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 Chicago Illinois Nondisturbance Provision is a legal clause designed to offer protection and reassurance to tenants in the city of Chicago. This provision ensures that tenants can continue operating their business or residing in their rented space without the fear of disruption, even in the case of property foreclosure or sale. A Nondisturbance Provision is considered "Tenant Friendly" because it offers specific rights and protections to the tenant, preventing any possible interruptions to their lease agreement. Essentially, it guarantees that the tenant's rights and lease agreements will remain intact, even if the property is sold or foreclosed upon. There are different types of Nondisturbance Provisions available in Chicago, each catering to specific scenarios and tenant needs. Some common types include: 1. Standard Nondisturbance Provision: This provision is the most commonly used and provides tenants with the assurance that their lease agreement will remain in effect, regardless of a change in property ownership. It safeguards the tenant's right to continue occupying the space and carrying out their business operations without unnecessary disturbances. 2. Nondisturbance Provision in Foreclosure: This specific provision is crucial for tenants leasing properties that are undergoing foreclosure proceedings. It ensures that the tenant's occupancy and lease agreement will remain undisturbed, and any new property owner assumes the role of the landlord, honoring existing lease terms. 3. Nondisturbance Provision in Sale: This provision applies when the leased property is being sold. It guarantees that the tenant's rights will be protected, and the new property owner assumes all landlord responsibilities and obligations outlined in the lease. This provision also ensures that the tenant's lease term will not be affected by the change in ownership, offering stability and security. 4. Additional Nondisturbance Provisions: Depending on the specific circumstances, there may be additional provisions that cater to unique situations. These provisions can cover scenarios such as bankruptcy, eminent domain, or property redevelopment, further protecting the tenant's rights and preventing any unnecessary disturbances. In conclusion, the Chicago Illinois Nondisturbance Provision — Tenant Friendly is an essential legal clause that safeguards tenants' rights and lease agreements during property sales or foreclosures. Its various types and specific language offer tenants reassurance and stability, allowing them to focus on their business or living arrangements without disruption or uncertainty.The Chicago Illinois Nondisturbance Provision is a legal clause designed to offer protection and reassurance to tenants in the city of Chicago. This provision ensures that tenants can continue operating their business or residing in their rented space without the fear of disruption, even in the case of property foreclosure or sale. A Nondisturbance Provision is considered "Tenant Friendly" because it offers specific rights and protections to the tenant, preventing any possible interruptions to their lease agreement. Essentially, it guarantees that the tenant's rights and lease agreements will remain intact, even if the property is sold or foreclosed upon. There are different types of Nondisturbance Provisions available in Chicago, each catering to specific scenarios and tenant needs. Some common types include: 1. Standard Nondisturbance Provision: This provision is the most commonly used and provides tenants with the assurance that their lease agreement will remain in effect, regardless of a change in property ownership. It safeguards the tenant's right to continue occupying the space and carrying out their business operations without unnecessary disturbances. 2. Nondisturbance Provision in Foreclosure: This specific provision is crucial for tenants leasing properties that are undergoing foreclosure proceedings. It ensures that the tenant's occupancy and lease agreement will remain undisturbed, and any new property owner assumes the role of the landlord, honoring existing lease terms. 3. Nondisturbance Provision in Sale: This provision applies when the leased property is being sold. It guarantees that the tenant's rights will be protected, and the new property owner assumes all landlord responsibilities and obligations outlined in the lease. This provision also ensures that the tenant's lease term will not be affected by the change in ownership, offering stability and security. 4. Additional Nondisturbance Provisions: Depending on the specific circumstances, there may be additional provisions that cater to unique situations. These provisions can cover scenarios such as bankruptcy, eminent domain, or property redevelopment, further protecting the tenant's rights and preventing any unnecessary disturbances. In conclusion, the Chicago Illinois Nondisturbance Provision — Tenant Friendly is an essential legal clause that safeguards tenants' rights and lease agreements during property sales or foreclosures. Its various types and specific language offer tenants reassurance and stability, allowing them to focus on their business or living arrangements without disruption or uncertainty.
