Minnesota Disposición de pago en un subarrendamiento - Attornment Provision in a Sublease

• Category: Propietario Inquilino - Arrendamientos comerciales - Alaska
• State: Multi-State
• Control #: US-OL2004
• Format: Word

Description

Negociación y Redacción de Arrendamientos de Oficinas The Minnesota Attornment Provision in a sublease is a legal clause that establishes the tenant's agreement to recognize a new landlord or owner in the event the property is sold or the original lease is transferred. This provision is especially significant for subtenants, as it ensures that their lease remains valid even if the property changes ownership. In Minnesota, there are primarily two types of Attornment Provisions commonly used in subleases: the Automatic Attornment Provision and the Condition Precedent Attornment Provision. 1. Automatic Attornment Provision: Under an Automatic Attornment Provision, the subtenant agrees to recognize and accept the new landlord automatically upon the sale or transfer of the property. This means that the subtenant's responsibilities and rights under the sublease remain intact without any additional requirements or conditions. For instance, if the subtenant has a three-year sublease agreement under an Automatic Attornment Provision and the landlord sells the property during the second year, the subtenant would transition to the new owner seamlessly. The subtenant would continue paying rent and fulfilling their obligations under the original sublease agreement, now with the new owner as their landlord. 2. Condition Precedent Attornment Provision: In contrast to the Automatic Attornment Provision, the Condition Precedent Attornment Provision imposes a condition that must be fulfilled before the subtenant recognizes the new landlord. This condition is typically a written notice or a specific process that the subtenant must follow once the property is sold or transferred. For example, a subtenant with a Condition Precedent Attornment Provision in their sublease may be required to receive a written notice from the new landlord within a specified timeframe and subsequently sign an attornment agreement. Only after fulfilling these conditions would the subtenant recognize the new landlord and continue with their lease obligations. It is essential for subtenants in Minnesota to review and fully understand the Attornment Provision in their sublease agreement. By doing so, they can be aware of the potential changes in ownership and ensure the continuity of their lease rights and obligations under the new landlord. Please note that the Attornment Provision may vary between sublease agreements, and it is always recommended seeking legal advice or consult with professionals experienced in Minnesota real estate law to fully comprehend the specific terms and implications.

The Minnesota Attornment Provision in a sublease is a legal clause that establishes the tenant's agreement to recognize a new landlord or owner in the event the property is sold or the original lease is transferred. This provision is especially significant for subtenants, as it ensures that their lease remains valid even if the property changes ownership. In Minnesota, there are primarily two types of Attornment Provisions commonly used in subleases: the Automatic Attornment Provision and the Condition Precedent Attornment Provision. 1. Automatic Attornment Provision: Under an Automatic Attornment Provision, the subtenant agrees to recognize and accept the new landlord automatically upon the sale or transfer of the property. This means that the subtenant's responsibilities and rights under the sublease remain intact without any additional requirements or conditions. For instance, if the subtenant has a three-year sublease agreement under an Automatic Attornment Provision and the landlord sells the property during the second year, the subtenant would transition to the new owner seamlessly. The subtenant would continue paying rent and fulfilling their obligations under the original sublease agreement, now with the new owner as their landlord. 2. Condition Precedent Attornment Provision: In contrast to the Automatic Attornment Provision, the Condition Precedent Attornment Provision imposes a condition that must be fulfilled before the subtenant recognizes the new landlord. This condition is typically a written notice or a specific process that the subtenant must follow once the property is sold or transferred. For example, a subtenant with a Condition Precedent Attornment Provision in their sublease may be required to receive a written notice from the new landlord within a specified timeframe and subsequently sign an attornment agreement. Only after fulfilling these conditions would the subtenant recognize the new landlord and continue with their lease obligations. It is essential for subtenants in Minnesota to review and fully understand the Attornment Provision in their sublease agreement. By doing so, they can be aware of the potential changes in ownership and ensure the continuity of their lease rights and obligations under the new landlord. Please note that the Attornment Provision may vary between sublease agreements, and it is always recommended seeking legal advice or consult with professionals experienced in Minnesota real estate law to fully comprehend the specific terms and implications.

Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.