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 New York Nondisturbance and Attornment Agreement with a landlord is a legally binding document that protects a tenant's rights in the event of a foreclosure or transfer of property ownership. This agreement is particularly beneficial for commercial tenants leasing space in high-rise buildings, shopping centers, or other multi-tenant properties. It ensures that tenants can continue their business operations undisturbed by any changes in property ownership. The New York Nondisturbance and Attornment Agreement consists of three essential elements: 1. Nondisturbance: This part of the agreement guarantees that, regardless of the landlord's financial situation or change of ownership, the tenant's right to occupy the premises will not be disrupted. It prevents the new property owner or lender from interfering with the tenant's leasehold interest. 2. Attornment: The attornment clause requires the tenant to recognize and accept the new property owner or lender as their new landlord, and agree to continue paying rent and performing other lease obligations. Essentially, the tenant acknowledges their relationship with the new landlord in case of foreclosure or property transfer. 3. Estoppel Certificate: An estoppel certificate is a critical component of this agreement. It is a statement signed by the tenant that confirms the tenant's understanding of the lease terms, their rental and payment history, outstanding or current lease obligations, and any other relevant information. The estoppel certificate provides the new property owner or lender with an accurate snapshot of the tenant's relationship with the previous landlord. There are various types of New York Nondisturbance and Attornment Agreements with landlords, catering to specific scenarios: 1. Single-Tenant Agreements: Such agreements are applicable when there is only one tenant occupying the property. It ensures that the tenant's rights to the premises and lease obligations remain intact throughout any ownership changes. 2. Multi-Tenant Agreements: Multi-tenant agreements come into play when there are multiple tenants within a property, like in a shopping center or office building. Each tenant signs an individual agreement which outlines their specific lease protection terms. 3. Subordination Agreements: In certain cases, tenants may be required to sign New York Nondisturbance and Attornment Agreements that include a subordination clause. This clause states that the tenant's lease is subordinate to any existing or future mortgages, thereby providing additional security for creditors or lenders. Overall, a New York Nondisturbance and Attornment Agreement with a landlord ensures that tenants can carry on their business operations smoothly despite any changes in property ownership, foreclosure, or transfer. It provides stability, protection, and a legally enforceable framework for tenants to continue their lease obligations without any interruption.
