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 Wisconsin Nondisturbance and Attornment Agreement With Landlord is a legal document that establishes certain rights and protections for tenants in the event of a foreclosure or change in ownership of the property they are leasing. This agreement aims to ensure that the tenant's lease rights are respected and honored by the new owner or the lender who acquires the property through foreclosure. The primary purpose of a Wisconsin Nondisturbance and Attornment Agreement is to provide a tenant with the assurance that, even if the landlord defaults on their mortgage or the property is foreclosed upon, their lease will remain in effect and their tenancy rights will be upheld. This legal arrangement protects tenants from sudden eviction or disruptions to their occupancy due to a change in ownership. Keywords: Wisconsin, Nondisturbance and Attornment Agreement, Landlord, lease rights, foreclosure, change in ownership, tenants, mortgage default, eviction, tenancy rights, legal arrangement. There are two main types of Nondisturbance and Attornment Agreements that can be found in Wisconsin: 1. Tenant Nondisturbance Agreement: In this type of agreement, the tenant and the landlord establish a legally binding understanding that guarantees the tenant's right to continue their lease even in the event of foreclosure or transfer of ownership. The agreement ensures that the new owner or lender is obligated to recognize and honor the existing lease, and the tenant's rights remain unaffected. 2. Subordination and Attornment Agreement: This agreement is commonly signed between a tenant, landlord, and lender. It establishes that the lender's mortgage or deed of trust takes priority over the tenant's lease. It also specifies that in the event of foreclosure, the tenant will attorn (except) the new owner as their landlord and continue to comply with the lease terms. By signing this agreement, the tenant acknowledges the subordination of their lease rights to the lender's mortgage. It is crucial for tenants in Wisconsin to have a Nondisturbance and Attornment Agreement in place to protect themselves in case of unforeseen circumstances. This agreement provides them with stability and security, ensuring that their lease remains unaffected regardless of changes in property ownership or foreclosure proceedings.
