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 Wayne Michigan Nondisturbance and Attornment Agreement with a landlord is a legally binding contract that outlines the rights and interests of a tenant in the event of changes in ownership or other actions affecting the property. This agreement is commonly used in commercial real estate transactions to protect the tenant's rights to continue their business operations without disruption, even if the property is sold or foreclosed upon. Keywords: Wayne Michigan, Nondisturbance and Attornment Agreement, landlord, tenant rights, commercial real estate, property, ownership, changes, business operations, disruption, sold, foreclosed upon. There are different types of Wayne Michigan Nondisturbance and Attornment Agreements that may vary due to specific circumstances or parties involved. Some common variations include: 1. Tenant-Focused Nondisturbance and Attornment Agreement: This type of agreement primarily benefits the tenant by providing reassurance that their lease will be honored and their rights protected, regardless of any changes in property ownership. It ensures that the tenant will not be disturbed or evicted due to actions taken by the landlord or a new property owner. 2. Lender-Focused Nondisturbance and Attornment Agreement: This agreement is typically required by a lender providing financing for the property. It establishes that if the borrower defaults, the tenant's lease will still be recognized and honored by the lender or any subsequent owner. This type of agreement provides security to the lender by ensuring that the lease income will continue and the property maintains its value. 3. Landlord-Focused Nondisturbance and Attornment Agreement: In some cases, the landlord may seek a nondisturbance and attornment agreement to protect their own interests. This agreement ensures that if the tenant defaults or violates the lease terms, the landlord can enforce their rights without interruptions caused by property ownership changes or other external factors. Regardless of the specific type, a Wayne Michigan Nondisturbance and Attornment Agreement serves as a critical safeguard for both tenants and landlords in commercial real estate transactions. It establishes a clear understanding of rights and obligations, mitigating potential disputes or disruptions in business operations that may arise from changes in property ownership.
