An SNDA Agreement for the Peace of Mind
A subordination, non-disturbance, and attornment (SNDA) agreement is a legal document you might want to have if you want to protect your commercial property lease. If you have no idea what this agreement is, you’re not alone—it’s a complex matter.
DoNotPay is here to explain everything you need to know and give you all the information on how to write contracts that every tenant needs.
What Is the Purpose of an SNDA Agreement?
A subordination, non-disturbance, and attornment agreement serves to protect you in case the building where you’re renting the space goes bankrupt, and the lender takes over the property.
If you sign it, your lease will be honored, but if you don’t, you won’t be protected because regular lease agreements don’t establish a direct relationship between the lender and the tenant.
Your landlord might have asked you to sign an SNDA agreement when you signed your lease, but that scenario is not common. These agreements are hard to get since the lenders avoid them to protect their interests, and the landlords hate bothering the lenders—unless they don’t want to miss out on a great tenant.
Three Main Clauses of an SNDA Agreement
The SNDA agreement needs to include these three main clauses:
You can find more details about each of them in the table below:
|Subordination||The subordination clause of an SNDA agreement states that the tenant agrees to subordinate their interest in the rented property to the mortgage of the lender. This is a security deed that protects the lender’s interest|
|Non-Disturbance||The non-disturbance clause of the agreement makes sure that the tenant’s rights are secured. The tenant has the right to stay on the leased premises even if the land goes out of the landlord's possession. In this section of the agreement, the lender agrees to recognize the tenant under the lease|
|Attornment||The attornment clause of the SNDA is there to ensure that the tenant will attorn to the lender or the lender’s transferee as the new landowner. If they exclude this part of the agreement, the tenant is free to walk away from the lease in case the landlord loses their property to foreclosure|
When To Sign an SNDA Agreement
Prospective tenants should strive to secure the SNDA agreement before signing the lease. If you have enough leverage, the landlord will try to pressure the lender to finalize the SNDA agreement so that they won’t lose good tenants.
The lenders may also be invested in closing the deal so that they can secure your monthly payments. A serious tenant that pays on time will ensure the landlord has enough coverage for the loan.
How To Draw Up Your SNDA Agreement
You can try to create a subordinate, non-disturbance, and attornment agreement on your own, but it’s probably going to be one of the most difficult contracts you’ll ever draw up. You can either find a lawyer to draft it for a price or use a template to draft it yourself. Both options have their downsides since this agreement is complex, and legal help is not cheap.
Use DoNotPay To Create Other Legal Documents You Might Need
Renting an apartment or an office space involves much more than just the SNDA agreement. We can help you reduce the stress by creating other legal documents you may need along the way within minutes.
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|Business Contracts||Real Estate Agreements||Other Legal Documents|
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