San Antonio Texas Subordination and Attornment Agreement - Landlord - Tenant - Lender

• Category: Landlord Tenant - Subordination
• State: Multi-State
• City: San Antonio
• Control #: US-XS-0014
• Format: Word; Rich Text

Description

This is a multi-state form covering the subject matter of the title. A San Antonio Texas Subordination and Attornment Agreement is a legal document that outlines the relationship among the landlord, tenant, and lender in the context of a property lease. This agreement is significant when the tenant enters into a lease agreement on a property that is subject to a mortgage or loan. In this agreement, the tenant (also referred to as the subtenant) acknowledges the rights of the lender over the property and agrees to subordinate its leasehold interest to the lender's mortgage or loan. Subordinating means that if the landlord defaults on their loan, the lender will have priority in terms of rights and claims over the property. The tenant essentially agrees to comply with any changes or actions taken by the lender that affect the property, even if it may disrupt the tenant's rights or leasehold interest. The San Antonio Texas Subordination and Attornment Agreement typically contains several key provisions and terms: 1. Identification of parties: The agreement will clearly identify the landlord, tenant (subtenant), and lender involved in the agreement. 2. Property details: The agreement will include a detailed description of the property, outlining its legal description, address, and any related information necessary for identification. 3. Lease and loan details: The agreement will outline the terms of the existing lease between the landlord and tenant as well as the loan or mortgage between the landlord and lender. 4. Subordination clause: This clause is the core aspect of the agreement, stating that the tenant agrees to subordinate its leasehold interest to the lender's mortgage or loan. 5. Attornment clause: This clause states that in the event of default by the landlord, the tenant will attorn (recognize) and continue the lease with the lender as the new landlord. This ensures that the lender can step in and enforce the terms of the lease even after acquiring the property through foreclosure or other means. 6. Waiver of rights: The tenant may be required to waive certain rights, such as the right to terminate the lease in case of landlord default, or the right to notice regarding the status of the loan. 7. Notice provisions: The agreement will include provisions regarding how notices and communications should be delivered between the parties. Different types of San Antonio Texas Subordination and Attornment Agreements may exist depending on specific circumstances, such as: 1. Commercial Subordination and Attornment Agreement: This agreement is used for commercial properties where the tenant is a business entity or corporation. 2. Residential Subordination and Attornment Agreement: This agreement is designed for residential properties, typically involving individual tenants or families. It is important to note that the specific content and provisions of a San Antonio Texas Subordination and Attornment Agreement can vary depending on the negotiated terms between the parties and the requirements of local law.

A San Antonio Texas Subordination and Attornment Agreement is a legal document that outlines the relationship among the landlord, tenant, and lender in the context of a property lease. This agreement is significant when the tenant enters into a lease agreement on a property that is subject to a mortgage or loan. In this agreement, the tenant (also referred to as the subtenant) acknowledges the rights of the lender over the property and agrees to subordinate its leasehold interest to the lender's mortgage or loan. Subordinating means that if the landlord defaults on their loan, the lender will have priority in terms of rights and claims over the property. The tenant essentially agrees to comply with any changes or actions taken by the lender that affect the property, even if it may disrupt the tenant's rights or leasehold interest. The San Antonio Texas Subordination and Attornment Agreement typically contains several key provisions and terms: 1. Identification of parties: The agreement will clearly identify the landlord, tenant (subtenant), and lender involved in the agreement. 2. Property details: The agreement will include a detailed description of the property, outlining its legal description, address, and any related information necessary for identification. 3. Lease and loan details: The agreement will outline the terms of the existing lease between the landlord and tenant as well as the loan or mortgage between the landlord and lender. 4. Subordination clause: This clause is the core aspect of the agreement, stating that the tenant agrees to subordinate its leasehold interest to the lender's mortgage or loan. 5. Attornment clause: This clause states that in the event of default by the landlord, the tenant will attorn (recognize) and continue the lease with the lender as the new landlord. This ensures that the lender can step in and enforce the terms of the lease even after acquiring the property through foreclosure or other means. 6. Waiver of rights: The tenant may be required to waive certain rights, such as the right to terminate the lease in case of landlord default, or the right to notice regarding the status of the loan. 7. Notice provisions: The agreement will include provisions regarding how notices and communications should be delivered between the parties. Different types of San Antonio Texas Subordination and Attornment Agreements may exist depending on specific circumstances, such as: 1. Commercial Subordination and Attornment Agreement: This agreement is used for commercial properties where the tenant is a business entity or corporation. 2. Residential Subordination and Attornment Agreement: This agreement is designed for residential properties, typically involving individual tenants or families. It is important to note that the specific content and provisions of a San Antonio Texas Subordination and Attornment Agreement can vary depending on the negotiated terms between the parties and the requirements of local law.