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The main purpose of this document is to subordinate the lease to the deed of trust or mortgage (if applicable), and have the tenant agree to be bound by the lease to a new owner in the event of foreclosure.
Chandler Arizona Subordination, Non-Disturbance, and Attornment Agreement of a Lease regarding a Commercial Loan Related Searches
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Interesting Questions
If you're renting a commercial space and there's a possibility of a change in ownership, it’s smart to consider an SNDA. It’s like having an umbrella in case it rains!
Not at all! Each SNDA can be tailored to fit the specific lease and situational needs of the tenants and the property owner.
Absolutely! Just like any other legal document, you can discuss and negotiate the terms to make sure they work for you.
Without an SNDA, the new owner might decide to kick you out or change the lease terms. So, it’s crucial to have this agreement in writing.
As a tenant, it means your rights are protected even if the property changes ownership. You can stay put as long as you follow the lease terms.
Lenders want to ensure that if they take over a property, they have control over the leases. It protects their investment and creates some peace of mind.
It's a fancy way of saying that the lease will stay in effect even if the property changes hands. Basically, if a new owner comes in, you won’t need to worry about losing your place.
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Chandler Arizona Subordination, Non-Disturbance, and Attornment Agreement of a Lease regarding a Commercial Loan