San Jose California Non-Disturbance and Attornment Agreement

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• City: San Jose
• Control #: US-OG-1052
• Format: Word; Rich Text

Description

This form is a nondisturbance and attornment agreement. A San Jose California Non-Disturbance and Attornment Agreement (NDA) is a legal document used in the context of real estate transactions, specifically in commercial leasing. This agreement typically involves three parties: the tenant, the landlord, and a third-party lender or mortgagee. Its purpose is to protect the tenant's rights in the event the landlord defaults on their loan, resulting in a potential foreclosure. The NDA ensures that if the lender forecloses on the landlord's property, the tenant will not be disturbed by the foreclosure proceedings and will be allowed to continue their occupancy undisturbed by the lender or any subsequent owner of the property. This agreement effectively recognizes and protects the tenant's leasehold rights even if a change in ownership occurs due to foreclosure. By signing the Non-Disturbance and Attornment Agreement, the tenant agrees to recognize the lender or new owner as their landlord and attorns to them. This means that the tenant agrees to accept the new owner or lender as their landlord, offering a legal acknowledgment of their rights and responsibilities towards the new party. It's important to note that there may be different types of Non-Disturbance and Attornment Agreements tailored to specific situations or parties involved. Some examples of variations include: 1. Tenant-Focused NDA: This type of NDA focuses on protecting the tenant's rights and providing assurances that their lease agreement will be honored even in the event of foreclosure. It is commonly used when a tenant wants to secure their occupancy rights in a property that is subject to a mortgage. 2. Lender-Focused NDA: In this variation, the emphasis is on safeguarding the lender's interests in the event of a foreclosure. It ensures that the tenant attorns to the lender or new owner, allowing them to collect rent directly from the tenant. This provides the lender with a source of income to offset the defaulted loan while keeping the tenant's occupancy intact. 3. Landlord-Focused NDA: This type of NDA highlights the landlord's concerns, particularly when they want to obtain financing secured by their property while maintaining the ongoing leases with their tenants. It ensures that the landlord's tenants acknowledge the lender or new owner as the landlord and continue to pay rent to them in case of foreclosure. In summary, a San Jose California Non-Disturbance and Attornment Agreement is a legally binding document that protects a tenant's rights in a commercial lease when the landlord's property is subject to foreclosure. By signing this agreement, tenants acknowledge the new owner or lender and agree to continue their lease under the terms specified, ensuring continuity in their occupancy.

A San Jose California Non-Disturbance and Attornment Agreement (NDA) is a legal document used in the context of real estate transactions, specifically in commercial leasing. This agreement typically involves three parties: the tenant, the landlord, and a third-party lender or mortgagee. Its purpose is to protect the tenant's rights in the event the landlord defaults on their loan, resulting in a potential foreclosure. The NDA ensures that if the lender forecloses on the landlord's property, the tenant will not be disturbed by the foreclosure proceedings and will be allowed to continue their occupancy undisturbed by the lender or any subsequent owner of the property. This agreement effectively recognizes and protects the tenant's leasehold rights even if a change in ownership occurs due to foreclosure. By signing the Non-Disturbance and Attornment Agreement, the tenant agrees to recognize the lender or new owner as their landlord and attorns to them. This means that the tenant agrees to accept the new owner or lender as their landlord, offering a legal acknowledgment of their rights and responsibilities towards the new party. It's important to note that there may be different types of Non-Disturbance and Attornment Agreements tailored to specific situations or parties involved. Some examples of variations include: 1. Tenant-Focused NDA: This type of NDA focuses on protecting the tenant's rights and providing assurances that their lease agreement will be honored even in the event of foreclosure. It is commonly used when a tenant wants to secure their occupancy rights in a property that is subject to a mortgage. 2. Lender-Focused NDA: In this variation, the emphasis is on safeguarding the lender's interests in the event of a foreclosure. It ensures that the tenant attorns to the lender or new owner, allowing them to collect rent directly from the tenant. This provides the lender with a source of income to offset the defaulted loan while keeping the tenant's occupancy intact. 3. Landlord-Focused NDA: This type of NDA highlights the landlord's concerns, particularly when they want to obtain financing secured by their property while maintaining the ongoing leases with their tenants. It ensures that the landlord's tenants acknowledge the lender or new owner as the landlord and continue to pay rent to them in case of foreclosure. In summary, a San Jose California Non-Disturbance and Attornment Agreement is a legally binding document that protects a tenant's rights in a commercial lease when the landlord's property is subject to foreclosure. By signing this agreement, tenants acknowledge the new owner or lender and agree to continue their lease under the terms specified, ensuring continuity in their occupancy.