Collin Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreement

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• County: Collin
• Control #: US-OG-1053
• Format: Word; Rich Text

Description

This form is a nondisturbance, attornment, estoppel and subordination agreement. A Collin Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document that helps protect the rights and interests of tenants in the event of property ownership changes or loan defaults. This agreement is commonly used in real estate transactions, especially in commercial properties, to ensure continuity of leases and provide tenants with certain assurances. Keywords: Collin Texas, Non-Disturbance, Attornment, Estoppel, Subordination Agreement 1. Non-Disturbance Agreement: A non-disturbance agreement is a crucial component of the Collin Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreement. It is a contract between a tenant and a new property owner or lender that guarantees that the tenant's lease will be unaffected by any default or foreclosure proceedings. This ensures that the tenant's rights and leasehold interest will remain intact even if the property undergoes a change in ownership. 2. Attornment Agreement: An attornment agreement is another important aspect of this agreement. It requires the tenant to formally recognize a new property owner or lender as their landlord or lender and to accept and fulfill the terms of the lease or loan with them. In the event of a foreclosure or sale, the tenant becomes bound to the new owner or lender and must continue to pay rent or adhere to the loan terms. 3. Estoppel Certificate: An estoppel certificate is a document provided by the tenant that verifies certain facts about the lease agreement, such as the amount of rent being paid, the lease term, and any other relevant lease provisions. It prevents the tenant from later claiming that the lease terms were different from what was stated in the estoppel certificate, protecting the interests of the new owner or lender. 4. Subordination Agreement: A subordination agreement establishes the priority of liens or claims on the property. Typically, a tenant's leasehold interest is subordinate to the rights of the property owner's lender, meaning that in the event of the property's foreclosure, the tenant's lease could be terminated. The subordination agreement outlines the tenant's understanding and consent to the lease being subordinate to any existing or future loans or liens. Different Types of Collin Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreements: While the basic elements of a Collin Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreement remain the same, there might be variations in specific terms and conditions depending on the parties involved and the unique circumstances of the property. Each agreement is tailored to meet the specific needs of the parties involved, which could include modifications or additional provisions to accommodate the particular situation. However, the core purpose of these agreements is to safeguard the tenant's rights and ensure a seamless transition during property ownership changes or loan defaults.

A Collin Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document that helps protect the rights and interests of tenants in the event of property ownership changes or loan defaults. This agreement is commonly used in real estate transactions, especially in commercial properties, to ensure continuity of leases and provide tenants with certain assurances. Keywords: Collin Texas, Non-Disturbance, Attornment, Estoppel, Subordination Agreement 1. Non-Disturbance Agreement: A non-disturbance agreement is a crucial component of the Collin Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreement. It is a contract between a tenant and a new property owner or lender that guarantees that the tenant's lease will be unaffected by any default or foreclosure proceedings. This ensures that the tenant's rights and leasehold interest will remain intact even if the property undergoes a change in ownership. 2. Attornment Agreement: An attornment agreement is another important aspect of this agreement. It requires the tenant to formally recognize a new property owner or lender as their landlord or lender and to accept and fulfill the terms of the lease or loan with them. In the event of a foreclosure or sale, the tenant becomes bound to the new owner or lender and must continue to pay rent or adhere to the loan terms. 3. Estoppel Certificate: An estoppel certificate is a document provided by the tenant that verifies certain facts about the lease agreement, such as the amount of rent being paid, the lease term, and any other relevant lease provisions. It prevents the tenant from later claiming that the lease terms were different from what was stated in the estoppel certificate, protecting the interests of the new owner or lender. 4. Subordination Agreement: A subordination agreement establishes the priority of liens or claims on the property. Typically, a tenant's leasehold interest is subordinate to the rights of the property owner's lender, meaning that in the event of the property's foreclosure, the tenant's lease could be terminated. The subordination agreement outlines the tenant's understanding and consent to the lease being subordinate to any existing or future loans or liens. Different Types of Collin Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreements: While the basic elements of a Collin Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreement remain the same, there might be variations in specific terms and conditions depending on the parties involved and the unique circumstances of the property. Each agreement is tailored to meet the specific needs of the parties involved, which could include modifications or additional provisions to accommodate the particular situation. However, the core purpose of these agreements is to safeguard the tenant's rights and ensure a seamless transition during property ownership changes or loan defaults.