Escrow & Title
What is a 'non-disturbance agreement' (NDA) in Delaware commercial leasing?
AAn agreement prohibiting tenants from disturbing other tenants
BA lender's agreement that, in the event of foreclosure, the tenant's lease will be recognized and the tenant will not be disturbed provided they comply with lease terms✓ Correct
CA noise ordinance compliance agreement required for commercial tenants
DAn agreement between co-owners not to disturb each other's use
Explanation
A non-disturbance agreement (NDA) is given by the lender to tenants in a SNDA (Subordination, Non-Disturbance, and Attornment agreement). It protects the tenant's right to remain in the leased space in the event the landlord defaults and the lender forecloses.
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Key Terms to Know
Net Operating Income (NOI)
The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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