Subordination and Non-Disturbance Agreements (SNDAs) in Real Estate Transactions

Summary

This practice note covers the topic of Subordination, Non-Disturbance and Attornment Agreements in the context of commercial lease arrangements involving a commercial landlord, a tenant, and the landlord's lender/mortgagee. The discussion will be helpful to lawyers representing any of these parties. However — and while practice tips are provided for lawyers who act for landlords or mortgagees — the discussion is framed mainly from the standpoint of commercial tenants. It will therefore be especially useful for lawyers acting for tenants who are negotiating a commercial lease and wish to protect their security of tenure.