Memphis Tennessee Non-Disturbance and Attornment Agreement

• Category: Tennessee Real Estate - Easements and Rights of Way
• State: Tennessee
• City: Memphis
• Control #: TN-LR016T
• Format: Word; Rich Text

Description

This agreement is used when owner of certain property enters into an Easement agreement with another to grant certain rights and the Lender holds the mortgage that encumbers said property. Property. A Memphis Tennessee Non-Disturbance and Attornment Agreement is a legal document that establishes a relationship between three parties: a tenant, a landlord, and a lender. This agreement is commonly used in commercial real estate transactions, especially in situations where the landlord has mortgaged the property to a lender. The purpose of this agreement is to protect the tenant's rights and provide assurance that their lease will not be terminated or disrupted in the event of foreclosure or any other actions taken by the lender. It ensures that the lender will recognize the tenant's lease and continue to honor the terms and conditions of the lease, even after the property is transferred to the lender. The agreement typically contains several key provisions. Firstly, it outlines the tenant's obligation to attorn, which means to recognize the lender as the new landlord and continue paying rent to them. This provision gives the lender the right to enforce the terms of the lease and collect rent directly from the tenant, effectively substituting the lender for the original landlord. Secondly, the agreement establishes the non-disturbance clause, which guarantees that the tenant's possession and occupancy of the property will not be disturbed or terminated by the lender's actions, such as foreclosure or taking possession of the property. This ensures that the tenant's rights and interests are safeguarded, even in the event of a change in ownership. Furthermore, the agreement may include provisions addressing the tenant's obligations to notify the lender in case of default by the landlord or any other breaches of the lease. The lender's rights to access the property, inspect tenant improvements, and make arrangements for the payment of rent in case of default by the landlord may also be specified. While there are no specific types of Memphis Tennessee Non-Disturbance and Attornment Agreement, variations may exist based on individual circumstances and negotiations between the parties. However, the general purpose of these agreements remains consistent across different commercial real estate transactions in Memphis, Tennessee.

A Memphis Tennessee Non-Disturbance and Attornment Agreement is a legal document that establishes a relationship between three parties: a tenant, a landlord, and a lender. This agreement is commonly used in commercial real estate transactions, especially in situations where the landlord has mortgaged the property to a lender. The purpose of this agreement is to protect the tenant's rights and provide assurance that their lease will not be terminated or disrupted in the event of foreclosure or any other actions taken by the lender. It ensures that the lender will recognize the tenant's lease and continue to honor the terms and conditions of the lease, even after the property is transferred to the lender. The agreement typically contains several key provisions. Firstly, it outlines the tenant's obligation to attorn, which means to recognize the lender as the new landlord and continue paying rent to them. This provision gives the lender the right to enforce the terms of the lease and collect rent directly from the tenant, effectively substituting the lender for the original landlord. Secondly, the agreement establishes the non-disturbance clause, which guarantees that the tenant's possession and occupancy of the property will not be disturbed or terminated by the lender's actions, such as foreclosure or taking possession of the property. This ensures that the tenant's rights and interests are safeguarded, even in the event of a change in ownership. Furthermore, the agreement may include provisions addressing the tenant's obligations to notify the lender in case of default by the landlord or any other breaches of the lease. The lender's rights to access the property, inspect tenant improvements, and make arrangements for the payment of rent in case of default by the landlord may also be specified. While there are no specific types of Memphis Tennessee Non-Disturbance and Attornment Agreement, variations may exist based on individual circumstances and negotiations between the parties. However, the general purpose of these agreements remains consistent across different commercial real estate transactions in Memphis, Tennessee.