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J. Warren
J. Warren, Lawyer
Category: Real Estate Law
Satisfied Customers: 2236
Experience:  Experience in residential real estate and commercial leases.
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I am the tenant. Landlord has no plans to but house on market.

Customer Question

I am the tenant. Landlord has no plans to but house on market.
What does this item in rental agreement mean? THIS LEASE AND THE TENANT"S RIGHTS ARE SUBJECT AND SUBORDINATE TO PRESENT AND FUTURE MORTGAGES ON THE PREMISES. THE LANDLORD MAY EXECUTE ANY PAPERS ON THE TENANT"S BEHALF AS THE TENANT"S ATTORNEY IN FACT TO ACCOMPLISH THIS.
Can't I (The Tenant) sign any papers myself? Does this clause protect me as the tenant in some way? Is there any verbiage I should add, modify or delete? just want to understand what this means.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  J. Warren replied 1 year ago.
Hello my name is ***** ***** I look forward to providing you information. Please note:
(1) this is general information and is not legal advice. I never propose a specific course of action. There is no attorney-client relationship or privilege that is formed when communicating to an expert on this site. The site repeats this disclaimer numerous times. By continuing, you confirm that you understand and agree to these terms; and
(2) there may be a slight delay between your follow ups and my reply while I am typing out my answer.
Most lenders request this language in rental agreements to protect against the borrower (landlord) not paying the payment pursuant to the loan agreement. What this means is, the landlord agrees to allow your rent payment to be paid directly to the bank/lender should they request it or in the event he/she has failed to make a payment. In addition, you agree to make the payment directly to the lender should you receive notice from the lender instructing you to do so.
If the landlord agrees, the provision can be changed to provide that the tenant agrees to sign any subordination agreement required by a lender. The provision as you have stated just saves the extra step and keeps you from being burdened by having execute agreements that will not have a bearing on your tenant rights.
All my best & encouragement.
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All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you.