Nondisturbance And Attornment Agreement (Genie AI)

The Nondisturbance and Attornment Agreement (Genie AI) under USA law is a legal template that outlines the rights and responsibilities of various parties involved in a real estate transaction or lease agreement. This agreement is commonly used in commercial real estate, especially when a tenant leases a property from a landlord, and the property is subject to a mortgage or other encumbrances.

The purpose of this agreement is to protect the tenant's rights in the event that the property's ownership changes or the landlord defaults on the mortgage. It ensures that the tenant's lease will remain intact and valid, even if the property is foreclosed upon or transferred to a new owner.

The agreement typically involves three parties: the tenant, the landlord, and the mortgage lender or another secured party. It establishes the tenant's acknowledgment and agreement to recognize and attorn to a new owner or lender if there is a change in ownership or foreclosure. The agreement also contains provisions ensuring that the new owner or lender will honor the existing lease terms and not disturb the tenant's possession or use of the premises.

The Nondisturbance and Attornment Agreement (Genie AI) under USA law clarifies the specific terms and conditions under which the tenant will recognize and attorn to a new owner or lender. It may address issues such as rent payments, lease duration, maintenance obligations, and dispute resolution. This document offers legal certainty and protections to all parties involved, ensuring that the tenant's rights and obligations under the lease will be upheld, regardless of changes in property ownership or financial circumstances.