Subordination, Non-disturbance, and Attornment Agreement (Pro-Lender) (MO)
Summary
This subordination, non-disturbance, and attornment agreement (SNDA) template may be used in a Missouri acquisition loan transaction when a mortgaged property in Missouri is subject to existing tenancies. This template includes practical guidance, drafting notes, and alternate and optional clauses. By executing an SNDA, the tenant agrees to subordinate its leasehold interest in the leased premises to the lien of the lender's mortgage or deed of trust, and to recognize and attorn to any subsequent landlord who acquires title to the mortgaged property (e.g., by means of a foreclosure sale). In turn, the lender agrees not to terminate or disturb the tenant's rights under its lease if the tenant is not in default when the lender forecloses on the mortgaged property. This SNDA is drafted from the perspective of the lender but contains drafting notes and guidance for the tenant. This SNDA may be recorded in the property records where the real property is located; however, it does not need to ...