"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.
Oregon Subordination Nondisturbance and Attorney Agreement Form, also known as SN DAA, is a legal document that establishes the rights and obligations of parties involved in a subordination agreement. This agreement ensures that the rights and priorities of lenders, tenants, and landlords are protected in the event of a foreclosure or default situation. The primary purpose of an Oregon SN DAA is to establish the conditions under which a tenant's leasehold interest will be protected (nondisturbance) despite a foreclosure on the property. This agreement is crucial for tenants who want reassurance that their lease will be maintained even if the property changes ownership. The form contains various provisions and alternative options that parties can select depending on their specific needs and circumstances. Different types of SN DAA provisions may include: 1. Subordination: Specifies the priority of interests between lenders, typically securing the lender's position as the primary party in case of default. 2. Nondisturbance: Protects the tenant's right to continue occupying the premises and maintain their lease terms in the event of foreclosure. 3. Attornment: Obliges the tenant to recognize and accept the new owner or lender as the landlord if there is a change in ownership. 4. Notice Requirements: Defines the procedures and methods for providing notices related to default, foreclosure, or any other relevant actions. 5. Cure Period: Establishes a grace period for tenants to correct any breaches or defaults in their lease agreements before facing eviction. 6. Estoppel Certificate: Allows the lender or new owner to request a certification from the tenant verifying the terms and status of their lease agreement. 7. Alternative Provisions: Depending on the specific circumstances, parties may include additional clauses or provisions to address individual concerns or unique situations. The Oregon SN DAA is commonly used in commercial real estate transactions where tenants are present, such as retail spaces, offices, or industrial properties. It provides security for both lenders and tenants by clarifying their rights, obligations, and protections in case of default or foreclosure.
