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South Carolina Subordination, Non-Disturbance, and Attornment Agreement

Name: South Carolina Subordination, Non-Disturbance, and Attornment Agreement
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.69 (483 reviews)

Category:

South Carolina Real Estate - Contracts

State:

South Carolina

Control #:

SC-LR007

Format:

Instant download

Description

This document is three forms in one. The subordination part is where the lender's security interest becomes superior to the preexisting lease, and upon foreclosure by the lender, the title obtained by the purchaser at the foreclosure sale will be superior to the existing lease. The non-disturbance part of the agreement, the lender has agreed that upon acquiring title to the leased property through a foreclosure sale, that the lender, or any other purchaser at the sale, will "not disturb" the tenancy of the tenant, so long as the tenant is not in default, and that such tenancy will continue as if the foreclosure had never occurred. The "attornment" part of the agreement, is where the tenant is agreeing to acknowledge the purchaser at the foreclosure sale as the new landlord under the lease.

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FAQ

Subordination is the tenant's agreement that its interest under the lease will be subordinate to that of the lender.Attornment is the tenant's agreement to become the tenant of someone other than the original landlord and who has now taken title to the property.

SNDA stands for Subordination, Non-disturbance and Attornment Agreement. You need an SNDA if you are a commercial tenant, a commercial landlord, or a lender taking a mortgage against commercial property. If you're a tenant, the SNDA protects you from being evicted if your landlord stops paying its mortgage loan.

A Subordination and Non-Disturbance Agreement (SNDA) commonly called a non-disturb is an agreement that your landlord asks its lender to provide. The agreement basically says that if the building goes bankrupt and the lender takes control of the building from the landlord, the lender will honor your lease.

An SNDA is an agreement entered into between a tenant and the lender of the landlord (and, ideally, the landlord) to establish the relationship between the tenant and lender (who would not otherwise have a direct relationship) and provide relative priorities between them.

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.Therefore, if a mortgage is senior to a lease, the foreclosure of the mortgage will terminate the lease unless there is an agreement that provides otherwise.

A nondisturbance clause is a provision in a mortgage contract that ensures that a rental agreement between the tenant and the landlord will continue under any circumstances.A nondisturbance clause ensures that a tenant will not be evicted in the event that the landlord goes bankrupt.

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

South Carolina Subordination, Non-Disturbance, and Attornment Agreement

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FAQ

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