A subordination, non-disturbance, and attornment agreement (often referred to as an “SNDA”), includes three basic agreements that establish the relationship between the lender and the tenant under a lease of mortgaged property, where the borrower/landlord has defaulted on a loan. In the “subordination” part of the agreement, the tenant agrees to treat the lease as if it came after the mortgage even though the lease was executed before the mortgage. This subordination allows the lender to terminate the lease in event of a foreclosure. In exchange for the subordination, the lender agrees not to disturb the tenant’s right to possession, provided the tenant is not in default under the lease. This “non-disturbance” agreement permits the tenant to stay on in the event the lender or other purchaser at foreclosure takes title to the property that is subject to the lease. Similarly, the “attornment” portion of the agreement obligates the tenant to recognize the lender or purchaser at foreclosure as the new landlord. Usually, the attornment is only given by a tenant if the lender agrees to the non-disturbance (sometimes called a “right of quiet enjoyment”) agreement.