Wake North Carolina Sample Subordination, Nondisturbance and Attornment Agreement

• Category: Corporations - Public
• State: Multi-State
• County: Wake
• 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. Wake North Carolina Sample Subordination, Nondisturbance and Attornment Agreement (SODA) is a legal document that outlines the rights and obligations of tenants, lenders, and landlords in a specific property. It is commonly used in commercial real estate transactions where a tenant leases a property from a landlord who has mortgaged the property to a lender. The Wake North Carolina SODA establishes a hierarchy of rights between the tenant, lender, and landlord in the event of default or foreclosure. It ensures that the lender's interest in the property takes precedence over the tenant's lease while providing the tenant with certain protections and assurances. Key terms and provisions included in the Wake North Carolina SODA may vary depending on the specific agreement and parties involved. However, some common elements typically found in these agreements are: 1. Subordination Clause: This clause outlines that the tenant's leasehold interest is subordinate to the lender's mortgage interest in the property. It ensures that in the event of default or foreclosure, the lender can take possession of the property and terminate the lease if necessary. 2. Non-Disturbance Clause: The non-disturbance clause protects the tenant’s rights in the event of default or foreclosure. It ensures that if the lender or new owner takes possession of the property, they will honor the terms and conditions of the tenant's lease. 3. Attornment Clause: The attornment clause establishes the tenant's obligation to recognize and attorn to a new owner or lender if the property is sold or foreclosed. It obligates the tenant to continue paying rent and following the terms of the lease, irrespective of the change in ownership. While Wake North Carolina SODA agreements generally follow a similar structure, there may be different types of these agreements depending on the property and parties involved. For example: 1. Commercial SODA: This type of SODA is used in commercial real estate leases where the leased property is a commercial building or space. 2. Residential SODA: Residential SODA agreements are used in residential leasing situations, such as apartment complexes or multi-family properties. 3. Retail SODA: Retail SODA agreements are specific to leases in retail properties, often involving shopping centers or malls. It is essential for tenants, lenders, and landlords to thoroughly review and understand the Wake North Carolina SODA agreement to ensure they are aware of their rights, responsibilities, and any unique provisions that may be included based on the specific situation. Consulting with legal professionals familiar with North Carolina real estate laws is strongly recommended avoiding any potential misunderstandings or conflicts.

Wake North Carolina Sample Subordination, Nondisturbance and Attornment Agreement (SODA) is a legal document that outlines the rights and obligations of tenants, lenders, and landlords in a specific property. It is commonly used in commercial real estate transactions where a tenant leases a property from a landlord who has mortgaged the property to a lender. The Wake North Carolina SODA establishes a hierarchy of rights between the tenant, lender, and landlord in the event of default or foreclosure. It ensures that the lender's interest in the property takes precedence over the tenant's lease while providing the tenant with certain protections and assurances. Key terms and provisions included in the Wake North Carolina SODA may vary depending on the specific agreement and parties involved. However, some common elements typically found in these agreements are: 1. Subordination Clause: This clause outlines that the tenant's leasehold interest is subordinate to the lender's mortgage interest in the property. It ensures that in the event of default or foreclosure, the lender can take possession of the property and terminate the lease if necessary. 2. Non-Disturbance Clause: The non-disturbance clause protects the tenant’s rights in the event of default or foreclosure. It ensures that if the lender or new owner takes possession of the property, they will honor the terms and conditions of the tenant's lease. 3. Attornment Clause: The attornment clause establishes the tenant's obligation to recognize and attorn to a new owner or lender if the property is sold or foreclosed. It obligates the tenant to continue paying rent and following the terms of the lease, irrespective of the change in ownership. While Wake North Carolina SODA agreements generally follow a similar structure, there may be different types of these agreements depending on the property and parties involved. For example: 1. Commercial SODA: This type of SODA is used in commercial real estate leases where the leased property is a commercial building or space. 2. Residential SODA: Residential SODA agreements are used in residential leasing situations, such as apartment complexes or multi-family properties. 3. Retail SODA: Retail SODA agreements are specific to leases in retail properties, often involving shopping centers or malls. It is essential for tenants, lenders, and landlords to thoroughly review and understand the Wake North Carolina SODA agreement to ensure they are aware of their rights, responsibilities, and any unique provisions that may be included based on the specific situation. Consulting with legal professionals familiar with North Carolina real estate laws is strongly recommended avoiding any potential misunderstandings or conflicts.