Commercial & Residential Real Estate Law
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THE IMPORTANCE OF AN SNDA AGREEMENT
By: Natia Daviti, Esq.
A subordination, non-disturbance and attornment (“SNDA”) agreement is essentially a combination of three contracts into one agreement. The “subordination” part allows a lender-mortgagee of the property whose lien is junior (or subordinate) to the tenant's lien to become superior to the lien of the lease (this generally occurs when the lease of the property is recorded before the lien of the mortgage is).
In the event of a foreclosure, if a lender's lien is the superior one, the lender may eliminate all junior liens attached to the premises. Overwhelmingly, lenders and banks will insist that their loans be the primary lien on the property, and this makes sense as most landlords understand that their premises will be more valuable and attractive to financiers and lenders... Read the rest of the article here