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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.
Austin Texas Subordination, Non-Disturbance, and Attornment Agreement of a Lease regarding a Commercial Loan Related Searches
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Interesting Questions
If you hesitate to sign, it could put your lease at risk. Lenders might not feel comfortable without your commitment, and that could lead to problems later on.
Absolutely! Like any contract, you can and should discuss terms with your landlord and their lender to ensure you get a fair shake.
Attornment is when you agree to recognize the new landlord if the original one sells or brings in a lender. It’s important because it keeps things clear and avoids any confusion down the road.
Non-disturbance means that even if the landlord runs into trouble, your lease won’t be thrown out. You get to keep your business running smoothly.
Subordination means your lease will take a back seat to the lender's right. If the landlord defaults, the lender can take over, but you still get to stay put.
This agreement safeguards your lease. Should the landlord's lender need to step in, it guarantees that you can keep operating without any hiccups.
It's a legal contract that helps keep peace between tenants, landlords, and lenders. It makes sure that if a building changes hands, the tenant's rights stay intact.
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Austin Texas Subordination, Non-Disturbance, and Attornment Agreement of a Lease regarding a Commercial Loan