Virgin Islands Attornment Provision in a Sublease

State:
Multi-State
Control #:
US-OL2004
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Word; 
PDF
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Description

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

How to fill out Attornment Provision In A Sublease?

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FAQ

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

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 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.

A Sublease Clause is defined as a portion of a commercial lease agreement that determines whether or not an existing tenant can sublease space to another tenant.

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.

What is an SNDA? A subordination, non-disturbance, and attornment clause outlines the rights of the tenant, landlord, and third parties with an interested in the property. Potential third parties included in an SNDA include a lender funding the building or a party buying the property.

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.

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.

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Virgin Islands Attornment Provision in a Sublease