Decode the SNDA: what foreclosure does to the lease
Lesson 2 of 6 · Lease documents
1 · Learn the move · Cognitive verifier
Your permanent lender will not fund until your anchor signs the lender's SNDA, which means you are the one handing the tenant a document that takes something from it. Read it before you send it. The three prongs sound alike and do opposite things: subordination puts the lease behind the mortgage, non-disturbance is the tenant's promise of staying put through a foreclosure, attornment is the tenant agreeing to treat a new owner as landlord. The cognitive-verifier move fits exactly: restate each prong, quote the clause beside the restatement, name whom it protects, then re-check every restatement against its quote and downgrade any that claims more than the words say. The owner-side payoff is the carve-outs. A successor 'not bound' by the prior landlord's unperformed obligations can leave your tenant holding an allowance you have not finished funding, and that becomes your negotiation with the tenant before it is ever the lender's problem. What the document actually does in a foreclosure is counsel's reading, never the model's.
Decode this SNDA from the owner's side. For subordination, non-disturbance and attornment: restate it plainly, quote the clause, name who it protects, list every carve-out. Then check each restatement against its quote and downgrade overreach to UNKNOWN. Name which of my own lease obligations a carve-out could leave unpaid. Legal effect is for counsel. [SNDA] [my lease sections]
2 · Your turn. You write the prompt
Your permanent loan on the retail phase at Harrow Crossing requires an SNDA from Fenwold Market, the grocer. The lender sent its form. Fenwold's lease has an $840,000 improvement allowance paid in draws, and your draw log shows two draws still unpaid. Before you send the form to Fenwold, you want to know what you are asking them to accept and where their counsel will stop reading. Write the prompt.
Write the prompt for this scenario as given, or swap in a real one from your own work. The score works the same either way.
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