Fairfax Virginia Sample Subordination, Nondisturbance and Attornment Agreement

• Category: Corporations - Public
• State: Multi-State
• County: Fairfax
• 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 Fairfax Virginia Sample Subordination, Nondisturbance and Attornment Agreement is a legal document that outlines the relationship and obligations between three parties: a tenant, a landlord, and a lender. This agreement is commonly used in commercial real estate transactions, particularly in the context of leasehold financing. "Fairfax Virginia" refers to the location where the agreement is being executed and is specific to the jurisdiction's laws and regulations surrounding real estate transactions in that area. A Subordination, Nondisturbance and Attornment Agreement, often abbreviated as SODA, consists of the following key elements: 1. Subordination: This clause establishes the priority of rights between the tenant's lease agreement and the lender's mortgage or lien. By agreeing to subordinate their rights, the tenant accepts that if the landlord defaults on their loan, the lender's interest in the property would take precedence over the tenant's lease. Subordination protects the lender's interests and ensures they can foreclose on the property without terminating the tenant's lease. 2. Nondisturbance: The Nondisturbance provision safeguards the tenant's rights in case of a foreclosure. It states that as long as the tenant complies with the terms of the lease, the lender will recognize and honor the tenant's leasehold interest, even after a change in ownership resulting from foreclosure or other legal actions. This provision provides the tenant with security and reassurance that their lease will not be abruptly terminated due to the landlord's financial difficulties. 3. Attornment: Attornment refers to the tenant's agreement to recognize and accept a new owner or lender as their landlord in case of a transfer of ownership resulting from foreclosure or other legal actions. This clause ensures that the tenant's obligations under the lease persist, and they are obligated to pay rent and perform other duties to the new owner or lender, without any disruption. There are no specific types of Fairfax Virginia Sample Subordination, Nondisturbance and Attornment Agreements, as the structure and content of SODA agreements remain generally consistent across jurisdictions. However, the specific terms may vary depending on the circumstances of the lease, lender requirements, and negotiated terms among the parties involved.

A Fairfax Virginia Sample Subordination, Nondisturbance and Attornment Agreement is a legal document that outlines the relationship and obligations between three parties: a tenant, a landlord, and a lender. This agreement is commonly used in commercial real estate transactions, particularly in the context of leasehold financing. "Fairfax Virginia" refers to the location where the agreement is being executed and is specific to the jurisdiction's laws and regulations surrounding real estate transactions in that area. A Subordination, Nondisturbance and Attornment Agreement, often abbreviated as SODA, consists of the following key elements: 1. Subordination: This clause establishes the priority of rights between the tenant's lease agreement and the lender's mortgage or lien. By agreeing to subordinate their rights, the tenant accepts that if the landlord defaults on their loan, the lender's interest in the property would take precedence over the tenant's lease. Subordination protects the lender's interests and ensures they can foreclose on the property without terminating the tenant's lease. 2. Nondisturbance: The Nondisturbance provision safeguards the tenant's rights in case of a foreclosure. It states that as long as the tenant complies with the terms of the lease, the lender will recognize and honor the tenant's leasehold interest, even after a change in ownership resulting from foreclosure or other legal actions. This provision provides the tenant with security and reassurance that their lease will not be abruptly terminated due to the landlord's financial difficulties. 3. Attornment: Attornment refers to the tenant's agreement to recognize and accept a new owner or lender as their landlord in case of a transfer of ownership resulting from foreclosure or other legal actions. This clause ensures that the tenant's obligations under the lease persist, and they are obligated to pay rent and perform other duties to the new owner or lender, without any disruption. There are no specific types of Fairfax Virginia Sample Subordination, Nondisturbance and Attornment Agreements, as the structure and content of SODA agreements remain generally consistent across jurisdictions. However, the specific terms may vary depending on the circumstances of the lease, lender requirements, and negotiated terms among the parties involved.