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Oklahoma City
Subordination...

Oklahoma City Oklahoma Subordination, Non-Disturbance, and Attornment Agreement of a Lease regarding a Commercial Loan

Category:

Loans and Lending

State:

Multi-State

City:

Oklahoma City

Control #:

US-1176BG

Format:

Word;

Rich Text

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Description

The main purpose of this document is to subordinate the lease to the deed of trust or mortgage (if applicable), and have the tenant agree to be bound by the lease to a new owner in the event of foreclosure.

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Interesting Questions

What happens if the landlord doesn’t want to sign this agreement?

If the landlord is hesitant, it’s best to discuss your concerns. This agreement is beneficial for both sides, as it increases security and peace of mind for you as a tenant.

Do I need to sign this agreement if I’m renting commercial space?

Yes, it's a good idea to sign it, especially if you're renting space for your business. It protects you and clarifies everyone's roles in case of issues.

What does 'attornment' refer to?

Attornment means you'll recognize a new landlord if the original one sells the property or goes bankrupt. You’ll keep your lease agreement intact with the new owner.

What does 'non-disturbance' mean?

Non-disturbance is a fancy way of saying you won't be ousted from your space if things go south for the landlord. Your right to stay is protected, as long as you uphold your lease.

Why is this agreement important for my commercial lease in Oklahoma City?

This agreement is key because it protects your business. It ensures that if the landlord runs into financial trouble, your rights as a tenant remain intact and you won’t be kicked out unexpectedly.

What is a Subordination, Non-Disturbance, and Attornment Agreement?

It's a legal document that helps define the relationship between a tenant, a landlord, and a lender, making sure everyone knows their rights when it comes to leasing a property.

What happens if my commercial lease doesn't have an SNDA?

If you don’t have an SNDA, you risk losing your lease rights if the landlord defaults. You may have to pack up and leave, so it’s vital to have one in place.