A three-part agreement between a tenant, landlord, and the landlord's mortgage lender. It establishes the lender's priority claim on the property while guaranteeing the tenant will not be evicted if the landlord defaults on their mortgage.
The "subordination" clause acknowledges that the lender's mortgage is senior to the tenant's lease. The "non-disturbance" clause -- the most important part for tenants -- guarantees the lender will honor the lease even after foreclosure, as long as the tenant continues paying rent. The "attornment" clause requires the tenant to recognize the new owner (whether the lender or a foreclosure buyer) as their legitimate landlord. SNDAs are heavily negotiated to preserve tenant rights around unspent TI allowances and casualty repairs.
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What SNDA agreements are, how subordination, non-disturbance, and attornment each work, when SNDAs are required, and how to negotiate non-disturbance protection.
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