Contracts
An 'estoppel certificate' requested from a Mississippi tenant in a commercial property sale:
ATerminates the tenant's lease
BCertifies to the buyer and lender the key terms of the lease and that no defaults exist✓ Correct
CGives the tenant the right to purchase the property
DRequires the tenant to pay all back rent immediately
Explanation
An estoppel certificate (tenant estoppel) is a signed statement by the tenant certifying the current terms of their lease (rent, term, options), confirming there are no undisclosed side agreements, and stating whether any defaults exist. Lenders and buyers rely on these in transactions.
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