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A Tenant's Perspective on SNDAs: Non-Disturbance Is Not Enough
The subordination, non-disturbance and attornment agreement (SNDA) is common to most commercial leasing and real estate financing transactions. The SNDA regulates two competing interests in the same property — tenant's right to possess its premises pursuant to its lease and mortgage lender's security interest in that same premises.
Despite the agreement's title, the most important provision of a subordination, non-disturbance and attornment agreement from a tenant's perspective is neither subordination, non-disturbance nor attornment. The most consequential provisions of the SNDA deal with the recognition of tenant's lease agreement. Though an agreement by mortgage lender not to disturb tenant's possession following a foreclosure is certainly beneficial to the tenant, non-disturbance alone is not enough. The savvy tenant will want the full terms and conditions of its lease to be recognized.
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