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.
The Oregon General Nondisturbance Agreement (ON) is a legal document that provides protection to tenants in commercial leases. It ensures that their rights will not be disturbed by any actions taken by the landlord's lender in the event of foreclosure or other legal matters. A general nondisturbance agreement is typically executed between the tenant, landlord, and the lender who holds the mortgage on the property. It is commonly used in commercial real estate transactions to safeguard the tenant's occupancy rights and ensure business continuity. The Oregon General Nondisturbance Agreement consists of several key provisions. Firstly, it establishes that in the event of a foreclosure by the lender, the tenant will not be evicted or disturbed in their occupancy rights. This means that the new owner or mortgagee cannot terminate the lease or enforce any new terms that may disrupt the tenant's business operations. Furthermore, the agreement often includes provisions that protect the tenant's right to receive any security deposits they have paid and specifies how these deposits will be handled during or after a foreclosure. It may also address issues such as the tenant's right to sublease the premises and any restrictions or conditions related to it. In Oregon, there are no specific types of General Nondisturbance Agreements tailored to different industries or situations. However, the agreement can be customized to suit the specific needs of the parties involved, taking into consideration factors such as the tenant's business type, lease term, and unique requirements. In summary, the Oregon General Nondisturbance Agreement is a vital legal document that protects commercial tenants from eviction or disruption of their rights in the event of foreclosure or other legal actions taken by the landlord's lender. It ensures business continuity and offers peace of mind to tenants in their leased premises.
