Since ownership of the building we occupy will be transferred to a new owner (the building will be foreclosed upon and sold by the bank to the highest bidder). We will therefore have a new owner. Maybe this new owner is purchasing the building to occupy it themselves. Will our lease with the current landlord be invalidated by the foreclosure of our current landlord? Is there any legal obligation from the new owner to honor the same terms and conditions for as long as our current lease is active?
The answer to you question probably depends on the wording of the subordination provision in your lease (if there is one) and on any subordination agreement that you sgned. You should contact teh new owner of the building to see what the owner's position is on your lease. If you are unsure of your rights and responsibilities or you feel that you are being treated unfairly, you should consult an experienced real estate lawyer in your area.
Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does not create an attorney-client relationship. Actual legal advice can only be provided after completing a comprehensive consultation in which all of the relevant facts are discussed and reviewed.
Assuming the mortgage was in place before your lease, or your lease specifically says it is subordinate to a subsequent mortage, your lease will be terminated by the foreclosure. That is why tenants are typically joined as defendants in foreclosire cases.
The new owner does not have to deal with you.
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