Los Angeles California Non-Disturbance, Attornment, Estoppel & Subordination Agreement

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

Description

This form is a nondisturbance, attornment, estoppel and subordination agreement. A Los Angeles California Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal contract that aims to protect the interests of certain parties involved in a property transaction, specifically in the context of a lease agreement. This agreement provides assurance to the tenant (lessee) that their leasehold rights will not be disturbed in the event of certain circumstances, such as the landlord (lessor) going through a foreclosure or the property being sold. This agreement includes various clauses that safeguard the tenant's rights, ensuring their continued occupancy and use of the leased premises. It typically consists of four key elements: non-disturbance, attornment, estoppel, and subordination. 1. Non-Disturbance: The non-disturbance clause in the agreement ensures that the tenant's rights will not be affected or terminated if the landlord defaults on their mortgage or the property is foreclosed upon. It guarantees that the tenant can remain in possession of the premises, despite any changes in ownership. 2. Attornment: The attornment clause addresses the tenant's obligation to acknowledge and accept a new landlord if the property is sold or transferred. It requires the tenant to acknowledge the new owner as their landlord and to continue paying rent and fulfilling lease obligations to them. 3. Estoppel: The estoppel provision prevents the tenant from later disputing or contradicting certain facts related to the lease agreement. By signing the agreement, the tenant confirms that the lease is valid, accurate, and enforceable, and that there are no undisclosed agreements or understandings between them and the landlord. 4. Subordination: The subordination clause establishes the priority of interests in case of multiple liens or mortgages on the property. It specifies that the tenant's leasehold interest is secondary to the rights of the landlord's lenders. In other words, if the property is foreclosed upon, the tenant's leasehold interest will be subject to the rights of the lender(s) who hold senior liens on the property. It should be noted that while the aforementioned elements are common in most Los Angeles California Non-Disturbance, Attornment, Estoppel & Subordination Agreements, there might be some variations based on specific circumstances and negotiations between the parties involved. Therefore, it is essential to review each agreement carefully to understand its precise terms and conditions.

A Los Angeles California Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal contract that aims to protect the interests of certain parties involved in a property transaction, specifically in the context of a lease agreement. This agreement provides assurance to the tenant (lessee) that their leasehold rights will not be disturbed in the event of certain circumstances, such as the landlord (lessor) going through a foreclosure or the property being sold. This agreement includes various clauses that safeguard the tenant's rights, ensuring their continued occupancy and use of the leased premises. It typically consists of four key elements: non-disturbance, attornment, estoppel, and subordination. 1. Non-Disturbance: The non-disturbance clause in the agreement ensures that the tenant's rights will not be affected or terminated if the landlord defaults on their mortgage or the property is foreclosed upon. It guarantees that the tenant can remain in possession of the premises, despite any changes in ownership. 2. Attornment: The attornment clause addresses the tenant's obligation to acknowledge and accept a new landlord if the property is sold or transferred. It requires the tenant to acknowledge the new owner as their landlord and to continue paying rent and fulfilling lease obligations to them. 3. Estoppel: The estoppel provision prevents the tenant from later disputing or contradicting certain facts related to the lease agreement. By signing the agreement, the tenant confirms that the lease is valid, accurate, and enforceable, and that there are no undisclosed agreements or understandings between them and the landlord. 4. Subordination: The subordination clause establishes the priority of interests in case of multiple liens or mortgages on the property. It specifies that the tenant's leasehold interest is secondary to the rights of the landlord's lenders. In other words, if the property is foreclosed upon, the tenant's leasehold interest will be subject to the rights of the lender(s) who hold senior liens on the property. It should be noted that while the aforementioned elements are common in most Los Angeles California Non-Disturbance, Attornment, Estoppel & Subordination Agreements, there might be some variations based on specific circumstances and negotiations between the parties involved. Therefore, it is essential to review each agreement carefully to understand its precise terms and conditions.