Contracts
What is a 'subordination, non-disturbance, and attornment' (SNDA) agreement in Connecticut commercial real estate?
AA lease termination agreement
BAn agreement among tenant, landlord, and lender protecting the tenant's rights if the landlord defaults on the mortgage✓ Correct
CA commission sharing agreement
DA zoning variance application
Explanation
An SNDA agreement protects commercial tenants: Subordination makes the lease junior to the mortgage; Non-disturbance protects the tenant from eviction if the lender forecloses; Attornment requires the tenant to recognize a new landlord after foreclosure.
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Key Terms to Know
Variance
Official permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
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