A Michigan Non-Disturbance and Attornment Agreement (NDA) is a legal document that establishes the rights and responsibilities of tenants and lenders in the event of a foreclosure on a property. In simple terms, it is an agreement between a tenant and a lender, which guarantees that the tenant's lease will be honored even if the property changes ownership. The purpose of a Michigan NDA is to protect tenants from having their lease agreements disrupted due to a foreclosure. It ensures that the tenant can continue to occupy the premises and fulfill their obligations under the lease, regardless of who owns the property. One of the key elements of a Michigan NDA is the non-disturbance clause. This clause ensures that the lender will not disturb the tenant's rights to occupy the property as long as the tenant continues to comply with the lease agreement. It provides the tenant with security and stability during the foreclosure process and subsequent change in ownership. Another important aspect of a Michigan NDA is the attornment clause. This clause obligates the tenant to recognize and accept the new owner as their landlord, even if the property is foreclosed upon. It ensures that the tenant will continue to pay rent and fulfill their lease obligations to the new owner. There are different types of Michigan NDA depending on the specific situation. For example, a tenant who enters into a lease agreement with the landlord after a mortgage has been recorded on the property may need a Tenant NDA. On the other hand, a lender providing financing to a property may require a Borrower NDA to protect their interests in case of a foreclosure. Overall, a Michigan Non-Disturbance and Attornment Agreement is a critical legal protection for tenants in the event of a foreclosure. It ensures continuity of occupancy and obligates the tenant to recognize the new property owner as their landlord.
Michigan Non-Disturbance and Attornment Agreement
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