"Subordination Nondisturbance and Attorney Agreement Form and Alternative Provisions" is a American Lawyer Media form. This form is for subordination nondisturbance and attorney agreement form and alternative provisions.
Guam Subordination Nondisturbance and Attorney Agreement Form, also known as SN DAA, is a legal document that defines the rights and responsibilities of different parties involved in a property lease transaction. This agreement is commonly used in real estate deals where the property is subject to a mortgage or loan. The Guam SN DAA typically involves three key parties: the tenant (also referred to as the subtenant), the landlord, and the lender. Its purpose is to protect the rights and interests of all parties involved in case of a default on the mortgage or loan. The agreement ensures that the tenant's occupancy and leasehold interests will be protected even if the landlord defaults on their loan obligations. The primary provisions covered in a Guam Subordination Nondisturbance and Attorney Agreement Form include: 1. Subordination: This provision states that the tenant agrees to subordinate their leasehold rights to the mortgage or loan and recognizes that the lender has a superior priority over the property. 2. Nondisturbance: This clause ensures that in the event of a foreclosure or any action taken by the lender against the landlord, the tenant's rights to the property will not be disturbed, and they can continue their occupancy undisturbed. 3. Attornment: This provision obligates the tenant to recognize and accept a new landlord if the property is acquired through foreclosure or any other means by the lender. The tenant agrees to attorn to the new landlord and continue making rental payments. In addition to these primary provisions, Alternative Provisions may also be included based on the specific requirements of the parties involved. These alternative provisions can address various scenarios or additional agreements between the tenant, landlord, and lender. Examples of alternative provisions can include: 1. Estoppel Certificate: This provision requires the tenant to confirm the accuracy of certain lease-related information, such as the lease term, rental amount, and any lease concessions. 2. Lease Termination: This provision outlines the circumstances under which the lease can be terminated by either party, such as default on rental payments or breach of lease terms. 3. Insurance Requirements: This clause may specify the type and minimum coverage of insurance the tenant is required to maintain throughout the lease period. 4. Subrogation Waiver: This provision states that the tenant waives their right to claim against the lender for any damages caused by the lender's actions. It is essential to note that while a Guam Subordination Nondisturbance and Attorney Agreement Form is a standardized document, there might be variations in the language and provisions used by different lenders or legal professionals. Therefore, it is always advisable to review the specific terms and provisions mentioned in the agreement before signing.
