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 Virginia Nondisturbance and Attornment Agreement with a landlord is a legally binding document that is commonly used in commercial real estate transactions. This agreement is designed to protect the interests of tenants by ensuring that their leases will not be disturbed in the event of a foreclosure on the landlord's property. In Virginia, there are various types of Nondisturbance and Attornment Agreements that tenants may encounter, including: 1. Standard Nondisturbance and Attornment Agreement: This is the most common type of agreement, wherein the tenant and the landlord agree that in the event of a foreclosure, the tenant's lease will continue with the new owner of the property. This provides the tenant with peace of mind that they will not be forced to vacate the premises or be subjected to any detrimental changes to their lease terms. 2. Subordination Nondisturbance and Attornment Agreement: In certain cases, the tenant's lease may be subject to a mortgage or other lien held by the landlord's lender. A subordination agreement is executed to acknowledge that the tenant's lease will be subordinate to the mortgage or lien, but in return, the lender agrees to honor the terms of the lease in the event of a foreclosure. 3. Recognition Nondisturbance and Attornment Agreement: This type of agreement typically arises when a tenant's lease predates a mortgage or lien on the property. The recognition agreement is executed between the tenant and the lender, acknowledging the tenant's right to remain on the premises and continue their lease in the event of foreclosure. The Virginia Nondisturbance and Attornment Agreement with a landlord generally includes the following elements: a. Parties involved: The agreement will identify the tenant, the landlord, and any relevant lenders or third parties involved in the transaction. b. Lease terms preservation: The agreement assures the tenant that their lease will remain intact and enforceable despite any change in ownership of the property through foreclosure. c. Tenant obligations: The agreement may specify the tenant's responsibilities to continue paying rent and complying with lease obligations in the event of foreclosure. d. Notice requirements: The parties may establish procedures for providing notice in case of foreclosure or any other material event that could impact the tenant's lease. e. Legal remedies: The agreement may outline the legal remedies available to the tenant in the event of the landlord's default or failure to honor the terms of the agreement. Virginia Nondisturbance and Attornment Agreements are crucial for commercial tenants, as they provide reassurances that their lease rights will be respected and protected even if the landlord faces financial difficulties. Tenants should carefully review and consider these agreements to safeguard their interests in commercial real estate transactions.
