Lima Arizona Subordination and Attornment Agreement Landlordor— - Tenant - Lender refers to a legal document that outlines the relationship between a landlord, tenant, and lender in a commercial real estate setting. This agreement typically occurs when a tenant enters into a lease agreement for a property that is subject to a mortgage loan held by a lender. Key elements of a Lima Arizona Subordination and Attornment Agreement Landlordor— - Tenant - Lender may include: 1. Subordination: This section clarifies that the tenant's leasehold interest is subordinate to the lender's mortgage interest. It means that if the landlord defaults on the mortgage, the lender has the right to take priority over the tenant's rights and potentially terminate the lease. 2. Attornment: Attornment involves the tenant recognizing and agreeing to accept a new landlord in the event the property is foreclosed upon. This provides the lender with the assurance that the tenant will continue paying rent and abiding by the lease terms even under new ownership. Different types of Lima Arizona Subordination and Attornment Agreements may include variations based on the specific terms and conditions agreed upon by the landlord, tenant, and lender. For example: 1. Commercial Subordination and Attornment Agreement: This agreement applies to commercial properties and outlines the relationship between a commercial landlord, tenant, and lender. 2. Residential Subordination and Attornment Agreement: This agreement is specifically tailored for residential properties and governs the relationship between a residential landlord, tenant, and lender. 3. Short-term Subordination and Attornment Agreement: This agreement is designed for short-term leasing arrangements, such as subletting or temporary rentals. It establishes the rights and obligations of the landlord, tenant, and lender within the specified time frame. It's important to note that the terms and conditions of a Lima Arizona Subordination and Attornment Agreement can vary depending on the specific requirements and negotiations between all parties involved. Furthermore, it is recommended to consult with legal professionals familiar with Arizona real estate laws to ensure the agreement accurately reflects the intentions and protects the rights of all parties involved.
Pima Arizona Subordination and Attornment Agreement - Landlord - Tenant - Lender
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