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.
An Oklahoma General Nondisturbance Agreement, also known as a Nondisturbance Agreement or NDA, is a legal contract that establishes rights and protections for tenants in the event of a foreclosure or sale of a property. This agreement is typically executed between a tenant, a landlord, and the lender or new property owner. Keywords: Oklahoma, General Nondisturbance Agreement, Nondisturbance Agreement, tenants, foreclosure, sale, property, landlord, lender, new property owner. In Oklahoma, there are various types of General Nondisturbance Agreements that may be used depending on the specific circumstances. Here are some common examples: 1. Commercial Nondisturbance Agreement: This type of Nondisturbance Agreement is typically utilized in commercial real estate transactions. It ensures that a tenant will not be disturbed or evicted from their premises in the event of a foreclosure by the lender or a sale of the property to a new owner. This agreement protects the tenant's rights and allows them to continue their business operations uninterrupted. 2. Residential Nondisturbance Agreement: Similar to a Commercial Nondisturbance Agreement, a Residential Nondisturbance Agreement safeguards the rights of residential tenants in Oklahoma. It provides assurance that the tenant will not face eviction due to foreclosure or property sale. This agreement is commonly used in situations where a residential property is subject to a mortgage or other financial obligations. 3. Subordination and Nondisturbance Agreement (SODA): A SODA combines elements of both subordination and nondisturbance agreements. It addresses the relationship between the lender, landlord, and tenant in a commercial real estate setting. It establishes the priority of the lender's mortgage lien, allows for its subordination to the tenant's leasehold rights, and ensures the tenant's rights are not disturbed in the event of foreclosure or property sale. 4. Nondisturbance, Attornment, and Subordination Agreement (NASA): A NASA is similar to a SODA, but it includes an additional element called "attornment." Attornment refers to the tenant's acknowledgment that, upon foreclosure or sale of the property, the new owner becomes the landlord and the tenant agrees to recognize and attorn to the new owner as their landlord. It is important to note that the specific terms and conditions of an Oklahoma General Nondisturbance Agreement will vary depending on the parties involved, the nature of the property, and the purpose of the agreement. These agreements are typically drafted by legal professionals to ensure that the rights and protections of all parties involved are clearly defined and maintained in the event of a foreclosure or property sale.An Oklahoma General Nondisturbance Agreement, also known as a Nondisturbance Agreement or NDA, is a legal contract that establishes rights and protections for tenants in the event of a foreclosure or sale of a property. This agreement is typically executed between a tenant, a landlord, and the lender or new property owner. Keywords: Oklahoma, General Nondisturbance Agreement, Nondisturbance Agreement, tenants, foreclosure, sale, property, landlord, lender, new property owner. In Oklahoma, there are various types of General Nondisturbance Agreements that may be used depending on the specific circumstances. Here are some common examples: 1. Commercial Nondisturbance Agreement: This type of Nondisturbance Agreement is typically utilized in commercial real estate transactions. It ensures that a tenant will not be disturbed or evicted from their premises in the event of a foreclosure by the lender or a sale of the property to a new owner. This agreement protects the tenant's rights and allows them to continue their business operations uninterrupted. 2. Residential Nondisturbance Agreement: Similar to a Commercial Nondisturbance Agreement, a Residential Nondisturbance Agreement safeguards the rights of residential tenants in Oklahoma. It provides assurance that the tenant will not face eviction due to foreclosure or property sale. This agreement is commonly used in situations where a residential property is subject to a mortgage or other financial obligations. 3. Subordination and Nondisturbance Agreement (SODA): A SODA combines elements of both subordination and nondisturbance agreements. It addresses the relationship between the lender, landlord, and tenant in a commercial real estate setting. It establishes the priority of the lender's mortgage lien, allows for its subordination to the tenant's leasehold rights, and ensures the tenant's rights are not disturbed in the event of foreclosure or property sale. 4. Nondisturbance, Attornment, and Subordination Agreement (NASA): A NASA is similar to a SODA, but it includes an additional element called "attornment." Attornment refers to the tenant's acknowledgment that, upon foreclosure or sale of the property, the new owner becomes the landlord and the tenant agrees to recognize and attorn to the new owner as their landlord. It is important to note that the specific terms and conditions of an Oklahoma General Nondisturbance Agreement will vary depending on the parties involved, the nature of the property, and the purpose of the agreement. These agreements are typically drafted by legal professionals to ensure that the rights and protections of all parties involved are clearly defined and maintained in the event of a foreclosure or property sale.
