10.07.2015 Views

subordination, nondisturbance and attornment agreements

subordination, nondisturbance and attornment agreements

subordination, nondisturbance and attornment agreements

SHOW MORE
SHOW LESS

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

EXHIBIT “A”SUBORDINATION, NONDISTURBANCEAND ATTORNMENT AGREEMENTNOTICE: THIS SUBORDINATION, NONDISTURBANCE AND ATTORNMENTAGREEMENT RESULTS IN YOUR LEASEHOLD ESTATE BECOMING SUBJECT TO AND OFLOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT.This Subordination, Nondisturbance <strong>and</strong> Attornment Agreement (“Agreement”) is entered into asof the _____ day of ______________, 200__, by <strong>and</strong> among _____________________ (“Tenant”),_____________________ (“Borrower”) <strong>and</strong> _____________________ (“Bank”).Factual BackgroundA. Borrower is the owner of certain real property located in the City of_____________________, County of _____________________, State of Texas, (IF APPLICABLE)[commonly known as _____________________,] <strong>and</strong> more particularly described in the attached ExhibitA. As used here, the term “Property” means that real property, together with all improvements (the“Improvements”) located on it.B. Bank has (CHOOSE ONE) [agreed to make/made] a loan to Borrower in the principalamount of $_____________________ (the “Loan”), as provided in a (CHOOSE ONE)[construction/st<strong>and</strong>ing/l<strong>and</strong>] loan agreement dated _____________________, 20___ (the “LoanAgreement”). The Loan is or is to be evidenced by a promissory note (the “Note”) which is or is to besecured by a deed of trust encumbering the Property (the “Deed of Trust”). The Loan Agreement, theNote, the Deed of Trust, <strong>and</strong> all other documents <strong>and</strong> instruments identified in the Loan Agreement as“Loan Documents,” including this Agreement, shall be collectively referred to here as the “LoanDocuments.”C. Tenant <strong>and</strong> Borrower (as L<strong>and</strong>lord) entered into a lease dated _____________________,20___ (the “Lease”), under which Borrower leased to Tenant a portion of the Improvements locatedwithin the Property, (IF APPLICABLE) [commonly known as ________________________,] <strong>and</strong> moreparticularly described in the Lease (the “Premises”).D. Bank is willing to make or continue the Loan to Borrower, provided that Tenant agrees,among other things, to subordinate Tenant's rights under the Lease to the lien or charge of the LoanDocuments <strong>and</strong> to attorn to Bank on the terms <strong>and</strong> conditions of this Agreement. Tenant is willing toagree to such <strong>subordination</strong> <strong>and</strong> <strong>attornment</strong> <strong>and</strong> other conditions, provided that Bank agrees not to disturbTenant's possession under the Lease, all as set forth more fully below.Therefore, the parties agree as follows:Agreement1. Subordination. The Loan Documents, <strong>and</strong> all supplements, amendments, modifications,renewals, replacements <strong>and</strong> extensions of <strong>and</strong> to them, shall unconditionally be <strong>and</strong> remain at all times alien or charge on the Property prior <strong>and</strong> superior to the Lease, to the leasehold estate created by it, <strong>and</strong> toall rights <strong>and</strong> privileges of Tenant under it. The Lease <strong>and</strong> leasehold estate, together with all rights <strong>and</strong>privileges of Tenant under the Lease, are hereby unconditionally subjected <strong>and</strong> made subordinate to thelien or charge of the Loan Documents in favor of Bank. Tenant consents to Borrower's <strong>and</strong> Bank'sD-SNDAs 11-10-07 - 22 -

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!