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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
Tenants should be on the lookout for any clauses that might limit their rights or make it harder to stay in the property after a sale.
Absolutely! Tenants can negotiate terms that work best for them, just like any other part of a lease.
If a landlord defaults, a Subordination, Non-Disturbance, and Attornment Agreement helps ensure that tenants can continue their lease even under new ownership, as long as they meet their obligations.
Not every commercial lease requires it, but it's often a smart move for both parties to avoid disputes down the line.
It protects tenants from being kicked out if the property is sold, providing them with rights to stay in the space, as long as they follow the lease agreement.
Landlords include it to ensure that their mortgage takes precedence over the lease, so if they sell the property, the new owner knows the lease terms.
Absolutely! Like with any contract, it's wise to have a seat at the table. You can ask for modifications that better serve your needs as a tenant.
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Plano Texas Subordination, Non-Disturbance, and Attornment Agreement of a Lease regarding a Commercial Loan