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 Indiana Nondisturbance Provision is a legal provision that protects the rights of tenants in the state of Indiana. It ensures that tenants can continue to occupy and use leased premises even if the landlord's interest, such as a mortgage or lien, is terminated or superseded. This provision extends certain protections to tenants, safeguarding them from being abruptly displaced in case of landlord defaults or changes in property ownership. One type of Indiana Nondisturbance Provision — Tenant Friendly is the "Lender Recognition Agreement." This agreement involves the landlord, the tenant, and the lender, ensuring that the tenant's lease will not be disturbed if the property is foreclosed upon by the lender. This provision guarantees that the tenant's rights and leasehold interests will be respected by the lender. It allows the tenant to confidently continue conducting their business or residing in the premises, despite any financial issues faced by the landlord. Another type of Indiana Nondisturbance Provision — Tenant Friendly is the "Subordination, Non-Disturbance, and Attornment Agreement" (SODA). This agreement is typically signed between the landlord, tenant, and the landlord's lender or other third-party with an interest in the property. The SODA provides reassurances to the tenant that their lease will not be interrupted or terminated if the landlord's financial circumstances change, such as if the property is foreclosed upon or transferred to a new owner. It serves as a legally binding commitment that the tenant's rights will be preserved and respected by all parties involved. These Indiana Nondisturbance Provisions — Tenant Friendly are beneficial for tenants as they offer stability, ensuring that their lease agreements will be honored and their rights protected, irrespective of any changes in the landlord's financial status or property ownership. By providing a sense of security, these provisions are crucial for tenants to confidently invest in their businesses or residences without fear of sudden displacement or disruption.
