SNDA/Estoppel Questions
- How do I order an SNDA/Estoppel?
- You can order it by itself by using the SNDA product when you start a record via the “Add Loan Tab”
- You can also add it to an overall CRE package via the Lease Subordination tab.
- We used the SNDA - Regular (third party), what is SNDA - unconditional (related party)?
- SNDA - Regular (third party) = LEASE SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT
- The intention is for a bona fide third-party lessor/lessee relationship where an SNDA would be appropriate.
- SNDA - unconditional (related party) = LEASE AGREEMENT
- Where the lessor/lessee may be related in some way where the subordination of the lease is identified, but the non-disturbance and attornment are conditional to the lender with regard to an “event of foreclosure or other right asserted under said Deed of Trust by the holder thereof”.
What is “Add Laundry Subordination”? When do we need to use it?
The Add Laundry Subordination option generates as SUBORDINATION AGREEMENT that is designed for use with laundry leases between the lessor and a third-party lessee regarding the laundry facilities on multifamily properties. Due to the nature of such leases, this agreement is designed for such and specifies the subordination aspect of the lease to the loan with limited non-disturbance and attornment provisions.
- Can we add an Address block under Lessor like how you already have one under Lessee?
The Lessor is the Borrower on the loan and we identify the Borrower’s notice address in the Loan Agreement. We do not recommend the Lessor have the ability to enter a different notice address via blank lines. We do not populate the Lessor/Borrower address on the SNDA as both other parties have been previously made aware of it outside of the SNDA. The Lessee address is included so the Lender, as a non-party to the lease and existing lease relationship, can be made aware of the contact information of the lessee. The Lender address for the Lessee is identified in the SNDA itself.
