The Dirt Dictionary: ‘S’ is for SNDA

In the universe of agreements that can protect a tenant’s fundamental right to life, liberty and undisturbed tenancy—at least until the end of the agreed upon term—one of the most important is the SNDA: Subordination, Non-Disturbance and Attornment Agreement.

In our scenario, the building has been mortgaged. The SNDA is defined as an agreement between lender and tenant to the effect that tenant will subordinate its lease to the lien of the mortgagee-lender provided that the lender agrees that in the event of landlord’s (mortgagor’s/borrower’s) default it will not disturb the tenant’s right to remain in possession under its lease.

Click here to read the full article on Commercial Observer.

 

Jeffrey A. Margolis, Principal

11 East 44th Street (between Fifth Avenue and Madison Avenue) Suite 1505
New York, New York 10017
Phone: (212) 490-0900
Fax: (212) 490-0700
mail@margolislawfirm.com

{This is considered Attorney Advertising by some Bar Associations. Prior results do not imply future similar results. Communication does not imply Attorney-Client relationship.}

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