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SNDAs What are they?

I’ve received a number of requests to explain SNDAs. So lets talk about them. My name is Annie Malo and I am a commercial real estate attorney at a top Boston firm. I have handled thousands of real estate transactions nationwide over the course of my career, and today we are in beautiful [INSERT TOWN NAME] Massachusetts. SNDA stands for Subordination, Non-Disturbance and Attornment Agreement. And now you know why we shortened it to SNDA. An SNDA is an important agreement for a Tenant under a Lease. There are 3 parties to this agreement. The Landlord, the Bank that has the mortgage on the Landlord’s property, and the Tenant. This agreement is not needed if Landlord does not have a mortgage. Essentially, an SNDA keeps the Tenant from being evicted “disturbed” if the Bank forecloses on the Premises because Landlord defaulted on its debt. Foreclosure laws are complex and can create a right to terminate leases if an SNDA is not present. While the specific terms are negotiated by lawyers, the goal is that in the event the Bank takes ownership of the Property, it becomes “landlord” under the Lease and is obligated to perform the responsibilities of Landlord under the Lease so that the Tenant doesn’t suffer for Landlord’s default. Hopefully you now at least know what this acronym standsfor If you have recommendations for topics you would like me to cover in future videos, add them in the comments below. I have managed deals throughout the entire country so if you have questions on your own transactions feel free to contact me at AnnieMalo.com, Until next time, HAVE A NICE DAY.