Contra Costa California Non-Disturbance, Attornment, Estoppel & Subordination Agreement

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

Description

This form is a nondisturbance, attornment, estoppel and subordination agreement. A Contra Costa California Non-Disturbance, Attornment, Estoppel & Subordination Agreement, commonly referred to as an ND AESA, is a legal document often used in real estate transactions or commercial leases. This agreement is designed to protect the tenant or tenant's lender in the event of a landlord's default or foreclosure. In simple terms, an ND AESA ensures that the tenant's rights to the property will remain intact even if there is a change in ownership or the landlord defaults on the terms of their loan agreement. This agreement is particularly important for tenants leasing properties in buildings that are subject to a mortgage. The ND AESA outlines certain key provisions, including non-disturbance, attornment, estoppel, and subordination. Non-Disturbance: This provision ensures that, in the event of a foreclosure or sale, the tenant's lease will not be disrupted, and they will be allowed to continue occupying the property under the terms of their lease agreement. The new owner or landlord is bound by the ND AESA to respect the tenant's rights and obligations. Attornment: Attornment simply means that the tenant agrees to acknowledge and recognize a new landlord in the event of a transfer of ownership. They are obliged to pay rent and fulfill their obligations to the new landlord. Estoppel: This provision prevents the tenant from claiming certain facts or rights that are inconsistent with what has been stated in the ND AESA. Essentially, the tenant agrees that they will not make claims against the new owner or landlord that contradict the terms of the agreement. Subordination: Subordination refers to the fact that the tenant's rights are subordinate to the rights of the landlord's lender. In the event of a default, foreclosure, or other actions by the landlord's lenders, the tenant's rights may be affected, and this provision ensures that the tenant accepts this subordinate position. Different types of Ideas may vary depending on the specifics of the agreement or lease. For example, there may be specific provisions related to commercial leases, ground leases, or even residential leases. Each agreement is tailored to the particular circumstances of the lease and the requirements of the parties involved. In conclusion, a Contra Costa California Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document that safeguards the tenant's rights and interests in the event of a change in landlord or loan default. It provides assurance to the tenant that their lease will remain valid and enforceable, regardless of any actions taken by the landlord's lenders.

A Contra Costa California Non-Disturbance, Attornment, Estoppel & Subordination Agreement, commonly referred to as an ND AESA, is a legal document often used in real estate transactions or commercial leases. This agreement is designed to protect the tenant or tenant's lender in the event of a landlord's default or foreclosure. In simple terms, an ND AESA ensures that the tenant's rights to the property will remain intact even if there is a change in ownership or the landlord defaults on the terms of their loan agreement. This agreement is particularly important for tenants leasing properties in buildings that are subject to a mortgage. The ND AESA outlines certain key provisions, including non-disturbance, attornment, estoppel, and subordination. Non-Disturbance: This provision ensures that, in the event of a foreclosure or sale, the tenant's lease will not be disrupted, and they will be allowed to continue occupying the property under the terms of their lease agreement. The new owner or landlord is bound by the ND AESA to respect the tenant's rights and obligations. Attornment: Attornment simply means that the tenant agrees to acknowledge and recognize a new landlord in the event of a transfer of ownership. They are obliged to pay rent and fulfill their obligations to the new landlord. Estoppel: This provision prevents the tenant from claiming certain facts or rights that are inconsistent with what has been stated in the ND AESA. Essentially, the tenant agrees that they will not make claims against the new owner or landlord that contradict the terms of the agreement. Subordination: Subordination refers to the fact that the tenant's rights are subordinate to the rights of the landlord's lender. In the event of a default, foreclosure, or other actions by the landlord's lenders, the tenant's rights may be affected, and this provision ensures that the tenant accepts this subordinate position. Different types of Ideas may vary depending on the specifics of the agreement or lease. For example, there may be specific provisions related to commercial leases, ground leases, or even residential leases. Each agreement is tailored to the particular circumstances of the lease and the requirements of the parties involved. In conclusion, a Contra Costa California Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document that safeguards the tenant's rights and interests in the event of a change in landlord or loan default. It provides assurance to the tenant that their lease will remain valid and enforceable, regardless of any actions taken by the landlord's lenders.