This office lease form states that the landlord has entered into a certain agreement of lease with the tenant as sublessor. The tenant, as sublessor, has entered into a certain sublease agreement with the sublessee. In the event of termination of the lease, the sublessee agrees to attorn to and accept the landlord as its direct landlord under the lease for the balance then remaining of the term of the Lease, and the sublessee shall assume all of the terms and conditions of the Lease, except that sublessee shall have no liability for any defaults of Tenant prior to the date of attornment.
A detailed description of what is Alabama Nondisturbance and Attornment Agreement With Landlord: In the state of Alabama, a Nondisturbance and Attornment Agreement (NASA) is a legal contract that establishes the rights and obligations of a tenant in the event of a foreclosure on the property they are renting. This agreement ensures that the tenant's lease will be recognized and honored by the new landlord or buyer after the foreclosure, providing the tenant with a certain level of security and stability. The Alabama NASA primarily consists of three key elements: 1. Nondisturbance: This clause outlines that the tenant's rights to occupy the premises will not be disturbed or terminated as a result of a foreclosure. Even if the property changes hands, the tenant will be allowed to continue their lease and enjoy the same benefits they had before the foreclosure occurred. 2. Attornment: This provision states that the tenant agrees to recognize and accept the new landlord or buyer as their landlord following the foreclosure. The tenant commits to paying rent and following the terms of their lease to the new landlord, essentially attorning to them as the successor in interest. 3. Subordination: This clause confirms that the tenant's lease is subordinate to the lien of any mortgage or deed of trust that the landlord has placed on the property. In simpler terms, it means that the tenant understands that the lender's rights take precedence in the event of default or foreclosure, but the tenant's rights will still be protected. There may be different types of Alabama Nondisturbance and Attornment Agreements depending on the specific circumstances. For example, if the property is subject to a ground lease, the NASA would address the rights and obligations of the tenant under that specific agreement. Additionally, in commercial leases, where multiple tenants occupy a building, there may be separate NASA's for each tenant, specifying their individual rights and relationship with the landlord. It is important to note that each Nondisturbance and Attornment Agreement may be unique, tailored to the specific situation and requirements of the parties involved. Tenants and landlords should seek legal counsel to draft or review the terms of the NASA to ensure their interests are adequately protected. Overall, an Alabama Nondisturbance and Attornment Agreement With Landlord provides tenants with peace of mind, recognizing their rights to occupancy and lease terms even in the event of a foreclosure or change in ownership.
