An attornment definition is a legal term that refers to the act of a tenant agreeing to recognize a new landlord after a change in ownership of the property. This usually occurs when a property is sold and the new owner wants the tenants to start paying rent to them instead of the previous landlord. In some cases, the tenant may be required to sign a new lease with the new landlord.
What is non subordination? Non subordination is a legal term that refers to the priority of one lien over another. In the context of real estate investing, it is typically used to describe the priority of a first mortgage over a second mortgage. If a property is sold or foreclosed upon, the proceeds from the sale are used to pay off the first mortgage before the second mortgage. This is because the first mortgage is considered a senior lien and the second mortgage is considered a junior lien. What is an example of an atonement? An atonement is an agreement between two parties to settle a debt or dispute. For example, if you owe money to someone and you cannot pay them back, you may agree to sign over your house to them as an atonement.
Which lease clause verifies facts that are already in writing?
The lease clause that verifies facts that are already in writing is the "as is" clause. This clause states that the tenant agrees to take the property "as is" and is responsible for any repairs or changes that need to be made. This clause is often used in conjunction with a "no warranties" clause, which states that the landlord makes no guarantees about the condition of the property.
What is subordination and attornment?
Subordination is the act of making one's interest in property subordinate to the interest of another party. In the context of real estate investing, subordination typically refers to the act of making a mortgage loan subordinate to another loan. This means that if the borrower defaults on the loan, the lender of the subordinate loan will not be paid until the lender of the senior loan is paid in full.
Attornment is the act of agreeing to recognize and be bound by the terms of a contract to which one is not a party. In the context of real estate investing, attornment typically refers to the act of agreeing to recognize and be bound by the terms of a lease. This means that if the tenant violates the terms of the lease, the landlord can take legal action against the tenant.
What is the opposite of atone? The antonym of "atone" would be "resent." If you atone for your sins, you are asking for forgiveness and trying to make up for what you have done wrong. If you resent your sins, you are angry and bitter about them and do not want to forgive or forget.