This office lease form shall be subject and subordinate to all present and future ground leases, overriding leases or underlying leases and/or grants of term of the Land and/or the building or the portion thereof in which the Demised Premises are located. This Section shall be self-operative and no further instrument of subordination shall be required. This form also states that the landlord and the tenant agree to share equally all costs incurred in connection with obtaining any Non-disturbance Agreement from the existing superior lessors or superior mortgagees.
The Illinois Non-disturbance Provision, often referred to as the Illinois Nondisturbance Agreement or Nondisturbance Clause, is a legal provision that offers protection to tenants in the event of a foreclosure or other property ownership changes. This provision is tenant-friendly and ensures that the tenant's rights and obligations remain intact, even if the property is transferred to a new owner. The purpose of the Illinois Nondisturbance Provision is to shield tenants from sudden evictions or disruptions in their occupancy due to unforeseen circumstances in the property's ownership structure. It provides assurance to the tenant that they will be allowed to remain on the premises and continue their lease agreement under the same terms and conditions, irrespective of any change in the property's ownership, such as foreclosure. The Illinois Nondisturbance Provision typically includes the following key elements: 1. Protection against Eviction: This provision ensures that tenants cannot be evicted solely due to the transfer of ownership or foreclosure of the property. The tenant's lease agreement remains valid, and their rights as tenants are preserved. 2. Continuation of Lease Terms: The Illinois Nondisturbance Provision safeguards the tenant's right to uphold their lease agreement without any modifications or alterations. This means that the tenant is entitled to the same lease terms, duration, and rental obligations as agreed upon before the ownership change. 3. Subordination of Lender's Rights: In some cases, the Illinois Nondisturbance Provision might include a clause that ensures the lender's rights in the event of foreclosure or default, will be subordinate to the tenant's lease. This means that the tenant's rights take precedence over the lender's claims, allowing them to stay in the property even if the lender takes possession. Different types or variations of the Illinois Nondisturbance Provision may exist, depending on the specific agreements between the tenant, property owner, and lender. These provisions may vary in their level of detail, extent of protections provided, and additional clauses that address specific circumstances. Overall, the Illinois Nondisturbance Provision — Tenant Friendly is designed to alleviate concerns for tenants when facing changes in property ownership, particularly during foreclosure situations. By ensuring their continuation of occupancy and the preservation of lease terms, this provision offers a sense of security and stability to tenants in Illinois.The Illinois Non-disturbance Provision, often referred to as the Illinois Nondisturbance Agreement or Nondisturbance Clause, is a legal provision that offers protection to tenants in the event of a foreclosure or other property ownership changes. This provision is tenant-friendly and ensures that the tenant's rights and obligations remain intact, even if the property is transferred to a new owner. The purpose of the Illinois Nondisturbance Provision is to shield tenants from sudden evictions or disruptions in their occupancy due to unforeseen circumstances in the property's ownership structure. It provides assurance to the tenant that they will be allowed to remain on the premises and continue their lease agreement under the same terms and conditions, irrespective of any change in the property's ownership, such as foreclosure. The Illinois Nondisturbance Provision typically includes the following key elements: 1. Protection against Eviction: This provision ensures that tenants cannot be evicted solely due to the transfer of ownership or foreclosure of the property. The tenant's lease agreement remains valid, and their rights as tenants are preserved. 2. Continuation of Lease Terms: The Illinois Nondisturbance Provision safeguards the tenant's right to uphold their lease agreement without any modifications or alterations. This means that the tenant is entitled to the same lease terms, duration, and rental obligations as agreed upon before the ownership change. 3. Subordination of Lender's Rights: In some cases, the Illinois Nondisturbance Provision might include a clause that ensures the lender's rights in the event of foreclosure or default, will be subordinate to the tenant's lease. This means that the tenant's rights take precedence over the lender's claims, allowing them to stay in the property even if the lender takes possession. Different types or variations of the Illinois Nondisturbance Provision may exist, depending on the specific agreements between the tenant, property owner, and lender. These provisions may vary in their level of detail, extent of protections provided, and additional clauses that address specific circumstances. Overall, the Illinois Nondisturbance Provision — Tenant Friendly is designed to alleviate concerns for tenants when facing changes in property ownership, particularly during foreclosure situations. By ensuring their continuation of occupancy and the preservation of lease terms, this provision offers a sense of security and stability to tenants in Illinois.
