This office lease form states that the landlord has entered into a certain agreement of lease with the tenant as sublessor. The tenant, as sublessor, has entered into a certain sublease agreement with the sublessee. In the event of termination of the lease, the sublessee agrees to attorn to and accept the landlord as its direct landlord under the lease for the balance then remaining of the term of the Lease, and the sublessee shall assume all of the terms and conditions of the Lease, except that sublessee shall have no liability for any defaults of Tenant prior to the date of attornment.
A Chicago Illinois Nondisturbance and Attornment Agreement with the Landlord is a legal document that establishes the rights and obligations of a tenant in the event of a foreclosure or sale of the property by the landlord. It ensures that the tenant's lease terms will be recognized and respected by the new owner or lender, even if the property changes hands. In Chicago, there are primarily two types of Nondisturbance and Attornment Agreements that tenants commonly encounter: 1. Individual Tenant Agreement: This type of agreement is typically executed between the tenant and the landlord directly. It provides protection to individual tenants by ensuring that their lease remains in effect and their rights as occupants are preserved if the property is foreclosed or sold. The new owner or lender is bound by this agreement and must honor the tenant's rights. 2. Tenant Estoppel Certificate: In certain situations, such as when a property is being refinanced or sold, lenders or new owners may request tenants to sign a Tenant Estoppel Certificate as an alternative to a separate Nondisturbance and Attornment Agreement. This certificate serves as a tenant's statement regarding the terms and status of their lease, confirming that it is valid, enforceable, and in effect. It provides the new owner or lender with confidence in the tenant's occupancy rights. Regardless of the specific type, a Chicago Illinois Nondisturbance and Attornment Agreement or Tenant Estoppel Certificate generally includes the following key provisions: 1. Recognition and Confirmation: The agreement states that the new owner or lender acknowledges the tenant's lease and agrees to recognize its validity and enforceability. 2. Lease Continuation: It ensures that the tenant's lease remains unaffected by any foreclosure or sale, allowing them to occupy the premises until the lease term expires, subject to the tenant's compliance with the lease terms. 3. No Disturbance: The new owner or lender promises not to disturb the tenant's peaceful enjoyment and use of the leased premises. 4. Rent Payment Obligations: The tenant agrees to pay rent directly to the new owner or lender upon written notice if necessary. 5. Notice and Communication: It establishes the requirements for providing notice to the tenant in case of a change in ownership or foreclosure, including the addresses to which the notices should be sent. 6. Successors and Assigns: The agreement is binding on both parties' successors, meaning that if the property is sold or the lender's rights are assigned to another party, the new owner or lender's obligations under the agreement will still apply. In summary, a Chicago Illinois Nondisturbance and Attornment Agreement or Tenant Estoppel Certificate provides crucial protection to tenants by ensuring the continuity of their lease and preserving their rights even in the event of a change in ownership or foreclosure. It is an essential document for tenants to secure their occupancy and avoid potential eviction or disruption of their business operations.A Chicago Illinois Nondisturbance and Attornment Agreement with the Landlord is a legal document that establishes the rights and obligations of a tenant in the event of a foreclosure or sale of the property by the landlord. It ensures that the tenant's lease terms will be recognized and respected by the new owner or lender, even if the property changes hands. In Chicago, there are primarily two types of Nondisturbance and Attornment Agreements that tenants commonly encounter: 1. Individual Tenant Agreement: This type of agreement is typically executed between the tenant and the landlord directly. It provides protection to individual tenants by ensuring that their lease remains in effect and their rights as occupants are preserved if the property is foreclosed or sold. The new owner or lender is bound by this agreement and must honor the tenant's rights. 2. Tenant Estoppel Certificate: In certain situations, such as when a property is being refinanced or sold, lenders or new owners may request tenants to sign a Tenant Estoppel Certificate as an alternative to a separate Nondisturbance and Attornment Agreement. This certificate serves as a tenant's statement regarding the terms and status of their lease, confirming that it is valid, enforceable, and in effect. It provides the new owner or lender with confidence in the tenant's occupancy rights. Regardless of the specific type, a Chicago Illinois Nondisturbance and Attornment Agreement or Tenant Estoppel Certificate generally includes the following key provisions: 1. Recognition and Confirmation: The agreement states that the new owner or lender acknowledges the tenant's lease and agrees to recognize its validity and enforceability. 2. Lease Continuation: It ensures that the tenant's lease remains unaffected by any foreclosure or sale, allowing them to occupy the premises until the lease term expires, subject to the tenant's compliance with the lease terms. 3. No Disturbance: The new owner or lender promises not to disturb the tenant's peaceful enjoyment and use of the leased premises. 4. Rent Payment Obligations: The tenant agrees to pay rent directly to the new owner or lender upon written notice if necessary. 5. Notice and Communication: It establishes the requirements for providing notice to the tenant in case of a change in ownership or foreclosure, including the addresses to which the notices should be sent. 6. Successors and Assigns: The agreement is binding on both parties' successors, meaning that if the property is sold or the lender's rights are assigned to another party, the new owner or lender's obligations under the agreement will still apply. In summary, a Chicago Illinois Nondisturbance and Attornment Agreement or Tenant Estoppel Certificate provides crucial protection to tenants by ensuring the continuity of their lease and preserving their rights even in the event of a change in ownership or foreclosure. It is an essential document for tenants to secure their occupancy and avoid potential eviction or disruption of their business operations.
