Subordination, Non-Disturbance, and Attornment Agreement (SNDA) (Pro-Lender) (IL) | Practical Law

Subordination, Non-Disturbance, and Attornment Agreement (SNDA) (Pro-Lender) (IL) | Practical Law

A subordination, non-disturbance, and attornment agreement (SNDA) for use in Illinois that establishes the rights and priorities between a lender's mortgage lien and a tenant's leasehold interest in mortgaged commercial property. This Standard Document discusses Illinois SNDAs from a lender's perspective, including matters such as lien subordination, attornment, landlord defaults, lease amendments, and lender protection provisions. This Standard Document has integrated notes and important explanations and drafting and negotiating tips for lenders; useful even in transactions using a form that differs from this Standard Document. The tenant's counsel can also benefit from reviewing the drafting notes of this Standard Document to better understand a lender's position when negotiating SNDAs.

Subordination, Non-Disturbance, and Attornment Agreement (SNDA) (Pro-Lender) (IL)

Practical Law Standard Document w-014-9935 (Approx. 40 pages)

Subordination, Non-Disturbance, and Attornment Agreement (SNDA) (Pro-Lender) (IL)

by Practical Law Real Estate
MaintainedIllinois
A subordination, non-disturbance, and attornment agreement (SNDA) for use in Illinois that establishes the rights and priorities between a lender's mortgage lien and a tenant's leasehold interest in mortgaged commercial property. This Standard Document discusses Illinois SNDAs from a lender's perspective, including matters such as lien subordination, attornment, landlord defaults, lease amendments, and lender protection provisions. This Standard Document has integrated notes and important explanations and drafting and negotiating tips for lenders; useful even in transactions using a form that differs from this Standard Document. The tenant's counsel can also benefit from reviewing the drafting notes of this Standard Document to better understand a lender's position when negotiating SNDAs.