Landlords, would you argue this lease provision as a tenant, diminishing my rights in a foreclosure?
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I'm curious on your opinion, would you allow such a clause given you're in a tenant based state giving the tenant plenty of rights in the event of a foreclosure? My lease is up for renewal and the lease is a bit different, primarily it's the below clause that's bothering me before I sign. I ask here for your opinion if I should contest the clause and if I may have a chance of getting my landlord to remove it. Maybe there's something I'm not understanding about it. "16. Subordination to Mortgage This Lease and all renewals of this Lease shall be subordinate to all present and future mortgages on the House and grounds. In a sale of the House and grounds arising out of a court proceeding known as foreclosure, the holder of a mortgage on the House and grounds may end this Lease. The Tenant shall sign all papers needed to subordinate this Lease to any mortgage on the House and grounds. If the Tenant refuses, the Landlord may sign the papers on behalf of the Tenant" This provision pretty much means to me, if the house gets foreclosed on, I give up all my rights. I do not want to agree to this and I want to know if I have grounds to contest this or is this provision needed? As a tenant in a tenant rights based state, would you sign off to such a provison?
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Answer:
The first sentence is standard but the balance raises concerns. State and/or federal law dictates what happens during and after foreclosure. If the mortgagee acquires the property then federal law permits you to stay for a maximum of 90 days. If the property is acquired by someone other than the mortgagee, then the new owner must honor any existing leases. Finally, the last sentence is illegal. Unless you give your landlord a power of attorney, he/she can't sign for you. You really should discuss this with an attorney. realtor.sailor
Joe B at Yahoo! Answers Visit the source
Other answers
More personal advice than legal advice. Unless you really like that rental property head on down the road and find another landlord. That is certainly a clause to be concerned about. I wouldn't want to get involved with a landlord that required that to be a part of the lease. Sounds like the plan is to keep your rent checks and walk away from the place.
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