Pima Arizona Sample Subordination, Nondisturbance and Attornment Agreement

• Category: Corporations - Public
• State: Multi-State
• County: Pima
• 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. Lima, Arizona Sample Subordination, Nondisturbance, and Attornment Agreement are legal documents commonly used in real estate transactions. These agreements involve three parties: the tenant, the landlord, and a new lender. The purpose of this agreement is to protect the tenant's rights and leasehold interest in a property in case of a default or foreclosure by the landlord's lender. The agreement generally consists of the following components: 1. Subordination: This clause establishes that the tenant's leasehold interest is subordinate to the rights of the lender. It means that if the landlord defaults on their mortgage payments and the property goes into foreclosure, the lender will have priority over the tenant's lease. The tenant agrees not to take any action to disturb the lender's rights or disrupt the foreclosure process. 2. Nondisturbance: The Nondisturbance clause ensures that the tenant's rights and leasehold interest will not be disturbed by the lender if the landlord defaults on their loan obligations. It provides the tenant with assurance that they can continue their business operations undisturbed under the terms of the lease, even if ownership of the property changes due to foreclosure. 3. Attornment: The Attornment clause requires the tenant to recognize and acknowledge the new lender or the foreclosing party as the new landlord if the property is foreclosed. It obliges the tenant to continue making rental payments to the new landlord and abide by the terms and conditions of the lease. In addition to the general Lima, Arizona Sample Subordination, Nondisturbance, and Attornment Agreement, there can be different types tailored to specific situations. These may include: 1. Single-Tenant SODA: This type of agreement is used when there is only one tenant in a building or property. It exclusively focuses on the agreement between the tenant and the lender, allowing the tenant to negotiate terms that best protect their leasehold interest. 2. Multi-Tenant SODA: In situations where there are multiple tenants in a property, a Multi-Tenant SODA is used. This agreement ensures that all tenants are protected individually and outlines how the lender will deal with each tenant's rights in case of foreclosure. 3. Institutional Lender SODA: An Institutional Lender SODA is specifically designed for agreements involving institutional lenders like banks, financial institutions, or insurance companies. It may include additional clauses or conditions that meet the lender's specific requirements. In conclusion, Lima, Arizona Sample Subordination, Nondisturbance, and Attornment Agreements are crucial legal documents providing protection to tenants in real estate transactions. These agreements ensure that the tenant's leasehold interest is recognized, respected, and protected in case of landlord default or foreclosure. Various types of agreements can be created depending on the number of tenants involved and the type of lender in the transaction.

Lima, Arizona Sample Subordination, Nondisturbance, and Attornment Agreement are legal documents commonly used in real estate transactions. These agreements involve three parties: the tenant, the landlord, and a new lender. The purpose of this agreement is to protect the tenant's rights and leasehold interest in a property in case of a default or foreclosure by the landlord's lender. The agreement generally consists of the following components: 1. Subordination: This clause establishes that the tenant's leasehold interest is subordinate to the rights of the lender. It means that if the landlord defaults on their mortgage payments and the property goes into foreclosure, the lender will have priority over the tenant's lease. The tenant agrees not to take any action to disturb the lender's rights or disrupt the foreclosure process. 2. Nondisturbance: The Nondisturbance clause ensures that the tenant's rights and leasehold interest will not be disturbed by the lender if the landlord defaults on their loan obligations. It provides the tenant with assurance that they can continue their business operations undisturbed under the terms of the lease, even if ownership of the property changes due to foreclosure. 3. Attornment: The Attornment clause requires the tenant to recognize and acknowledge the new lender or the foreclosing party as the new landlord if the property is foreclosed. It obliges the tenant to continue making rental payments to the new landlord and abide by the terms and conditions of the lease. In addition to the general Lima, Arizona Sample Subordination, Nondisturbance, and Attornment Agreement, there can be different types tailored to specific situations. These may include: 1. Single-Tenant SODA: This type of agreement is used when there is only one tenant in a building or property. It exclusively focuses on the agreement between the tenant and the lender, allowing the tenant to negotiate terms that best protect their leasehold interest. 2. Multi-Tenant SODA: In situations where there are multiple tenants in a property, a Multi-Tenant SODA is used. This agreement ensures that all tenants are protected individually and outlines how the lender will deal with each tenant's rights in case of foreclosure. 3. Institutional Lender SODA: An Institutional Lender SODA is specifically designed for agreements involving institutional lenders like banks, financial institutions, or insurance companies. It may include additional clauses or conditions that meet the lender's specific requirements. In conclusion, Lima, Arizona Sample Subordination, Nondisturbance, and Attornment Agreements are crucial legal documents providing protection to tenants in real estate transactions. These agreements ensure that the tenant's leasehold interest is recognized, respected, and protected in case of landlord default or foreclosure. Various types of agreements can be created depending on the number of tenants involved and the type of lender in the transaction.