Murfreesboro Tennessee Tenant Estoppel, Subordination, Non-Disturbance, and Attornment Agreement, also known as a TN TEAMS, is a legal document that establishes the rights and obligations between a tenant, landlord, and lender in a commercial real estate lease. The purpose of the Murfreesboro Tennessee Tenant Estoppel, Subordination, Non-Disturbance, and Attornment Agreement is to protect all parties involved in the event of a change in ownership, foreclosure, or refinancing of the property. The agreement typically consists of three main components: 1. Tenant Estoppel: This section requires the tenant to confirm the current terms of the lease, such as rent, lease duration, and any additional agreements made with the landlord. The purpose is to ensure that all parties are aware of the existing terms and that there are no undisclosed agreements between the tenant and the landlord. 2. Subordination: Subordination is the process of agreeing to give priority to the rights and interests of the lender over the tenant's lease in the event of default or foreclosure. This clause protects the lender's interest in ensuring that their loan is secured by the property, even if a new owner takes over. 3. Non-Disturbance and Attornment: Non-disturbance provisions are included to protect the tenant's rights in case of a change in ownership or foreclosure. It guarantees that, as long as the tenant is not in breach of the lease, they will not be evicted or disturbed by the new owner or the lender. The attornment clause requires the tenant to recognize the new owner or lender as the landlord, and to continue paying rent to them. There are no specific types of Murfreesboro Tennessee Tenant Estoppel, Subordination, Non-Disturbance, and Attornment Agreements, as the agreement generally follows a standard format. However, the content and conditions may vary depending on the specific terms negotiated between the tenant, landlord, and lender. In summary, the Murfreesboro Tennessee Tenant Estoppel, Subordination, Non-Disturbance, and Attornment Agreement serves to protect the interests of all parties involved in a commercial real estate lease. It ensures that the tenant's rights are preserved in case of changes in ownership or foreclosure, while also providing the lender with the necessary security for their loan.
Murfreesboro Tennessee Tenant Estoppel, Subordination, Non-Disturbance and Attornment Agreement
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