Subordination Non-disturbance And Attornment Agreement Form

State:
Multi-State
Control #:
US-0734-WG
Format:
Word; 
Rich Text
Instant download

Description

The Subordination Non-Disturbance and Attornment Agreement form is a legal document that establishes the relationship between a tenant, a lender, and a borrower in a secured loan context. This form allows the lender to have a first priority claim on the property while ensuring that the tenant's rights under their lease are not disturbed, as long as they comply with the lease terms. Key features include the subordination of the lease to the lien of the deed of trust, provisions for the tenant to attorn to the lender in case of foreclosure, and limitations on the lender's liability regarding prior landlords. It is important for users to complete all fields accurately and ensure all parties sign and date the document properly for it to be valid. Specific use cases of this form are beneficial for attorneys handling real estate transactions, partners in real estate firms, owners of commercial properties, associates managing lease agreements, paralegals supporting the legal staff, and legal assistants facilitating document preparation. The form serves to protect the interests of all parties involved by clarifying their obligations and rights in relation to the property and loan.
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  • Preview Subordination Nondisturbance and Attornment Agreement
  • Preview Subordination Nondisturbance and Attornment Agreement
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FAQ

To transfer allegiance or do homage to a new lord. Collins English Dictionary. Copyright © HarperCollins Publishers. Derived forms. attornment (at02c8tornment)

An attornment occurs when the title to an immovable property is transferred from the hands of one lessor to another. In such cases, the existing lessor will usually send a letter of attornment to the lessee notifying him of such sale and request him to make all further lease payments directly to the new lessor.

Put simply, a subordination agreement is a legal agreement which establishes one debt as ranking behind another debt in the priority for collecting repayment from a debtor.

Essentially, consideration is what must be given up by each party when making an agreement. It may be means of doing or not doing an act or simply promising to do or not do an act. It's a benefit to one party and a detriment to the other party.

Despite its technical-sounding name, the subordination agreement has one simple purpose. It assigns your new mortgage to first lien position, making it possible to refinance with a home equity loan or line of credit. Signing your agreement is a positive step forward in your refinancing journey.

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Subordination Non-disturbance And Attornment Agreement Form