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 Guam Nondisturbance and Attornment Agreement with a landlord, also known as a Guam NDA, is a crucial legal document often included in commercial lease agreements. This agreement provides certain rights and protections to tenants in the event of a change in ownership or financing of the leased property. It ensures that the tenant's occupancy rights will not be disturbed, and that the new owner or lender recognizes and respects the tenant's lease and existing agreements. The Guam Nondisturbance and Attornment Agreement establishes a tripartite relationship between the landlord, the tenant, and the new owner or lender. It safeguards the tenant's interests in case the leased property is sold, foreclosed, or transferred to a different entity. Its purpose is to ensure that the tenant's rights, obligations, and lease provisions remain intact even when there is a change of hands or financial circumstances. There are different types of Guam Nondisturbance and Attornment Agreements, each designed to address specific situations. Some common variations include: 1. Sale and Leaseback Nondisturbance and Attornment Agreement: This type of agreement is employed when the current landlord intends to sell the property and subsequently lease it back from the new owner. The agreement ensures that the tenant's lease remains in effect and that the new owner will honor the terms and conditions. 2. Leasehold Mortgage Nondisturbance and Attornment Agreement: When the landlord uses the leased property as collateral for a mortgage, this agreement protects the tenant by requiring the mortgage lender to recognize and honor the existing lease agreement without interruption, even in the event of foreclosure. 3. Subordination, Non-Disturbance, and Attornment Agreement (SODA): This agreement combines subordination, non-disturbance, and attornment clauses to protect both the lender and the tenant. It establishes the priority of the lender's mortgage over the tenant's lease while ensuring that the tenant's occupancy rights will not be disrupted in case of default or foreclosure. Guam Nondisturbance and Attornment Agreements grant tenants the security and stability they need when leasing commercial properties. They allow businesses to continue their operations uninterrupted regardless of changes in property ownership or financial circumstances. It is crucial for both landlords and tenants in Guam to include these agreements in their commercial lease contracts to safeguard their respective interests and provide a stable business environment.
