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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.
Columbus Ohio Subordination, Non-Disturbance, and Attornment Agreement of a Lease regarding a Commercial Loan Related Searches
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Interesting Questions
While it’s not mandatory, it's quite common for commercial leases to include an SNDA. It’s a wise move to ask for one to safeguard your business interests in case of landlord changes.
If you don’t sign the SNDA, you may be exposing yourself to risks. The lender may not recognize your lease, and you could be at the mercy of new ownership without any guarantees.
Absolutely! Negotiating the terms is common practice. You should discuss specific clauses that ensure your rights and obligations are clearly defined to protect your interests.
Attornment is where you agree to recognize a new owner of the property as your landlord if the original landlord sells the property. This ensures stability for your business even during ownership changes.
Subordination means that your lease will take second place to the lender's mortgage. If the lender needs to take over the property, they would step into your shoes but must still honor your lease terms.
You can discuss key terms with your landlord or their attorney, ensuring your interests are represented, particularly around non-disturbance provisions.
While it's not legally required, having an SNDA is highly recommended to safeguard your rights and clarify the landlord's obligations.
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Columbus Ohio Subordination, Non-Disturbance, and Attornment Agreement of a Lease regarding a Commercial Loan