Which clause in a commercial lease determines how the tenant may use the space?

Use Clauses This clause defines how the tenant can and can't use the property they're leasing. The use clause may be very specific, so it's important that you read its terms carefully.

California Subordination, Non-Disturbance, and Attornment Agreement of a Lease regarding a Commercial Loan

Q: Which clause in a commercial lease determines how the tenant may use the space?

Use Clauses This clause defines how the tenant can and can&#039;t use the property they&#039;re leasing. The use clause may be very specific, so it&#039;s important that you read its terms carefully.

Category:

Loans and Lending

State:

Multi-State

Control #:

US-1176BG

Format:

Instant download

Description

The main purpose of this document is to subordinate the lease to the deed of trust or mortgage (if applicable), and have the tenant agree to be bound by the lease to a new owner in the event of foreclosure.

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FAQ

A nondisturbance clause is a provision in a mortgage contract that ensures that a rental agreement between the tenant and the landlord will continue under any circumstances. This is done primarily to protect the renter from eviction by the mortgagor if the property is foreclosed upon by the lender.

Use Clauses This clause defines how the tenant can and can't use the property they're leasing. The use clause may be very specific, so it's important that you read its terms carefully.

A rent escalation clause is a common provision in commercial lease agreements that allows for periodic rent increases over the lease term. The purpose of the clause is to adjust the rental rate to account for changes in market conditions, inflation, and the cost of living over time.

The primary effect of an SNDA is that the tenant agrees to subordinate its lease to the mortgage in exchange for the lender agreeing not to disturb the tenant if the lender forecloses its superior security interest in the real property.

The attornment clause requires tenants to acknowledge any new owner of the property as the landlord.

What is Subordination? Subordination is putting something in a lower position or rank. Therefore, a subordination agreement puts the lease below the mortgage loan in priority. Mortgage lenders want the leases to be subordinate to the mortgage. That way, the mortgage loan is paid first if there is a foreclosure.