Cuyahoga Ohio Sample Subordination, Nondisturbance and Attornment Agreement

• Category: Corporations - Public
• State: Multi-State
• County: Cuyahoga
• 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 Cuyahoga Ohio Sample Subordination, Nondisturbance, and Attornment Agreement is a legally binding document that outlines the relationship between a tenant (typically a commercial tenant) and a landlord's lender in the context of a mortgage loan. This agreement ensures that the tenant's rights to occupy the property will be protected, even if the landlord defaults on the loan or the property goes into foreclosure. This agreement consists of three essential provisions: subordination, nondisturbance, and attornment. 1. Subordination: Subordination refers to the tenant agreeing that their leasehold interest in the property will be of lower priority compared to the lender's mortgage or deed of trust. This means that if the property is foreclosed upon, the lender's rights to the property will supersede the tenant's rights. By subordinating their lease, the tenant essentially acknowledges the lender's security interest takes precedence. 2. Nondisturbance: Nondisturbance ensures that if the landlord defaults on the loan or the property is foreclosed upon, the tenant will not be evicted or disturbed by the lender. The lender agrees to recognize the tenant's rights to occupy the premises and fulfill the terms of their lease. This provision provides an added layer of security for the tenant, ensuring business continuity despite a change in ownership or financial circumstances of the landlord. 3. Attornment: Attornment is the agreement by the tenant to recognize and accept a new landlord in the event of a foreclosure or change in ownership. It binds the tenant to maintain their obligations under the lease and acknowledges the new landlord as their valid landlord going forward. This provision allows the lender, who takes possession of the property after foreclosure, to continue collecting rent and enforce lease terms. Different types or variations of Cuyahoga Ohio Sample Subordination, Nondisturbance, and Attornment Agreements may exist based on specific clauses inserted to cater to the unique needs of parties involved. However, these three provisions, subordination, nondisturbance, and attornment, remain the fundamental components of any such agreement. In conclusion, a Cuyahoga Ohio Sample Subordination, Nondisturbance, and Attornment Agreement is a crucial legal document that safeguards the rights and interests of tenants in commercial properties where mortgages or deeds of trust are involved. It ensures that despite potential defaults or foreclosures, the tenant's occupancy rights are protected, and their lease obligations continue undisturbed.

A Cuyahoga Ohio Sample Subordination, Nondisturbance, and Attornment Agreement is a legally binding document that outlines the relationship between a tenant (typically a commercial tenant) and a landlord's lender in the context of a mortgage loan. This agreement ensures that the tenant's rights to occupy the property will be protected, even if the landlord defaults on the loan or the property goes into foreclosure. This agreement consists of three essential provisions: subordination, nondisturbance, and attornment. 1. Subordination: Subordination refers to the tenant agreeing that their leasehold interest in the property will be of lower priority compared to the lender's mortgage or deed of trust. This means that if the property is foreclosed upon, the lender's rights to the property will supersede the tenant's rights. By subordinating their lease, the tenant essentially acknowledges the lender's security interest takes precedence. 2. Nondisturbance: Nondisturbance ensures that if the landlord defaults on the loan or the property is foreclosed upon, the tenant will not be evicted or disturbed by the lender. The lender agrees to recognize the tenant's rights to occupy the premises and fulfill the terms of their lease. This provision provides an added layer of security for the tenant, ensuring business continuity despite a change in ownership or financial circumstances of the landlord. 3. Attornment: Attornment is the agreement by the tenant to recognize and accept a new landlord in the event of a foreclosure or change in ownership. It binds the tenant to maintain their obligations under the lease and acknowledges the new landlord as their valid landlord going forward. This provision allows the lender, who takes possession of the property after foreclosure, to continue collecting rent and enforce lease terms. Different types or variations of Cuyahoga Ohio Sample Subordination, Nondisturbance, and Attornment Agreements may exist based on specific clauses inserted to cater to the unique needs of parties involved. However, these three provisions, subordination, nondisturbance, and attornment, remain the fundamental components of any such agreement. In conclusion, a Cuyahoga Ohio Sample Subordination, Nondisturbance, and Attornment Agreement is a crucial legal document that safeguards the rights and interests of tenants in commercial properties where mortgages or deeds of trust are involved. It ensures that despite potential defaults or foreclosures, the tenant's occupancy rights are protected, and their lease obligations continue undisturbed.