Oklahoma Attornment Agreement between Lessor and Sublessee of Lessee

• Category: Landlord Tenant - Subordination
• State: Multi-State
• Control #: US-0187BG
• Format: Word; Rich Text

Description

This form is an attornment agreement between lessor and sublessee of lease. The Oklahoma Attornment Agreement between Lessor and Sublessee of Lessee is a legally binding document that governs the relationship between the lessor (original landlord) and the sublessee (tenant's tenant) in Oklahoma. This agreement outlines the terms and conditions under which the sublessee agrees to recognize and attorn to the lessor in the event of a lease transfer, change in ownership, or default by the original lessee. The purpose of an attornment agreement is to ensure a smooth transition of tenant rights and obligations during various circumstances. It protects the interests of both the lessor and sublessee, establishing clear guidelines for their relationship and continuity of lease terms. It's important to note that there may be different types of Oklahoma Attornment Agreements, each serving specific purposes. The most common types include: 1. Assignment Attornment Agreement: This type of attornment agreement is used when the original lessee assigns their entire interest in the lease to a sublessee. In this scenario, the sublessee takes over the lease entirely, assuming all rights, obligations, and responsibilities of the original lessee towards the lessor. 2. Subordination Attornment Agreement: In situations where the original lessee mortgages or pledges their leasehold interest as collateral for a loan, this agreement may be required. It establishes that the sublessee recognizes the lender's rights in the lease and agrees to subordinate their interest to the lender's lien or mortgage. 3. Non-Disturbance Attornment Agreement: This type of agreement is typically used in commercial leases when a lender requires protection for a tenant in the event of foreclosure or sale of the leased property. The lessor and sublessee enter into an agreement where the lender agrees not to disturb the sublessee's right to occupy the premises, allowing them to continue their tenancy undisturbed. Regardless of the type, an Oklahoma Attornment Agreement between Lessor and Sublessee of Lessee typically includes key provisions such as the effective date of the agreement, details of the lease assignment or mortgage, acknowledgment of the sublessee's attornment to the lessor or lender, and any specific terms or conditions related to the transfer or foreclosure process. It is essential for both the lessor and sublessee to thoroughly review and understand the terms of the Attornment Agreement before signing, as it will define their respective rights and obligations in the event of any unforeseen circumstances involving the original lease. Consulting with legal professionals or real estate experts can provide further guidance and ensure that the agreement is tailored to the specific needs and requirements of all parties involved.

The Oklahoma Attornment Agreement between Lessor and Sublessee of Lessee is a legally binding document that governs the relationship between the lessor (original landlord) and the sublessee (tenant's tenant) in Oklahoma. This agreement outlines the terms and conditions under which the sublessee agrees to recognize and attorn to the lessor in the event of a lease transfer, change in ownership, or default by the original lessee. The purpose of an attornment agreement is to ensure a smooth transition of tenant rights and obligations during various circumstances. It protects the interests of both the lessor and sublessee, establishing clear guidelines for their relationship and continuity of lease terms. It's important to note that there may be different types of Oklahoma Attornment Agreements, each serving specific purposes. The most common types include: 1. Assignment Attornment Agreement: This type of attornment agreement is used when the original lessee assigns their entire interest in the lease to a sublessee. In this scenario, the sublessee takes over the lease entirely, assuming all rights, obligations, and responsibilities of the original lessee towards the lessor. 2. Subordination Attornment Agreement: In situations where the original lessee mortgages or pledges their leasehold interest as collateral for a loan, this agreement may be required. It establishes that the sublessee recognizes the lender's rights in the lease and agrees to subordinate their interest to the lender's lien or mortgage. 3. Non-Disturbance Attornment Agreement: This type of agreement is typically used in commercial leases when a lender requires protection for a tenant in the event of foreclosure or sale of the leased property. The lessor and sublessee enter into an agreement where the lender agrees not to disturb the sublessee's right to occupy the premises, allowing them to continue their tenancy undisturbed. Regardless of the type, an Oklahoma Attornment Agreement between Lessor and Sublessee of Lessee typically includes key provisions such as the effective date of the agreement, details of the lease assignment or mortgage, acknowledgment of the sublessee's attornment to the lessor or lender, and any specific terms or conditions related to the transfer or foreclosure process. It is essential for both the lessor and sublessee to thoroughly review and understand the terms of the Attornment Agreement before signing, as it will define their respective rights and obligations in the event of any unforeseen circumstances involving the original lease. Consulting with legal professionals or real estate experts can provide further guidance and ensure that the agreement is tailored to the specific needs and requirements of all parties involved.