Puerto Rico 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 Puerto Rico Attornment Provision in a Sublease: A Comprehensive Explanation In the realm of real estate leasing, a significant legal concept arises — the Puerto Rico Attornment Provision in a Sublease. This provision establishes a relationship between a subtenant and the owner of a property in Puerto Rico, ensuring a smooth transition in the event that the primary lease between the owner (master landlord) and the tenant (master tenant) is terminated for any reason. By including an attornment provision in a sublease agreement, all parties involved can safeguard their interests and address potential complications that may arise in such situations. An attornment provision in a sublease agreement essentially requires the subtenant to recognize the owner of the property as their landlord and to continue their lease obligations directly with the owner in the event that the primary lease is terminated. This provision also highlights the subtenant's requirement to cooperate with any new lease terms established by the owner, ensuring a seamless transition and avoiding potential disruptions to the subtenant's occupancy rights. Types of Puerto Rico Attornment Provisions in a Sublease: 1. Absolute Attornment Provision: This type of attornment provision in a sublease mandatory requires the subtenant to recognize the owner (master landlord) as their direct landlord, irrespective of any conditions or situations that may arise during the lease term. In other words, even if the master lease is terminated, the subtenant remains bound to the owner and must comply with the new lease terms specified. 2. Conditional Attornment Provision: Unlike the absolute attornment provision, this type of attornment provision places certain conditions on the subtenant's acknowledgment of the owner as their landlord. It allows the subtenant to recognize the owner as their landlord only after certain specified events occur. These events could include the termination of the master lease, the subtenant being provided notice by the owner, or the fulfillment of any other condition agreed upon in the sublease agreement. 3. Partial Attornment Provision: In some instances, a sublease may incorporate a provision requiring the subtenant to only partially attorn to the owner, acknowledging them as a direct landlord for certain aspects of the lease. For instance, the subtenant may be required to directly pay rent to the owner but continue other lease obligations with the master tenant. 4. Temporary Attornment Provision: This provision enables the subtenant to temporarily attorn to the owner for a specific period mentioned in the sublease agreement. Once that specified timeframe comes to an end, the subtenant's obligations will revert to the master tenant. This provision can be relevant in situations where the master lease is under negotiation for renewal or in other transitional periods. Ensuring the presence of a well-drafted Puerto Rico Attornment Provision in a Sublease agreement is crucial for all parties involved. It serves as a protective measure, providing a clear framework to navigate the complex scenarios that may arise due to the termination of the primary lease. Therefore, when entering into a sublease agreement in Puerto Rico, it is advisable to carefully consider the type of attornment provision included to best protect one's rights and responsibilities.

Puerto Rico Attornment Provision in a Sublease: A Comprehensive Explanation In the realm of real estate leasing, a significant legal concept arises — the Puerto Rico Attornment Provision in a Sublease. This provision establishes a relationship between a subtenant and the owner of a property in Puerto Rico, ensuring a smooth transition in the event that the primary lease between the owner (master landlord) and the tenant (master tenant) is terminated for any reason. By including an attornment provision in a sublease agreement, all parties involved can safeguard their interests and address potential complications that may arise in such situations. An attornment provision in a sublease agreement essentially requires the subtenant to recognize the owner of the property as their landlord and to continue their lease obligations directly with the owner in the event that the primary lease is terminated. This provision also highlights the subtenant's requirement to cooperate with any new lease terms established by the owner, ensuring a seamless transition and avoiding potential disruptions to the subtenant's occupancy rights. Types of Puerto Rico Attornment Provisions in a Sublease: 1. Absolute Attornment Provision: This type of attornment provision in a sublease mandatory requires the subtenant to recognize the owner (master landlord) as their direct landlord, irrespective of any conditions or situations that may arise during the lease term. In other words, even if the master lease is terminated, the subtenant remains bound to the owner and must comply with the new lease terms specified. 2. Conditional Attornment Provision: Unlike the absolute attornment provision, this type of attornment provision places certain conditions on the subtenant's acknowledgment of the owner as their landlord. It allows the subtenant to recognize the owner as their landlord only after certain specified events occur. These events could include the termination of the master lease, the subtenant being provided notice by the owner, or the fulfillment of any other condition agreed upon in the sublease agreement. 3. Partial Attornment Provision: In some instances, a sublease may incorporate a provision requiring the subtenant to only partially attorn to the owner, acknowledging them as a direct landlord for certain aspects of the lease. For instance, the subtenant may be required to directly pay rent to the owner but continue other lease obligations with the master tenant. 4. Temporary Attornment Provision: This provision enables the subtenant to temporarily attorn to the owner for a specific period mentioned in the sublease agreement. Once that specified timeframe comes to an end, the subtenant's obligations will revert to the master tenant. This provision can be relevant in situations where the master lease is under negotiation for renewal or in other transitional periods. Ensuring the presence of a well-drafted Puerto Rico Attornment Provision in a Sublease agreement is crucial for all parties involved. It serves as a protective measure, providing a clear framework to navigate the complex scenarios that may arise due to the termination of the primary lease. Therefore, when entering into a sublease agreement in Puerto Rico, it is advisable to carefully consider the type of attornment provision included to best protect one's rights and responsibilities.

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.