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.
A Suffolk New York General Nondisturbance Agreement is a legal document that provides protection and assurance to tenants who occupy a property or premises that is subject to a mortgage or lease agreement. This agreement is typically used in commercial real estate transactions in Suffolk County, New York. It ensures that the rights of the tenant will be preserved and that their occupancy will not be disturbed in the event of a foreclosure or lease termination. The Suffolk New York General Nondisturbance Agreement outlines the rights and obligations of the tenant, the landlord, and the mortgage lender. It establishes that as long as the tenant remains in compliance with the terms and conditions of their lease agreement, their occupancy rights will be respected by the mortgage lender or any subsequent owner of the property. There are different types of Suffolk New York General Nondisturbance Agreements, depending on the specific circumstances and parties involved. They may include: 1. Landlord-Mortgagee Nondisturbance Agreement: This type of agreement is entered into between the landlord/property owner and the mortgage lender. It ensures that the tenant's rights will be respected by the mortgage lender or any future owner of the property in the event of foreclosure or lease termination. 2. Tenant-Landlord-Mortgagee Nondisturbance Agreement: In some cases, all three parties — the tenant, the landlord, and the mortgage lender — may enter into an agreement to protect the tenant's rights. This agreement provides additional layers of protection for the tenant, ensuring that their occupancy will not be disturbed by the landlord or the mortgage lender. 3. Leasehold Mortgagee Nondisturbance Agreement: This type of agreement is specific to tenants who have obtained a leasehold interest in the property and subsequently secured a mortgage against their leasehold rights. The agreement ensures that the leasehold mortgagee's rights are respected by the landlord and the mortgage lender. Regardless of the specific type, a Suffolk New York General Nondisturbance Agreement is essential in securing the tenant's rights and providing them with peace of mind in their ongoing occupancy of the property, even in the face of potential foreclosure or lease termination.
