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

Drafting and Negotiating SNDA Agreements to Protect Lenders, Tenants and Landlords

Recording of a 90-minute premium CLE webinar with Q&A

Conducted on Thursday, November 10, 2016

Recorded event now available

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Program Materials

This CLE webinar will discuss the purpose and objectives of subordination, non-disturbance and attornment agreements (SNDAs) for all key stakeholders—lenders, tenants and landlords. The panel will outline best practices for drafting and negotiating SNDAs and other related provisions such as estoppel certificates.


One of the most significant issues in commercial leasing and real estate finance is the priority of the secured loan with respect to the property owner’s tenants. The importance of this issue was highlighted in recent years with high loan defaults by landlords.

SNDAs are critical to set out the rights and obligations of the landlord, tenant and lender. The SNDA agreement addresses how and when the tenant’s rights subordinate to the lender’s rights or, conversely, senior to the lender’s rights.

SNDAs assure that tenant rights to the premises will be preserved, or not be disturbed if the landlord defaults on its loan and the lender forecloses. The attornment provisions of the SNDA agreement assure the lender that the tenant will recognize the new landlord after foreclosure. Importantly, many SNDAs include other provisions that may alter the lease terms.

Listen as our authoritative panel of real estate practitioners analyzes the purpose and objectives of SNDA agreements for lenders, tenants and landlords, and explains how to draft and negotiate SNDAs and other related provisions such as estoppel certificates.



  1. Overview of SNDAs and their objectives
  2. Subordination provisions
  3. Non-disturbance provisions
  4. Attornment provisions
  5. Additional provisions that are often included in SNDAs (estoppel, notice, use of property, casualty insurance proceeds)


The panel will review these and other key issues:

  • The lender’s objectives in negotiating the SNDA agreement and how the lender can protect the future rental stream of the property
  • The tenant’s objectives beyond non-disturbance of possession of the premises and rights they should seek to negotiate
  • The landlord’s objectives in drafting and negotiating the SNDA agreement


Levin, Edward
Edward J. Levin

Gordon Feinblatt

Mr. Levin focuses his practice in the area of real property law, including real estate financing, leasing, purchase and...  |  Read More

Trott, John
John M. Trott

Cox Castle & Nicholson

Mr. Trott’s practice focuses on representing financial institutions, real estate developers and owners in...  |  Read More

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