that outlines the rights and responsibilities of different parties involved in a commercial real estate transaction. This agreement is particularly important when it comes to leasing properties or securing a mortgage in the city of Chicago, Illinois. Keywords: Chicago Illinois, Subordination, Nondisturbance, Attornment Agreement, SODA, commercial real estate, leasing, mortgage. There are different types of Chicago Illinois Sample Subordination, Nondisturbance, and Attornment Agreements that cater to specific situations. Here are a few notable variations: 1. Landlord-tenant agreement: This type of SODA is commonly used in commercial lease transactions. It establishes the relationship between the landlord, tenant, and lender, ensuring that the tenant's rights are protected if the property is foreclosed upon by the lender. 2. Lender-borrower agreement: In the context of a commercial mortgage, this type of SODA protects the lender's interest in the property and provides the borrower with non-disturbance rights even if the property changes ownership or is foreclosed upon. 3. Multi-party agreement: This version of SODA involves multiple parties, such as the landlord, tenant, lender, and possibly additional parties like a ground lessor or a developer. It serves to outline the rights and obligations of each party, allowing for a smooth transition and minimal disruption in case of a foreclosure or transfer of ownership. 4. Estoppel certificate: While not specifically an SODA, an estoppel certificate is often included in an SODA agreement. It is a legally binding document that a tenant signs to confirm the lease's terms, acknowledging any outstanding balances or obligations, and provides an opportunity for the tenant to detail any promises or agreements made by the landlord. In the vibrant and bustling city of Chicago, where commercial real estate activities are abundant, having a properly executed Sample Subordination, Nondisturbance, and Attornment Agreement is crucial for all parties involved. Whether it is a landlord, tenant, or lender, understanding the specific terms and conditions of such an agreement is essential for a transparent and mutually beneficial real estate transaction.

A Chicago Illinois Sample Subordination, Nondisturbance, and Attornment Agreement, also known as SODA, is a legal contract that outlines the rights and responsibilities of different parties involved in a commercial real estate transaction. This agreement is particularly important when it comes to leasing properties or securing a mortgage in the city of Chicago, Illinois. Keywords: Chicago Illinois, Subordination, Nondisturbance, Attornment Agreement, SODA, commercial real estate, leasing, mortgage. There are different types of Chicago Illinois Sample Subordination, Nondisturbance, and Attornment Agreements that cater to specific situations. Here are a few notable variations: 1. Landlord-tenant agreement: This type of SODA is commonly used in commercial lease transactions. It establishes the relationship between the landlord, tenant, and lender, ensuring that the tenant's rights are protected if the property is foreclosed upon by the lender. 2. Lender-borrower agreement: In the context of a commercial mortgage, this type of SODA protects the lender's interest in the property and provides the borrower with non-disturbance rights even if the property changes ownership or is foreclosed upon. 3. Multi-party agreement: This version of SODA involves multiple parties, such as the landlord, tenant, lender, and possibly additional parties like a ground lessor or a developer. It serves to outline the rights and obligations of each party, allowing for a smooth transition and minimal disruption in case of a foreclosure or transfer of ownership. 4. Estoppel certificate: While not specifically an SODA, an estoppel certificate is often included in an SODA agreement. It is a legally binding document that a tenant signs to confirm the lease's terms, acknowledging any outstanding balances or obligations, and provides an opportunity for the tenant to detail any promises or agreements made by the landlord. In the vibrant and bustling city of Chicago, where commercial real estate activities are abundant, having a properly executed Sample Subordination, Nondisturbance, and Attornment Agreement is crucial for all parties involved. Whether it is a landlord, tenant, or lender, understanding the specific terms and conditions of such an agreement is essential for a transparent and mutually beneficial real estate transaction.