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With inflation reaching levels not seen in 40 years and interest rates on the rise, combined with reports that delinquency rates for lodging properties remain well above pre-pandemic levels, there is a persistent risk that a significant number of hotel properties will enter foreclosure in the next 12 months — especially in the face of continuing economic headwinds and the looming threat of a recession.
This article examines the agreement — known as a Subordination, Non-Disturbance and Attornment Agreement (SNDA) — typically used by hotel lenders, owners and managers to set forth their respective rights upon a foreclosure, and consider disputes that may arise when a party seeks to enforce its SNDA rights.
|An SNDA is originally a creature of commercial real estate lending involving a property with existing tenant(s). In that context, the SNDA was devised as a mechanism to establish privity of contract between a lender and a tenant — which parties otherwise, in contrast to a landlord and lender (through the loan documents) and a landlord and tenant (through the lease), have no contractual relationship — and set forth their respective rights upon a loan default.
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