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 Nondisturbance and Attornment Agreement (NDA) with a landlord in Oklahoma is a legal document that protects the rights of a tenant in the event of a foreclosure on the property they rent. This agreement ensures that even if the landlord defaults on their mortgage, the tenant's lease will remain in effect, and they will not be evicted. In Oklahoma, there are two types of Nondisturbance and Attornment Agreements that a tenant may encounter: 1. Tenant's Oklahoma Nondisturbance and Attornment Agreement: This agreement is typically included in the lease contract between the tenant and the landlord. It states that in the event of a foreclosure, the new owner or mortgage holder will recognize the tenant's lease and allow them to continue occupying the property. The tenant's obligations under the lease, such as paying rent, will remain unchanged. 2. Lender's Oklahoma Nondisturbance and Attornment Agreement: This agreement is between the lender, the landlord, and the tenant. It ensures that the tenant will not be disturbed or evicted by the lender if the property undergoes foreclosure. It also binds the tenant to recognize the lender or new owner as the new landlord and to continue fulfilling their lease obligations. For tenants, having a Nondisturbance and Attornment Agreement provides peace of mind, knowing that their occupancy rights will be protected regardless of changes in property ownership. This agreement is particularly important for commercial tenants who invest time and resources into setting up their businesses on the leased premises. The Oklahoma Nondisturbance and Attornment Agreement typically include the following key elements: 1. Identification of the involved parties: The agreement clearly identifies the tenant, landlord, and lender or new owner. 2. Lease recognition: The agreement establishes that the new owner or lender recognizes and will honor the tenant's existing lease terms and conditions. 3. Non-disturbance clause: The agreement ensures that the tenant will not be evicted or disturbed during the foreclosure process or any subsequent changes in property ownership. 4. Attornment clause: This clause requires the tenant to recognize and maintain their lease obligations with the new owner or lender after the foreclosure, including rent payments, maintenance responsibilities, and compliance with lease terms. 5. Subordination clause: This clause states that the tenant's lease is subordinate to the lender's mortgage, meaning that in the event of foreclosure, the mortgage supersedes the lease. It's important for both tenants and landlords in Oklahoma to consult with legal professionals when drafting or reviewing a Nondisturbance and Attornment Agreement to ensure that their rights and obligations are fully protected. This document serves as an essential safeguard, offering stability and continuity for tenants amidst potential changes in property ownership due to foreclosure.
