Lease Terms

SNDA (Subordination, Non-Disturbance & Attornment Agreement)

Three-party agreement between tenant, landlord, and lender protecting tenant's lease rights in case of foreclosure.

Full Definition

An SNDA is executed between tenant, landlord, and lender. It includes: (1) Subordination — tenant's lease is subordinate to the mortgage; (2) Non-Disturbance — if lender forecloses, they will honor the tenant's lease; (3) Attornment — tenant agrees to recognize the lender (or new owner) as the landlord.

Related Terms

Estoppel Certificate

A signed tenant statement confirming lease terms, rent, and any claims against the landlord — required during commercial property sales.

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