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

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

Description

This form is a nondisturbance, attornment, estoppel and subordination agreement. Travis Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document that sets forth the rights and obligations of various parties involved in a real estate transaction. This agreement is typically executed between a landlord, tenant, and a lender to protect their respective interests in the property. A non-disturbance clause in the agreement ensures that the tenant's lease rights will not be interrupted or terminated in the event of a foreclosure or transfer of the property's ownership. It provides reassurance to the tenant that their lease will remain valid and enforceable, even if the property is sold or foreclosed upon. An attornment clause in the agreement requires the tenant to recognize and accept a new landlord if the property is sold or transferred. It ensures that the tenant agrees to continue paying rent and complying with the terms of the lease despite changes in property ownership. The estoppel clause in the agreement is used to prevent a tenant from making claims or raising defenses that contradict previous representations made to a lender or prospective buyer. It confirms that the tenant acknowledges certain facts about the lease and agrees not to dispute them in the future, providing certainty and protection to lenders and buyers. The subordination clause in the agreement establishes the priority of liens or mortgages on the property. It stipulates that the tenant's lease is subordinate to any existing or future liens or mortgages on the property. This means that in the event of foreclosure or default by the landlord, the tenant's leasehold rights would be subject to the rights of the lender or mortgagee. While there may not be different "types" of Travis Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreement, variations can exist depending on specific terms and conditions agreed upon by the parties involved. For example, the terms of the agreement may differ depending on the nature of the property (commercial, residential, etc.) or the specific requirements of the lender involved. In summary, a Travis Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreement provides protection and clarity for all parties involved in a real estate transaction, ensuring the tenant's lease rights are preserved, the tenant recognizes the new landlord, the tenant is stopped from making certain claims, and the priority of liens is established.

Travis Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreement is a legal document that sets forth the rights and obligations of various parties involved in a real estate transaction. This agreement is typically executed between a landlord, tenant, and a lender to protect their respective interests in the property. A non-disturbance clause in the agreement ensures that the tenant's lease rights will not be interrupted or terminated in the event of a foreclosure or transfer of the property's ownership. It provides reassurance to the tenant that their lease will remain valid and enforceable, even if the property is sold or foreclosed upon. An attornment clause in the agreement requires the tenant to recognize and accept a new landlord if the property is sold or transferred. It ensures that the tenant agrees to continue paying rent and complying with the terms of the lease despite changes in property ownership. The estoppel clause in the agreement is used to prevent a tenant from making claims or raising defenses that contradict previous representations made to a lender or prospective buyer. It confirms that the tenant acknowledges certain facts about the lease and agrees not to dispute them in the future, providing certainty and protection to lenders and buyers. The subordination clause in the agreement establishes the priority of liens or mortgages on the property. It stipulates that the tenant's lease is subordinate to any existing or future liens or mortgages on the property. This means that in the event of foreclosure or default by the landlord, the tenant's leasehold rights would be subject to the rights of the lender or mortgagee. While there may not be different "types" of Travis Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreement, variations can exist depending on specific terms and conditions agreed upon by the parties involved. For example, the terms of the agreement may differ depending on the nature of the property (commercial, residential, etc.) or the specific requirements of the lender involved. In summary, a Travis Texas Non-Disturbance, Attornment, Estoppel & Subordination Agreement provides protection and clarity for all parties involved in a real estate transaction, ensuring the tenant's lease rights are preserved, the tenant recognizes the new landlord, the tenant is stopped from making certain claims, and the priority of liens is established.