Often, the foreclosure sale will terminate the rights of a commercial tenant. Whether the commercial lease is terminated can vary depending on the timing of when the lease was signed and what the terms of the lease are. If the lease was signed prior to the mortgage, the lease may be considered to have rights that are “senior” to the mortgage and could still be valid after the sale. However, even if the lease is older than the mortgage, the terms of the lease may stipulate that the lease is subordinate to all mortgages, which means that the foreclosure would terminate the lease. One other alternative involves an agreement between the tenant and the lender called an SNDA (short for “Subordination, Non-Disturbance and Attornment Agreement). The SNDA essentially says that the lender will not disturb the lease agreement if the mortgage goes into foreclosure. With an SNDA, the lender takes on the lease agreement after the foreclosure process.