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 Minnesota General Nondisturbance Agreement, also known as a Minnesota General NDA, is a legal document that establishes the rights and obligations between a tenant and a lender when the tenant occupies a property that is subject to a mortgage or other type of financing. This agreement is designed to protect the rights and interests of both parties involved. In a Minnesota General Nondisturbance Agreement, the tenant agrees that in the event of a default on the mortgage or foreclosure of the property, the tenant's rights to possess and occupy the premises will not be disturbed by the lender, as long as the tenant is not in default of its obligations under the lease. The agreement typically includes various provisions that outline the responsibilities of each party. This may include obligations for the tenant to maintain the property, pay rent on time, and comply with all lease terms and conditions. The lender, on the other hand, agrees to recognize the tenant's rights and not disturb their possession or use of the premises. By signing a Minnesota General Nondisturbance Agreement, the tenant gains the assurance that they can continue their business operations unhindered even if the property is foreclosed upon. It protects their investment in the lease by providing a form of security. There are different types of Minnesota General Nondisturbance Agreements that may be tailored to specific situations. Some common variations include: 1. Landlord-Tenant Nondisturbance Agreement: This is a type of agreement where the landlord and tenant enter into a contract regarding the tenant's rights in the event of foreclosure. It provides protection to the tenant against any interference with their use and occupancy of the premises by the lender. 2. Lender-Tenant Nondisturbance Agreement: This type of agreement is entered into between the lender and the tenant, ensuring that the lender recognizes the lease and tenant's rights in the event of foreclosure or default. It safeguards the tenant's rights to possess and use the property, even under new ownership. 3. Triple Net Lease Nondisturbance Agreement: This specific type of agreement is used when the tenant has signed a triple net lease, where they are responsible for the property's operating expenses, taxes, and insurance. The agreement ensures that the lender recognizes the tenant's rights and obligations under the lease, even if the property undergoes a change in ownership. Overall, a Minnesota General Nondisturbance Agreement serves as a critical document when tenants occupy properties subject to outstanding mortgages or financing. It provides protection for both the tenant and lender, preserving the tenant's rights and allowing for business continuity in case of foreclosure or default.
