S

SNDA

A tri-party agreement between landlord, tenant, and lender covering subordination, non-disturbance, and attornment.

Each limb does something different. Subordination makes the lease junior to the mortgage. Non-disturbance protects the tenant if the lender forecloses. Attornment obligates the tenant to recognise the foreclosing lender as landlord. Tenants should not sign a subordination without non-disturbance.

REAL

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