A Wake North Carolina Subordination and Attornment Agreement is a legal document that outlines the relationship between a landlord, tenant, and lender in the context of a commercial real estate lease. It establishes the terms and conditions under which the tenant agrees to subordinate its leasehold interest to the lender's mortgage or deed of trust on the property. In a typical Wake North Carolina Subordination and Attornment Agreement, the landlord, tenant, and lender agree that in the event of a default by the landlord, the tenant will recognize and acknowledge the lender as the new owner of the property. This means that the tenant agrees to continue paying rent and comply with all lease obligations, even if the ownership of the property changes hands due to foreclosure or other circumstances. Keywords: Wake North Carolina, Subordination and Attornment Agreement, landlord, tenant, lender, commercial real estate lease, mortgage, deed of trust, leasehold interest, default, rent, ownership, foreclosure. There are various types of Wake North Carolina Subordination and Attornment Agreements that may be used depending on the specific circumstances and parties involved. Some common variations include: 1. Wake North Carolina Subordination and Attornment Agreement Landlordor— - Tenant - Lender (Standard): This is the basic agreement that outlines the subordination and attornment process and obligations between the landlord, tenant, and lender. 2. Wake North Carolina Subordination and Attornment Agreement Landlordor— - Tenant - Lender (Modified): This type of agreement may include additional provisions or modifications to suit specific requirements or unique situations. 3. Wake North Carolina Subordination and Attornment Agreement — Commercial Lease Assignment: This agreement is used when there is a lease assignment involved, where the tenant's rights and obligations are transferred to a new tenant, along with the subordination and attornment provisions. 4. Wake North Carolina Subordination and Attornment Agreement Lendde— - Tenant: In this scenario, the lender takes on the role of the landlord and enters into a direct agreement with the tenant to secure their leasehold rights in case of default or foreclosure. It's essential to consult with a legal professional experienced in Wake North Carolina real estate laws to draft or review a Subordination and Attornment Agreement to ensure compliance with local regulations and protect all parties' rights and interests.
Wake North Carolina Subordination and Attornment Agreement - Landlord - Tenant - Lender
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