Tenant Estoppel Certificate
(Pro-Purchaser/Pro-Lender) (NY)

Summary

This template of a tenant estoppel certificate documents and confirms the current status and key terms of a tenant's lease of New York commercial property in connection with financing an acquisition of the property. This template includes practical guidance, drafting notes, and an alternate clause. A tenant estoppel certificate is typically a closing delivery required by the purchaser of a leased commercial property and the purchaser's lender providing acquisition financing. If the tenant will remain at the property after closing pursuant to a commercial lease (such as an office, retail, or industrial lease), the purchaser needs to confirm the terms of such lease. Upon closing of the acquisition, the lease will be assigned to the purchaser, as the new landlord. This tenant estoppel certificate is drafted from the perspective of the purchaser, who will become the landlord of the commercial property and the lender financing the acquisition. The template also contains guidance for the tenant. For an alternative tenant estoppel certificate template, see Tenant Estoppel Certificate (Pro-Landlord) (NY). For New York commercial lease templates, see Ground Lease (Short Form) (NY), Industrial/Warehouse Lease (Short Form) (Pro-Landlord) (NY), Office Lease Agreement (Short Form) (NY), Restaurant Lease Agreement (Long Form, Net Lease, Shopping Center) (Pro-Landlord) (NY), Retail Lease (NY), Retail Lease Agreement (Long Form) (NY), and Retail Lease Agreement (Short Form) (Pro-Landlord) (NY). For information on the office leasing process in New York, see Office Leasing Resource Kit (NY). For general information regarding commercial real estate financing in New York, see Commercial Real Estate Acquisition Loan Resource Kit (NY) and Commercial Real Estate Financing (NY). For related templates, see Acquisition Loan Due Diligence Checklist and Loan Agreement (Acquisition Financing). For more discussion on requiring tenant estoppels, see Tenant Estoppel Certificates in Commercial Purchase and Sale Transactions, Mortgaged Property Covenant Clauses (Acquisition Loan Agreement, Commercial Real Estate), and Acquisition Loan Agreements — Affirmative and Negative Covenants of the Borrower. For further information on commercial leasing, see Industrial Leasing Resource Kit, Office Leasing Resource Kit, Restaurant Leasing Resource Kit, and Retail Leasing Resource Kit. See also Junior Associate Real Estate Resource Kit (Commercial Leasing). For guidance on drafting and negotiating commercial leases, see Industrial Lease Agreements, Office Lease Agreements, Restaurant Lease Agreements, and Retail Lease Agreements.