This office lease form states that in the event of a mortgage foreclosure, or termination of any interest which is superior to the lease, the lease shall continue as a lease between the landlord's successors as Lessor and the tenant as lessee with the same force and effect as the originally entered into the lease and the tenant shall be permitted to remain in undisturbed possession, use and occupancy of the premises, provided that the tenant is not in default under the lease after the giving of notice and the expiration of the applicable grace or cure period as provided in the lease.
A New Hampshire General Nondisturbance Agreement is a legal document that outlines the rights and obligations of multiple parties involved in a real estate transaction, specifically related to the concept of nondisturbance. Nondisturbance refers to the assurance given to a tenant that their lease agreement will stand even if the property undergoes certain changes, such as foreclosure or sale. This agreement is typically entered into between three parties: the lender (mortgagee), the landlord (lessor), and the tenant (lessee). The purpose of the agreement is to provide the tenant with security and protection in the event of certain disruptions to the property's ownership or financing structure. By signing the agreement, the lender agrees not to terminate the tenant's lease in case of foreclosure, while the landlord undertakes not to violate the tenant's rights by allowing the lender to take over the property. In New Hampshire, there are primarily two types of General Nondisturbance Agreements: 1. Nondisturbance Agreement between Tenant and Lender: This type of agreement is commonly used in commercial real estate transactions where a tenant occupies a property subject to a mortgage. The tenant seeks assurance that even if the landlord defaults on the mortgage, the lender will still recognize the tenant's rights and continue to honor the lease agreement. This agreement ensures that the tenant's occupancy and business operations remain unaffected by any changes in the property's ownership. 2. Nondisturbance Agreement between Tenant, Landlord, and Lender: This more comprehensive agreement involves all three parties — tenant, landlord, and lender. It protects the tenant's interests in situations where the landlord defaults on the mortgage or in the event of a property sale. It specifies that the tenant's lease agreement will remain valid and enforceable despite any disruptions caused by the lender's actions or ownership changes. New Hampshire General Nondisturbance Agreements are crucial for tenants, particularly in commercial leases, as they ensure the stability and continuity of their operations. By establishing clear rights and obligations among the parties involved, these agreements provide peace of mind to both tenants and lenders, fostering a stable business environment in the state.
