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 Rhode Island Nondisturbance and Attornment Agreement with the landlord is a legally binding contract that protects a tenant's rights in the event of a foreclosure on the property they are leasing. This agreement ensures that, even if the property owner defaults on their mortgage and the lender forecloses, the tenant's lease will remain intact, and the new owner or successor landlord will honor the terms and conditions of the existing lease. A Nondisturbance and Attornment Agreement offers crucial protection to tenants in Rhode Island, as it safeguards their occupancy rights and helps maintain business continuity in case of foreclosure. This agreement becomes particularly important for commercial tenants who have invested time and resources into establishing their businesses in the leased space. Different types of Rhode Island Nondisturbance and Attornment Agreements may include: 1. Commercial Nondisturbance and Attornment Agreement: This agreement is primarily for commercial tenants, such as retail stores, restaurants, or office spaces. It ensures that their rights are respected, even during a foreclosure situation, offering peace of mind and continuity for their business operations. 2. Residential Nondisturbance and Attornment Agreement: This type of agreement is geared towards residential tenants, safeguarding their rights and lease terms if the property owner faces foreclosure. It ensures that tenants can continue living in their rented homes without disruption, even under new ownership. 3. Subordination, Nondisturbance, and Attornment Agreement (SODA): This comprehensive agreement combines three key components. "Subordination" clarifies the priority of interests, stating that the tenant's lease is secondary to the lender's mortgage. "Nondisturbance" ensures that the tenant's rights and lease remain unaffected in case of foreclosure. "Attornment" requires the tenant to acknowledge and accept the new property owner or successor landlord as their new landlord. By entering into a Rhode Island Nondisturbance and Attornment Agreement, tenants gain security and stability in their leasehold interests, as it establishes a direct relationship with the lender or new landlord. This agreement offers significant protection to tenants, helping them avoid displacement, lease modification, or unexpected eviction due to foreclosure.
