Estoppel Clause

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Estoppel Clause

A clause in a contract stating that certain facts are true as of the date the contract is signed. For example, the estoppel clause may state the collateral or amount of a loan. It is put in a contract to eliminate any ambiguity.
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March 2, 2015 /PRNewswire/ -- As lawmakers kick off the 2015 Florida Legislature tomorrow, Realtors from across the state are in Tallahassee, ready to address major issues of concern to all Floridians including: fully funding affordable housing; phasing out a tax on commercial rents; restoring water resources while protecting property rights; and capping fees charged by community associations for estoppel certificates.
There was no mention of these coupons in the lease agreements or in the estoppel certificates signed by the tenants and former landlord; however, these tenants had legitimate coupons issued by the previous owners and thus had valid concerns.
The other key step is obtaining estoppel certificates from existing tenants.
The bill creates estoppel certificates for homeowners' associations.
Generally, a lender will thoroughly review the tenant leases and obtain tenant estoppel certificates from major tenants prior to making a loan to the borrower on income-producing property.
0 million (the "Earnest Money") in escrow to secure its obligation to purchase the Property, which is nonrefundable except upon (i) the failure of the first mortgage lender to consent to the assumption of the existing debt by the Purchaser or (ii) the occurrence of certain other customary events, such as a default by the Seller or the failure of the Seller to deliver certain satisfactory tenant estoppel certificates.
In addition to obtaining estoppel certificates from commercial tenants, you should also require an estoppel certificate from any guarantor to a commercial lease.
0 million (the "Earnest Money") in escrow to secure its obligation to purchase the Property, which became nonrefundable on September 3, 2008 except upon the occurrence of certain customary events, such as a default by Seller or the failure of Seller to deliver certain satisfactory tenant estoppel certificates.
Obtain estoppel certificates for at least 75% of tenants.
Both pending asset sales are subject to customary closing conditions, including receipt of tenant estoppel certificates.
Consummation of the transactions is conditioned upon the fulfillment of specific terms and conditions and delivery of specific documents as is customary for transactions of this type, including, among other terms and conditions, the delivery of current tenant estoppel certificates for each of the properties.
Similarly, an attornment provision should be added, providing that the tenant will attorn to any new owner of the property after a foreclosure, and that the tenant will provide estoppel certificates and minor lease amendments where necessary to satisfy a lender.