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Subordination Nondisturbance and Attornment Agreement

Broward Florida Subordination Nondisturbance and Attornment Agreement

Name: Broward Florida Subordination Nondisturbance and Attornment Agreement
Brand: US Legal Forms
Rating: 4.56 (291 reviews)

Category:

Landlord Tenant - Subordination

State:

Multi-State

County:

Broward

Control #:

US-0734-WG

Format:

Instant download

Description

Subordination Nondisturbance and Attornment Agreement

Software Acquisition Agreement

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FAQ

A subordination, non-disturbance, and attornment agreement (SNDA) is a three-party agreement among: A lender who has (or is about to take) a security interest in real property that is being: encumbered by a mortgage, deed of trust, or other security instrument; and. affected by one or more commercial leases.

An attornment occurs when the title to an immovable property is transferred from the hands of one lessor to another. In such cases, the existing lessor will usually send a letter of attornment to the lessee notifying him of such sale and request him to make all further lease payments directly to the new lessor.

In the case of commercial property changing hands, an attornment clause in a subordination, non-disturbance, and attornment (SNDA) agreement requires the tenant to acknowledge a new owner as their landlord and to continue paying rent regardless of whether the property changes hands through a normal sale or a

: to agree to be the tenant of a new landlord or owner of the same property. Other Words from attorn. attornment noun.

The subordination clause gives the third-party lender the option to terminate the lease in the event of commercial foreclosure. A non-disturbance clause or agreement provides the tenant the right to continue occupying the leased premises as long as they do not default.

This is merely a way to formalize the legal relationship that exists between a landlord and the new owner of the property. The SNDA is beneficial for both the lender and for the tenant.

What is Attornment? The "attornment" part of the agreement, which perhaps is the most confusing part of an SNDA, simply means that the tenant is agreeing to acknowledge the purchaser at the foreclosure sale as the new landlord under the lease.

A lender typically wants to have an SNDA because of its subordination clause if, in the absence of such an agreement, the lease would be prior to the mortgage.

Broward Florida Subordination Nondisturbance and Attornment Agreement

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