A San Jose California Subordination and Attornment Agreement — Landlord – Tenant – Lender is a legal document that establishes the relationship between a landlord, tenant, and lender regarding the subordination of leasehold interests in a property. This agreement is commonly used in commercial real estate transactions where a tenant is occupying a property subject to a mortgage or loan. Keywords: San Jose California, subordination and attornment agreement, landlord, tenant, lender, commercial real estate, leasehold interests, mortgage, loan. There are two primary types of San Jose California Subordination and Attornment Agreement — Landlord – Tenant – Lender: 1. Subordination Agreement: This type of agreement outlines the tenant's consent to subordinate their leasehold interest to the lender's mortgage or loan. It means that the tenant agrees that their leasehold interest is of lower priority compared to the lender's interest. In the event of foreclosure by the lender, the tenant acknowledges that their leasehold interest may be extinguished or subject to the rights of the lender. 2. Attornment Agreement: This agreement confirms the tenant's obligation to recognize and attorn to a new landlord if the property undergoes a change in ownership or the lender becomes the landlord through foreclosure or other legal means. The tenant agrees to continue paying rent and abiding by the lease terms, regardless of the new landlord's identity. It provides stability and continuity for both the new landlord and the tenant in such circumstances. A San Jose California Subordination and Attornment Agreement — Landlord – Tenant – Lender typically includes the following key provisions: 1. Identification of parties: It includes the names, addresses, and legal entities of the landlord, tenant, and lender involved in the agreement. 2. Property description: A detailed description of the property subject to the agreement, including its address and any relevant legal descriptions. 3. Lease subordination: The tenant agrees to subordinate their leasehold interest to the lender's mortgage or loan, recognizing that the lender's interest takes priority over their own. 4. Attornment acknowledgment: The tenant acknowledges their obligation to recognize and attorn to a new landlord in case of a change in ownership or lender becoming the landlord. 5. Continuity of lease: The tenant confirms that they will continue to pay rent and abide by all lease terms in the event of foreclosure or change in ownership, regardless of the new landlord's identity. 6. Notice provisions: Specifies the method by which notices and communications will be provided among the parties, including any required addresses. 7. Governing law: The agreement identifies that it is governed by the laws of the state of California, particularly those relevant to San Jose. It is crucial for all parties involved — landlord, tenant, and lender – to review and understand the terms of the San Jose California Subordination and Attornment Agreement — Landlord – Tenant – Lender before executing it. Seeking legal advice from a qualified attorney is advisable to ensure compliance with local laws and to protect the interests of each party involved.
San Jose California Subordination and Attornment Agreement - Landlord - Tenant - Lender
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