Suffolk New York Non-Disturbance, Attornment, Estoppel & Subordination Agreement

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

Description

This form is a nondisturbance, attornment, estoppel and subordination agreement. A Suffolk New York Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document that outlines the rights and obligations of different parties involved in a real estate transaction in Suffolk County, New York. This agreement typically includes clauses related to non-disturbance, attornment, estoppel, and subordination. Here is a detailed description of each component: 1. Non-Disturbance: Non-disturbance is a provision in the agreement that guarantees the tenant's right to occupy the leased premises in the event of a foreclosure or transfer of ownership. This clause ensures that the tenant's lease will not be terminated or disrupted due to the actions of the landlord's lender or new owner. 2. Attornment: Attornment refers to the tenant's agreement to recognize a new landlord or mortgage lender in case of a foreclosure or transfer of ownership. This provision requires the tenant to accept and acknowledge the new landlord or lender and continue paying rent to them. 3. Estoppel: Estoppel is a legal doctrine that prevents a party from denying facts or statements that they previously represented to be true. In the context of a non-disturbance agreement, the estoppel clause prevents the tenant from making any claims against the new landlord or lender that are inconsistent with the representations made in the agreement. 4. Subordination: Subordination refers to the priority of liens or claims on the property. In a non-disturbance agreement, the subordination clause specifies the order in which the interests of the parties involved, such as the new lender, existing lender, and tenant, will be ranked. Typically, the new lender's lien is given priority over other claims or interests. It is important to note that while these components are often found in most Suffolk New York Non-Disturbance, Attornment, Estoppel & Subordination Agreements, there may be variations or additional provisions depending on the specific needs of the parties and the nature of the real estate transaction. In conclusion, a Suffolk New York Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a crucial legal document that protects the rights of tenants and lenders in the event of a foreclosure or transfer of ownership. By including provisions related to non-disturbance, attornment, estoppel, and subordination, this agreement ensures clarity and stability for all parties involved.

A Suffolk New York Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document that outlines the rights and obligations of different parties involved in a real estate transaction in Suffolk County, New York. This agreement typically includes clauses related to non-disturbance, attornment, estoppel, and subordination. Here is a detailed description of each component: 1. Non-Disturbance: Non-disturbance is a provision in the agreement that guarantees the tenant's right to occupy the leased premises in the event of a foreclosure or transfer of ownership. This clause ensures that the tenant's lease will not be terminated or disrupted due to the actions of the landlord's lender or new owner. 2. Attornment: Attornment refers to the tenant's agreement to recognize a new landlord or mortgage lender in case of a foreclosure or transfer of ownership. This provision requires the tenant to accept and acknowledge the new landlord or lender and continue paying rent to them. 3. Estoppel: Estoppel is a legal doctrine that prevents a party from denying facts or statements that they previously represented to be true. In the context of a non-disturbance agreement, the estoppel clause prevents the tenant from making any claims against the new landlord or lender that are inconsistent with the representations made in the agreement. 4. Subordination: Subordination refers to the priority of liens or claims on the property. In a non-disturbance agreement, the subordination clause specifies the order in which the interests of the parties involved, such as the new lender, existing lender, and tenant, will be ranked. Typically, the new lender's lien is given priority over other claims or interests. It is important to note that while these components are often found in most Suffolk New York Non-Disturbance, Attornment, Estoppel & Subordination Agreements, there may be variations or additional provisions depending on the specific needs of the parties and the nature of the real estate transaction. In conclusion, a Suffolk New York Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a crucial legal document that protects the rights of tenants and lenders in the event of a foreclosure or transfer of ownership. By including provisions related to non-disturbance, attornment, estoppel, and subordination, this agreement ensures clarity and stability for all parties involved.