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US Legal Forms
Localized Forms
Tennessee
Memphis
Subordination...

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

Category:

Loans and Lending

State:

Multi-State

City:

Memphis

Control #:

US-1176BG

Format:

Word;

Rich Text

Instant download

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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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Interesting Questions

Will this agreement give me more security as a tenant?

Absolutely! It gives you peace of mind, knowing that, no matter the circumstances, your lease is protected and safe from interruptions.

What’s the difference between 'subordination' and 'attornment'?

'Subordination' means your lease will take a back seat to the lender's mortgage. 'Attornment' is your way of saying you'll recognize the new owner of the property as your landlord if it changes hands.

How does this agreement affect my lease if the property is sold?

Not to worry! The agreement keeps your lease intact. If the property is sold, you're still good to go as long as the new owner honors your lease.

Why would I need this agreement for my commercial lease?

Think of it as a safety net. This agreement secures your lease and ensures you have a place to stay put, even if the landlord faces financial troubles.

What is a Subordination, Non-Disturbance, and Attornment Agreement?

It's a mouthful, but it means a deal between landlords, lenders, and tenants that keeps everything in order. It helps protect the tenant's rights even if the property changes hands.

Is this agreement common in commercial leases?

Absolutely! Most commercial leases include this type of agreement because it protects everyone involved. It's a common practice, like peanut butter and jelly!