Legal Question in Landlord & Tenant Law in Illinois

Can't say without seeing the lease with option and just because the owner is "behind" doesn't mean the owner is in breach of his obligations under the lease. So you should take the lease to an attorney to review. The owner MAY be in what's called "anticipatory" breach of contract if the lease/option contains express or implied obligations to keep the mortgage from going into foreclosure, but most leases do not contain this kind of language because most leases don't have options to purchase in them, and even if the owners is in "anticipatory" breach under general principles of contract law the owner would have the opportunity to correct the situation and it could go away. So until there is an "actual" breach generally you can't "opt out" unless the contract gives you that option. An attorney can help fully analyze the situation with the lease in hand.