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

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

Description

This form is a nondisturbance, attornment, estoppel and subordination agreement. A Harris Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document that establishes the rights and obligations of parties involved in a real estate transaction or lease agreement. This agreement is commonly used in the context of commercial real estate, where it ensures that tenants' rights are protected in the event of a change in ownership or mortgage of the property. Non-Disturbance refers to the provision that guarantees the tenant's right to retain possession of the property under certain circumstances, even if a foreclosure or change of ownership occurs. It protects the tenant's leasehold interest and prevents the new owner from terminating the lease. Attornment refers to the tenant's agreement to recognize and acknowledge a new owner or landlord as the legal successor in interest. It establishes a direct relationship between the tenant and the new landlord, ensuring that the tenant will pay rent and perform other lease obligations to the new owner. Estoppel refers to a legal doctrine that prevents a party from claiming a right or position contrary to what they previously stated in writing. In the context of this agreement, estoppel clauses prohibit the tenant from denying certain facts or rights related to the lease, such as the validity of the lease or the landlord's compliance with lease obligations. Subordination refers to the tenant's agreement to subordinate their leasehold interest to the lien rights of a lender or other secured party. By signing this agreement, the tenant acknowledges that the mortgage or lien takes priority over their lease, meaning that if there is a default, the tenant's rights may be subject to the lender's claims. Different types of Harris Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreements may vary in certain clauses depending on the specific transaction or lease terms. Some agreements may include additional provisions, such as stipulations related to refinancing, environmental compliance, or insurance requirements. It is essential for parties involved to carefully review and negotiate the terms of the agreement to ensure their interests are protected. Overall, a Harris Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a crucial legal document that safeguards the tenant's rights and establishes the relationship between the tenant and new owner or lender in a real estate transaction. It ensures a smooth transition of ownership or mortgage while protecting the tenant's occupancy and leasehold rights.

A Harris Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document that establishes the rights and obligations of parties involved in a real estate transaction or lease agreement. This agreement is commonly used in the context of commercial real estate, where it ensures that tenants' rights are protected in the event of a change in ownership or mortgage of the property. Non-Disturbance refers to the provision that guarantees the tenant's right to retain possession of the property under certain circumstances, even if a foreclosure or change of ownership occurs. It protects the tenant's leasehold interest and prevents the new owner from terminating the lease. Attornment refers to the tenant's agreement to recognize and acknowledge a new owner or landlord as the legal successor in interest. It establishes a direct relationship between the tenant and the new landlord, ensuring that the tenant will pay rent and perform other lease obligations to the new owner. Estoppel refers to a legal doctrine that prevents a party from claiming a right or position contrary to what they previously stated in writing. In the context of this agreement, estoppel clauses prohibit the tenant from denying certain facts or rights related to the lease, such as the validity of the lease or the landlord's compliance with lease obligations. Subordination refers to the tenant's agreement to subordinate their leasehold interest to the lien rights of a lender or other secured party. By signing this agreement, the tenant acknowledges that the mortgage or lien takes priority over their lease, meaning that if there is a default, the tenant's rights may be subject to the lender's claims. Different types of Harris Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreements may vary in certain clauses depending on the specific transaction or lease terms. Some agreements may include additional provisions, such as stipulations related to refinancing, environmental compliance, or insurance requirements. It is essential for parties involved to carefully review and negotiate the terms of the agreement to ensure their interests are protected. Overall, a Harris Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a crucial legal document that safeguards the tenant's rights and establishes the relationship between the tenant and new owner or lender in a real estate transaction. It ensures a smooth transition of ownership or mortgage while protecting the tenant's occupancy and leasehold rights.