Puerto Rico Sample Subordination, Nondisturbance and Attornment Agreement

• Category: Corporations - Public
• State: Multi-State
• Control #: US-EG-9472
• Format: Word; Rich Text

Description

Subordination, Non-Disturbance and Attornment Agreement between 233 Broadway Owners LLC, Organic and Lehman Brothers Holding, Inc. regarding assurances of possession of premises dated 00/99. 5 pages. A Puerto Rico Sample Subordination, Nondisturbance, and Attornment Agreement is a legal document that outlines the relationship between a tenant, landlord, and lender in a commercial property lease. This agreement is crucial in situations where a tenant's lease may be at risk due to foreclosure or any other issues affecting the landlord's ownership of the property. By entering into this agreement, the tenant ensures that their rights remain protected even in such circumstances. The Puerto Rico Sample Subordination, Nondisturbance, and Attornment Agreement consists of three main components: 1. Subordination: This clause identifies the tenant's consent to subordinate their lease rights to the rights of the lender. In other words, the tenant agrees that the lender's interest takes precedence over their lease agreement in case of foreclosure or any other default by the landlord. Subordination is typically required by lenders to protect their investment. 2. Nondisturbance: This clause guarantees that as long as the tenant fulfills its obligations under the lease agreement, the lender will not disturb the tenant's possession and rights to the premises. It provides the tenant with some level of security, ensuring that the lender will not terminate the lease prematurely or interfere with the tenant's business operations. 3. Attornment: This clause obligates the tenant to recognize and accept the lender or any successor as the new landlord in the event of a foreclosure or change in ownership. The tenant agrees to attorn and adhere to the terms and conditions of their lease with the new landlord, providing continuity of lease obligations and preventing disruptions to the tenant's business. Although there may not be different types of Puerto Rico Sample Subordination, Nondisturbance, and Attornment Agreements per se, their contents can vary depending on specific lease agreements and circumstances. Some agreements may include additional specific provisions tailored to the tenant, landlord, or lender's requirements. In summary, a Puerto Rico Sample Subordination, Nondisturbance, and Attornment Agreement is an essential legal document that creates a framework of rights and obligations for tenants, landlords, and lenders, particularly in commercial property leases. It ensures that tenants' rights are protected during foreclosure or changes in ownership scenarios, securing their occupancy and providing them with some level of peace of mind in leasehold situations.

A Puerto Rico Sample Subordination, Nondisturbance, and Attornment Agreement is a legal document that outlines the relationship between a tenant, landlord, and lender in a commercial property lease. This agreement is crucial in situations where a tenant's lease may be at risk due to foreclosure or any other issues affecting the landlord's ownership of the property. By entering into this agreement, the tenant ensures that their rights remain protected even in such circumstances. The Puerto Rico Sample Subordination, Nondisturbance, and Attornment Agreement consists of three main components: 1. Subordination: This clause identifies the tenant's consent to subordinate their lease rights to the rights of the lender. In other words, the tenant agrees that the lender's interest takes precedence over their lease agreement in case of foreclosure or any other default by the landlord. Subordination is typically required by lenders to protect their investment. 2. Nondisturbance: This clause guarantees that as long as the tenant fulfills its obligations under the lease agreement, the lender will not disturb the tenant's possession and rights to the premises. It provides the tenant with some level of security, ensuring that the lender will not terminate the lease prematurely or interfere with the tenant's business operations. 3. Attornment: This clause obligates the tenant to recognize and accept the lender or any successor as the new landlord in the event of a foreclosure or change in ownership. The tenant agrees to attorn and adhere to the terms and conditions of their lease with the new landlord, providing continuity of lease obligations and preventing disruptions to the tenant's business. Although there may not be different types of Puerto Rico Sample Subordination, Nondisturbance, and Attornment Agreements per se, their contents can vary depending on specific lease agreements and circumstances. Some agreements may include additional specific provisions tailored to the tenant, landlord, or lender's requirements. In summary, a Puerto Rico Sample Subordination, Nondisturbance, and Attornment Agreement is an essential legal document that creates a framework of rights and obligations for tenants, landlords, and lenders, particularly in commercial property leases. It ensures that tenants' rights are protected during foreclosure or changes in ownership scenarios, securing their occupancy and providing them with some level of peace of mind in leasehold situations.