A San Antonio Texas Non-Disturbance and Attornment Agreement is a legal contract that establishes the terms and conditions between a tenant, a landlord, and a lender. This agreement is commonly used in commercial lease arrangements, particularly in situations where the leased property is subject to a mortgage. The purpose of the agreement is to ensure that the tenant's rights are protected in the event of a foreclosure or another transfer of property ownership. In a San Antonio Texas Non-Disturbance and Attornment Agreement, the tenant agrees to recognize and attorn to the new owner or lender in case of a transfer of ownership due to foreclosure. This means that the tenant will continue to comply with the lease terms, pay rent, and fulfill other obligations under the lease agreement, regardless of the change in ownership. The new owner or lender, in turn, agrees to honor the existing lease agreement and refrain from disturbing the tenant's possession and enjoyment of the property. There are no different types of San Antonio Texas Non-Disturbance and Attornment Agreements as the concept and purpose of the agreement remain consistent. However, the terms and conditions within each agreement may vary depending on the specifics of the lease, the property, and the lender involved. It is crucial for both landlords and tenants to carefully review and negotiate the agreement to ensure their respective interests are adequately protected. When drafting or reviewing a San Antonio Texas Non-Disturbance and Attornment Agreement, key elements to consider include the identification of the tenant, landlord, and lender, detailed provisions regarding the attornment and non-disturbance obligations, any potential exemptions or conditions that may relieve the tenant from the obligations, and the process for notifying the tenant in case of a transfer of ownership. Additionally, the agreement may address issues such as subordination, amendments to the lease agreement, and default remedies. In conclusion, a San Antonio Texas Non-Disturbance and Attornment Agreement is a vital legal document that offers protection and continuity for tenants in commercial lease arrangements in the event of a property foreclosure or transfer of ownership. By establishing clear rights and obligations for all parties involved, this agreement ensures the tenant's lease remains enforceable and uninterrupted under new ownership.
San Antonio Texas Non-Disturbance and Attornment Agreement
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FAQ
An attornment occurs when the title to an immovable property is transferred from the hands of one lessor to another. In such cases, the existing lessor will usually send a letter of attornment to the lessee notifying him of such sale and request him to make all further lease payments directly to the new lessor.
Letter of Attornment. A letter from a grantor to a tenant, stating that a property has been sold, and directing rent to be paid to the grantee (i.e., the new owner). See also "Attorn."
A nondisturbance clause is a provision in a mortgage contract that ensures that a rental agreement between the tenant and the landlord will continue under any circumstances. This is done primarily to protect the renter from eviction by the mortgagor if the property is foreclosed upon by the lender.
The purpose of the attornment clause is to guarantee the beneficiary of a subordination clause, such as a third-party lender, that tenants will continue to honor their obligations under the terms of their leases, even if the property is foreclosed upon or sold.
A nondisturbance clause is a provision in a mortgage contract that ensures that a rental agreement between the tenant and the landlord will continue under any circumstances. This is done primarily to protect the renter from eviction by the mortgagor if the property is foreclosed upon by the lender.
Legal Definition of attorn : to agree to be the tenant of a new landlord or owner of the same property. Other Words from attorn.
What is Attornment? The "attornment" part of the agreement, which perhaps is the most confusing part of an SNDA, simply means that the tenant is agreeing to acknowledge the purchaser at the foreclosure sale as the new landlord under the lease.
An SNDA is an agreement entered into between a tenant and the lender of the landlord (and, ideally, the landlord) to establish the relationship between the tenant and lender (who would not otherwise have a direct relationship) and provide relative priorities between them.
There are three components: the subordination clause, the non-disturbance clause, and the procuration clause.