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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.
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Interesting Questions
Without it, you could find yourself in a pickle if the landlord gets into trouble. You might end up having to vacate the premises without any notice, which could be a real headache for your business.
Absolutely! Just like any other part of the lease, it’s on the table for discussion. Don't hesitate to raise your concerns and negotiate terms that work for you.
If your landlord were to go belly-up, this Agreement ensures that you can keep your business rolling. You’ll still have your rights, and the new owner must honor your lease.
Yes, indeed! It’s quite standard in Cincinnati and elsewhere for commercial leases to have this Agreement to protect everyone involved - tenants, landlords, and lenders.
With this Agreement in place, you're basically locking in your rights. You’ll be recognized as a tenant by the new owner, which keeps your lease intact and your business running smoothly.
It's a fancy way of saying that if the property owner gets in hot water with their mortgage, the rights of the tenant are protected, ensuring they can stay put even if the property changes hands.
You should check your lease documents or ask your landlord directly. If it's not included, you can request it to be added for extra security.
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Cincinnati Ohio Subordination, Non-Disturbance, and Attornment Agreement of a Lease regarding a Commercial Loan