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Portland
Subordination...

Portland Oregon Subordination, Non-Disturbance, and Attornment Agreement of a Lease regarding a Commercial Loan

Category:

Loans and Lending

State:

Multi-State

City:

Portland

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

How can I make sure my rights are protected in this agreement?

It’s wise to consult a lawyer or real estate professional. They can help you navigate the details, ensuring your business isn’t left in the lurch.

Are there any downsides to signing this type of agreement?

Sometimes, these agreements can have complex language. It’s a good idea to read the fine print, as it may affect your lease conditions or renewal options.

What does 'attornment' mean for my lease?

Attornment is simply agreeing to continue your lease with the new owner if the property is sold. It’s like saying, 'I’m still here, let’s carry on!'

How does the 'non-disturbance' part of the agreement work?

'Non-disturbance' keeps your rights intact, so you can keep operating your business smoothly, regardless of what’s happening with the property's ownership.

Why would I need a Subordination, Non-Disturbance, and Attornment Agreement?

Think of it as a safety net. It protects your business space from being disrupted, even if the property ends up in the hands of someone new.

What is a Subordination, Non-Disturbance, and Attornment Agreement in terms of a lease?

This agreement ensures that if there are changes in ownership or financing on the property, your lease is still safe and sound. It's like hitting a 'pause' button on your rental rights during changes.

How do I negotiate the terms of an SNDA?

Talk openly about your concerns with the landlord and lender. It’s a good idea to have experienced legal help to make sure your interests are covered.