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

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

Description

This form is a nondisturbance, attornment, estoppel and subordination agreement. Houston, Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document that helps protect the rights and interests of tenants and lenders in real estate properties located in Houston, Texas. This agreement is commonly used in commercial lease transactions to ensure that tenants can continue operating their businesses without disruption, even if the property undergoes foreclosure or changes ownership. The agreement includes several important provisions to provide security to both tenants and lenders. Let's discuss each of the aspects involved: 1. Non-Disturbance: This clause assures tenants that as long as they comply with the terms of their lease, their tenancy rights will not be disturbed in the event of a foreclosure or change of property ownership. Even if the property is sold or foreclosed upon, the new owner or lender will agree to recognize the tenant's right to continue occupying the premises. 2. Attornment: The attornment provision states that tenants will acknowledge and accept a new landlord or lender as the successor in interest to the property. This essentially means that tenants agree to recognize and establish a legal relationship with the new owner or lender following a foreclosure or change in property ownership. 3. Estoppel: An estoppel certificate or provision is typically included in this agreement. It requires tenants to confirm certain facts related to their lease, such as the existence, terms, and status of their lease. This prevents tenants from making false claims or contradictory statements regarding their lease agreement, protecting the interests of the new owner or lender. 4. Subordination: The subordination clause ensures that the rights and claims of the lender take precedence over the tenant's rights in certain situations, most commonly during foreclosure. This clause allows the lender to take legal action against the tenant if they default on their lease obligations, providing additional security to the lender when extending financing to the property. It is worth mentioning that variations of the Non-Disturbance, Attornment, Estoppel & Subordination Agreement exist depending on specific circumstances or parties involved. For example, there may be separate agreements for tenants, lenders, and landlords, all focusing on protecting their respective interests. These agreements may contain slight differences in language or clauses to address the unique needs and concerns of each party. When entering into a commercial lease agreement in Houston, Texas, it is crucial to understand and negotiate the terms of the Non-Disturbance, Attornment, Estoppel & Subordination Agreement. Consulting with legal professionals experienced in real estate transactions can provide guidance and ensure that the agreement adequately protects your rights and interests.

Houston, Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document that helps protect the rights and interests of tenants and lenders in real estate properties located in Houston, Texas. This agreement is commonly used in commercial lease transactions to ensure that tenants can continue operating their businesses without disruption, even if the property undergoes foreclosure or changes ownership. The agreement includes several important provisions to provide security to both tenants and lenders. Let's discuss each of the aspects involved: 1. Non-Disturbance: This clause assures tenants that as long as they comply with the terms of their lease, their tenancy rights will not be disturbed in the event of a foreclosure or change of property ownership. Even if the property is sold or foreclosed upon, the new owner or lender will agree to recognize the tenant's right to continue occupying the premises. 2. Attornment: The attornment provision states that tenants will acknowledge and accept a new landlord or lender as the successor in interest to the property. This essentially means that tenants agree to recognize and establish a legal relationship with the new owner or lender following a foreclosure or change in property ownership. 3. Estoppel: An estoppel certificate or provision is typically included in this agreement. It requires tenants to confirm certain facts related to their lease, such as the existence, terms, and status of their lease. This prevents tenants from making false claims or contradictory statements regarding their lease agreement, protecting the interests of the new owner or lender. 4. Subordination: The subordination clause ensures that the rights and claims of the lender take precedence over the tenant's rights in certain situations, most commonly during foreclosure. This clause allows the lender to take legal action against the tenant if they default on their lease obligations, providing additional security to the lender when extending financing to the property. It is worth mentioning that variations of the Non-Disturbance, Attornment, Estoppel & Subordination Agreement exist depending on specific circumstances or parties involved. For example, there may be separate agreements for tenants, lenders, and landlords, all focusing on protecting their respective interests. These agreements may contain slight differences in language or clauses to address the unique needs and concerns of each party. When entering into a commercial lease agreement in Houston, Texas, it is crucial to understand and negotiate the terms of the Non-Disturbance, Attornment, Estoppel & Subordination Agreement. Consulting with legal professionals experienced in real estate transactions can provide guidance and ensure that the agreement adequately protects your rights and interests.