Franklin Ohio Subordination and Attornment Agreement - Landlord - Tenant - Lender

• Category: Landlord Tenant - Subordination
• State: Multi-State
• County: Franklin
• Control #: US-XS-0014
• Format: Word; Rich Text

Description

This is a multi-state form covering the subject matter of the title. A Franklin Ohio Subordination and Attornment Agreement is a legal document that outlines the rights and obligations of the landlord, tenant, and lender in a real estate property transaction in Franklin, Ohio. This agreement is commonly used when a tenant is renting a property that has a mortgage or a lien placed on it by a lender. In simple terms, subordination refers to the act of the tenant agreeing to subordinate their lease rights to the lender's rights in the property. Attornment, on the other hand, refers to the tenant's agreement to recognize the lender as the new landlord if the property is foreclosed upon. The Franklin Ohio Subordination and Attornment Agreement typically includes the following key provisions: 1. Parties Involved: The agreement identifies the parties involved, including the landlord, tenant, and lender. It also includes the property details, such as the address and legal description. 2. Priority of Rights: The agreement establishes the priority of rights between the lender and the tenant. It states that the lender's rights take precedence over the tenant's rights in the event of default or foreclosure. 3. Attornment Clause: This clause obligates the tenant to recognize and attorn to the lender as their new landlord if the property is foreclosed upon. It ensures that the tenant's lease remains valid and enforceable under the new ownership. 4. Notice Requirements: The agreement specifies the notice requirements that the lender must provide to the tenant in case of default or foreclosure. It also outlines the tenant's obligations regarding providing notice of any changes in their contact information. 5. Lease Continuation: The agreement also addresses the continuity of the lease in the event of foreclosure. It ensures that the tenant's lease remains in effect and outlines the tenant's responsibilities towards the lender as their new landlord. Types of Franklin Ohio Subordination and Attornment Agreements can vary depending on the specific circumstances of the transaction. Some common variations include: 1. Commercial Subordination and Attornment Agreement: This type of agreement is used for commercial properties where a business tenant leases the space and there is a lender involved. 2. Residential Subordination and Attornment Agreement: This agreement is used for residential properties, such as single-family homes or apartments, where a tenant leases the property and there is a lender involved. 3. Leasehold Financing Subordination and Attornment Agreement: In this type of agreement, the tenant is seeking financing to purchase the leased property, and the lender requires the tenant to subordinate their lease rights. In conclusion, a Franklin Ohio Subordination and Attornment Agreement is a crucial legal document that outlines the relationship between the landlord, tenant, and lender in a real estate transaction. It ensures the smooth continuation of the lease and protects the interests of all parties involved.

A Franklin Ohio Subordination and Attornment Agreement is a legal document that outlines the rights and obligations of the landlord, tenant, and lender in a real estate property transaction in Franklin, Ohio. This agreement is commonly used when a tenant is renting a property that has a mortgage or a lien placed on it by a lender. In simple terms, subordination refers to the act of the tenant agreeing to subordinate their lease rights to the lender's rights in the property. Attornment, on the other hand, refers to the tenant's agreement to recognize the lender as the new landlord if the property is foreclosed upon. The Franklin Ohio Subordination and Attornment Agreement typically includes the following key provisions: 1. Parties Involved: The agreement identifies the parties involved, including the landlord, tenant, and lender. It also includes the property details, such as the address and legal description. 2. Priority of Rights: The agreement establishes the priority of rights between the lender and the tenant. It states that the lender's rights take precedence over the tenant's rights in the event of default or foreclosure. 3. Attornment Clause: This clause obligates the tenant to recognize and attorn to the lender as their new landlord if the property is foreclosed upon. It ensures that the tenant's lease remains valid and enforceable under the new ownership. 4. Notice Requirements: The agreement specifies the notice requirements that the lender must provide to the tenant in case of default or foreclosure. It also outlines the tenant's obligations regarding providing notice of any changes in their contact information. 5. Lease Continuation: The agreement also addresses the continuity of the lease in the event of foreclosure. It ensures that the tenant's lease remains in effect and outlines the tenant's responsibilities towards the lender as their new landlord. Types of Franklin Ohio Subordination and Attornment Agreements can vary depending on the specific circumstances of the transaction. Some common variations include: 1. Commercial Subordination and Attornment Agreement: This type of agreement is used for commercial properties where a business tenant leases the space and there is a lender involved. 2. Residential Subordination and Attornment Agreement: This agreement is used for residential properties, such as single-family homes or apartments, where a tenant leases the property and there is a lender involved. 3. Leasehold Financing Subordination and Attornment Agreement: In this type of agreement, the tenant is seeking financing to purchase the leased property, and the lender requires the tenant to subordinate their lease rights. In conclusion, a Franklin Ohio Subordination and Attornment Agreement is a crucial legal document that outlines the relationship between the landlord, tenant, and lender in a real estate transaction. It ensures the smooth continuation of the lease and protects the interests of all parties involved.