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Subordination, Non-Disturbance and Attornment Agreements in Commercial Leasing and Real Estate Finance

Gain an understanding of the objectives of an SNDA and the practical tips for drafting and negotiating them.

This topic presents an overview of the Subordination, Non-Disturbance and Attornment Agreement (SNDA) and how to prepare one. Many lenders require SNDAs as a condition to the closing of a mortgage loan, and tenants are frequently asked by their landlords to sign SNDAs. Some tenants insist on obtaining an SNDA prior to entering into a lease. You will learn why SNDAs are important, the key elements of an SNDA, and how an SNDA is like a prenuptial agreement for two parties who do not want or intend to get married. The information will consider both lender and tenant objectives for an SNDA and will present practical tips for drafting and negotiating an SNDA.

Runtime: 88 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview of the Subordination, Non-Disturbance and Attornment Agreement (SNDA)

  • What Is an SNDA?
  • When Do You Need It?
  • What Happens If You Do Not Have One?

Lender Perspective

  • Why Does a Lender Want an SNDA?
  • What Is a Lender Trying to Accomplish in an SNDA?

Tenant Perspective

  • Why Does a Tenant Want an SNDA?
  • What Is a Tenant Trying to Accomplish in an SNDA?

Drafting an SNDA

  • Key Elements
    • Recitals
    • Subordination
    • Attornment
    • NonDisturbance
    • Lender Protections and Lease Amendments
    • Estoppel
  • Relationship to Loan Documents and Lease
  • Standard Forms

Negotiating an SNDA

  • Accomplishing Lender Goals
  • Accomplishing Tenant Goals
  • Reasonable Compromise Positions
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on November 20, 2019.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.25
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.25
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Ronald S. Gart

Ronald S. Gart

Seyfarth Shaw LLP

  • Partner, Seyfarth Shaw LLP
  • Chairman of Seyfarth Shaw’s Washington, D.C. Real Estate Practice Group
  • Practice focuses on real estate development, real estate lending, and real estate acquisitions and dispositions
  • Chambers USA Leading Real Estate Lawyer 2011-2018
  • U.S. News & World Report Best Lawyers Leading Real Estate Lawyer 2018-2019
  • Real estate roundtable, president’s council member
  • Member of Seyfarth’s Real Estate Finance Practice, which represents three of the top ten largest commercial real estate lenders of 2018 as ranked by National Real Estate Investor
  • J.D. degree, National Law Center, George Washington University
  • Can be contacted at [email protected]
James O'Brien

James O'Brien

Seyfarth Shaw LLP

  • Partner, Seyfarth Shaw LLP
  • Member of Seyfarth Shaw’s Chambers USA nationally recognized Real Estate Practice Group, practicing in both Washington, D.C. and San Francisco
  • Practice focuses on real estate leasing, real estate acquisitions and dispositions, and real estate financing
  • Legal 500 Leading Real Estate Lawyer 2014
  • Member of American Bar Association’s Committee on legal opinions in real estate transactions
  • Member of Seyfarth’s Real Estate Leasing Practice, which has handled leases for more than 400 million square feet of rentable space over the last decade
  • J.D. degree, New York University School of Law
  • Can be contacted at [email protected]
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Product ID: 407079
Published 2019
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