Puerto Rico Attornment Provision in a Sublease

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US-OL2004
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This office lease is extremely harsh on the subtenant and grants no non-disturbance rights or any other protections.

Puerto Rico Attornment Provision in a Sublease: A Comprehensive Explanation In the realm of real estate leasing, a significant legal concept arises — the Puerto Rico Attornment Provision in a Sublease. This provision establishes a relationship between a subtenant and the owner of a property in Puerto Rico, ensuring a smooth transition in the event that the primary lease between the owner (master landlord) and the tenant (master tenant) is terminated for any reason. By including an attornment provision in a sublease agreement, all parties involved can safeguard their interests and address potential complications that may arise in such situations. An attornment provision in a sublease agreement essentially requires the subtenant to recognize the owner of the property as their landlord and to continue their lease obligations directly with the owner in the event that the primary lease is terminated. This provision also highlights the subtenant's requirement to cooperate with any new lease terms established by the owner, ensuring a seamless transition and avoiding potential disruptions to the subtenant's occupancy rights. Types of Puerto Rico Attornment Provisions in a Sublease: 1. Absolute Attornment Provision: This type of attornment provision in a sublease mandatory requires the subtenant to recognize the owner (master landlord) as their direct landlord, irrespective of any conditions or situations that may arise during the lease term. In other words, even if the master lease is terminated, the subtenant remains bound to the owner and must comply with the new lease terms specified. 2. Conditional Attornment Provision: Unlike the absolute attornment provision, this type of attornment provision places certain conditions on the subtenant's acknowledgment of the owner as their landlord. It allows the subtenant to recognize the owner as their landlord only after certain specified events occur. These events could include the termination of the master lease, the subtenant being provided notice by the owner, or the fulfillment of any other condition agreed upon in the sublease agreement. 3. Partial Attornment Provision: In some instances, a sublease may incorporate a provision requiring the subtenant to only partially attorn to the owner, acknowledging them as a direct landlord for certain aspects of the lease. For instance, the subtenant may be required to directly pay rent to the owner but continue other lease obligations with the master tenant. 4. Temporary Attornment Provision: This provision enables the subtenant to temporarily attorn to the owner for a specific period mentioned in the sublease agreement. Once that specified timeframe comes to an end, the subtenant's obligations will revert to the master tenant. This provision can be relevant in situations where the master lease is under negotiation for renewal or in other transitional periods. Ensuring the presence of a well-drafted Puerto Rico Attornment Provision in a Sublease agreement is crucial for all parties involved. It serves as a protective measure, providing a clear framework to navigate the complex scenarios that may arise due to the termination of the primary lease. Therefore, when entering into a sublease agreement in Puerto Rico, it is advisable to carefully consider the type of attornment provision included to best protect one's rights and responsibilities.

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Lessee shall not assign this Lease or sublet any portion of the Premises without prior written consent of the Lessor, which shall not be unreasonably withheld. Any such assignment or subletting without consent shall be void and, at the option of the Lessor, may terminate this Lease.

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.

SDNA stands for Subordination Non-Disturbance and Attornment. It essentially guarantees that if the landlord defaults, neither the landlord nor the lender can cancel a tenant's lease. Each individual word references a separate provision; some lenders may desire some provisions and not others, depending on their goals.

An SNDA delineates the relationship and allocation of rights among the lender, the borrower/landlord, and a tenant of the property which is securing the loan. The SNDA is an important means of protection for the lender if it ultimately needs to foreclose and take control of the property.

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

A SNDA ? short for Subordination, Non-Disturbance and Attornment agreement ? is a three-party agreement between a tenant, a landlord, and the landlord's lender.

The supplemental new drug application (sNDA) process allows pharmaceutical companies to keep their drugs up-to-date with new scientific findings, expand their utility, and make necessary changes in response to evolving medical knowledge and patient needs.

With the sublease clause, the tenant transfers property rights to a subtenant while maintaining liability over the property. This means that if the subtenant doesn't pay their rent, you may be the one responsible for those payments, or you'll be found in default.

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It is all parties' expressed intent that, should the Original Sublease terminate for any reason whatsoever, including the voluntary surrender of same by Atara ... Landlord hereby leases to Tenant, and Tenant hereby hires form Landlord, the Leased Premises, together with the right to use, the Common Areas, for the Term and ...a statement that the lender will not be bound by lease amendments and rent reductions made without the lender's prior approval. Lenders may also use attornment ... 1.3 Term; Renewal Terms. (a) Subject to the provisions of this Lease, Tenant shall have and hold the Demised Premises for an initial term (the “Initial Term” ... Attornment by Subtenants. ... 14 its option, either terminate the sublease or take over all of the right, title and interest of Tenant, as sublandlord, under such ... Oct 31, 2011 — Where no agreement exists between the tenant and the lender, if the lender elects to enforce its security following the landlord's loan default, ... Get the up-to-date Attornment Provision in a Sublease 2023 now. Get Form. Form ... Click on New Document and select the file importing option: upload Attornment ... THIS LEASE AGREEMENT is entered into as of this 16th day of February, 2005, by and between HPT IHG PR, INC., a Puerto Rico corporation, as landlord (“LANDLORD”) ... Damages which the insured may be obligated to pay any sublessee on account of the breach of any sublease of all or part of the land caused by the eviction. It clarifies the rights and responsibilities of all parties, ensuring a smooth transition of the lease in case the lessee wishes to sublease the property. In ...

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Puerto Rico Attornment Provision in a Sublease