Cook Illinois Non-Disturbance, Attornment, Estoppel & Subordination Agreement

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

Description

This form is a nondisturbance, attornment, estoppel and subordination agreement. A Cook Illinois Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document that establishes a relationship between a tenant, landlord, and a lender in the context of a commercial property lease. This agreement ensures that in the event of default or foreclosure on the property, the tenant's rights to the premises will be recognized and protected by the lender. Keywords: 1. Cook Illinois: Specifies the geographical location or jurisdiction of the agreement, indicating that it applies to properties located in the state of Illinois, specifically within Cook County. 2. Non-Disturbance: Refers to the tenant's right to occupy the premises without any interference or disturbance from the landlord or the lender, even if there is a default or foreclosure situation. 3. Attornment: Relates to the tenant's acknowledgment and acceptance of a new landlord or lender resulting from a change in ownership or mortgagee of the property. 4. Estoppel: Refers to a legal doctrine that prevents one party from making a claim or assertion contrary to their previous actions or statements. In this context, it may prevent the tenant from denying certain facts related to the lease agreement in future disputes. 5. Subordination: Addresses the priority of interests between the landlord's leasehold rights and the lender's security interest. It specifies that the lender's rights take precedence over the tenant's rights in case of default or foreclosure. Different Types of Cook Illinois Non-Disturbance, Attornment, Estoppel & Subordination Agreements: 1. General Commercial Lease Agreement Non-Disturbance, Attornment, Estoppel & Subordination Agreement: This is the most common type of agreement that is included as an addendum to a standard commercial lease. It provides the tenant with assurances that their lease will not be disrupted in case of foreclosure or change in ownership. 2. Subordination of Lease Agreement Non-Disturbance, Attornment, Estoppel & Subordination Agreement: This type of agreement is often utilized when a lender requires the tenant to subordination their leasehold rights to the lender's security interest. It means the tenant's rights become subordinate to those of the lender, offering additional protections to the lender. 3. Non-Disturbance, Attornment, Estoppel & Subordination Agreement for Subtenants: In situations where the tenant is subleasing a commercial property, this agreement is put in place to protect the subtenant's rights in case of default or foreclosure. It ensures that the lender or new landlord would recognize the subtenant's lease and not evict them. 4. Non-Disturbance, Attornment, Estoppel & Subordination Agreement for Ground Leases: This specific type of agreement applies to situations where the property is subject to a ground lease. It typically covers both the rights of the landlord/ground lessor and the tenant/ground lessee and addresses the relationship with the lender. Overall, a Cook Illinois Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a crucial legal document that safeguards a tenant's occupancy rights in case of default, foreclosure, or changes in ownership, providing them with peace of mind and protection in the event of adverse circumstances.

A Cook Illinois Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document that establishes a relationship between a tenant, landlord, and a lender in the context of a commercial property lease. This agreement ensures that in the event of default or foreclosure on the property, the tenant's rights to the premises will be recognized and protected by the lender. Keywords: 1. Cook Illinois: Specifies the geographical location or jurisdiction of the agreement, indicating that it applies to properties located in the state of Illinois, specifically within Cook County. 2. Non-Disturbance: Refers to the tenant's right to occupy the premises without any interference or disturbance from the landlord or the lender, even if there is a default or foreclosure situation. 3. Attornment: Relates to the tenant's acknowledgment and acceptance of a new landlord or lender resulting from a change in ownership or mortgagee of the property. 4. Estoppel: Refers to a legal doctrine that prevents one party from making a claim or assertion contrary to their previous actions or statements. In this context, it may prevent the tenant from denying certain facts related to the lease agreement in future disputes. 5. Subordination: Addresses the priority of interests between the landlord's leasehold rights and the lender's security interest. It specifies that the lender's rights take precedence over the tenant's rights in case of default or foreclosure. Different Types of Cook Illinois Non-Disturbance, Attornment, Estoppel & Subordination Agreements: 1. General Commercial Lease Agreement Non-Disturbance, Attornment, Estoppel & Subordination Agreement: This is the most common type of agreement that is included as an addendum to a standard commercial lease. It provides the tenant with assurances that their lease will not be disrupted in case of foreclosure or change in ownership. 2. Subordination of Lease Agreement Non-Disturbance, Attornment, Estoppel & Subordination Agreement: This type of agreement is often utilized when a lender requires the tenant to subordination their leasehold rights to the lender's security interest. It means the tenant's rights become subordinate to those of the lender, offering additional protections to the lender. 3. Non-Disturbance, Attornment, Estoppel & Subordination Agreement for Subtenants: In situations where the tenant is subleasing a commercial property, this agreement is put in place to protect the subtenant's rights in case of default or foreclosure. It ensures that the lender or new landlord would recognize the subtenant's lease and not evict them. 4. Non-Disturbance, Attornment, Estoppel & Subordination Agreement for Ground Leases: This specific type of agreement applies to situations where the property is subject to a ground lease. It typically covers both the rights of the landlord/ground lessor and the tenant/ground lessee and addresses the relationship with the lender. Overall, a Cook Illinois Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a crucial legal document that safeguards a tenant's occupancy rights in case of default, foreclosure, or changes in ownership, providing them with peace of mind and protection in the event of adverse circumstances.