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 York General Nondisturbance Agreement (GND) is a legal contract that aims to protect the rights of tenants in the event of a foreclosure or any other change in ownership or possession of a property. This agreement is typically entered into between a tenant (the "lessee"), the landlord (the "lessor"), and a lender or a third-party purchaser (the "mortgagee" or "buyer"). The purpose of a GND is to ensure that the tenant's lease and occupancy rights will not be disturbed or terminated due to any actions taken by the lender or buyer, such as foreclosure proceedings. It provides an added layer of protection to tenants, giving them confidence to continue their business operations or reside in the premises without fear of sudden eviction or disruption. A typical New York GND outlines various terms and conditions, including the requirement that the lender or buyer will recognize and respect the tenant's lease, and that they will honor all lease provisions. The agreement also specifies that the lender or buyer will not interfere with the tenant's use of the property and will not treat the lease as subordinate to their interests. In New York, there are generally two types of GND: 1. Single-Tenant GND: This type of agreement is applicable when there is only one tenant occupying the property. It focuses solely on protecting the rights and interests of that particular tenant. 2. Multi-Tenant GND: This agreement is designed for properties with multiple tenants. It includes provisions that address the rights and interests of each tenant individually, ensuring that all tenants are protected in the event of a foreclosure or change in ownership. The New York General Nondisturbance Agreement is a critical document that provides valuable safeguards to tenants, granting them security and peace of mind in uncertain times. It establishes a contractual relationship between tenants, landlords, and lenders/buyers, creating stability and continuity in leasehold interests.
