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March 9, 2018


Word of the day


1. A mortgage clause stating that the mortgagee agrees not to terminate the tenancies of les-sees who pay their rent in the event that the mortgagee forecloses on the mortgagor/lessor’s building. Without such a clause, a lessee whose lease was signed subsequent to the mortgage could have the lease terminated by a foreclosure action.

2. When a seller chooses to keep mineral rights to conveyed property, a nondisturbance agreement is made between seller and buyer to the effect that the seller will not interfere with any building or development on the surface of the land itself.  

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