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Lease Subordination Non Disturbance And Attornment Agreement

Lease Subordination Non Disturbance And Attornment Agreement Template for Australia

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Key Requirements PROMPT example:

Lease Subordination Non Disturbance And Attornment Agreement

"I need a Lease Subordination Non Disturbance And Attornment Agreement for a commercial office building in Sydney that I'm refinancing with ANZ Bank, where we have five existing tenants who need to be protected, with the new mortgage starting March 2025."

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Document background
The Lease Subordination Non Disturbance And Attornment Agreement is a crucial document in Australian commercial real estate transactions where a property is both mortgaged and leased. It is typically required by lenders as a condition of their financing and by tenants as protection for their lease rights. The agreement addresses three key aspects: subordination of the lease to the mortgage, protection of the tenant's occupancy rights, and the tenant's recognition of a new landlord in case of foreclosure. This document is particularly important in situations where a property owner is refinancing or obtaining new mortgage funding for a property with existing tenants, or when new tenants are entering into leases of mortgaged property. The agreement must comply with Australian property law requirements and may need to address state-specific regulations depending on the property's location.
Suggested Sections

1. Parties: Identifies all parties to the agreement: Landlord, Tenant, and Lender/Mortgagee

2. Background: Recitals explaining the existing lease, mortgage, and purpose of the SNDA

3. Definitions: Defines key terms used throughout the agreement, including Property, Lease, Mortgage, and Security Documents

4. Subordination: Provisions establishing that the lease and tenant's interests are subordinate to the mortgage and security interests of the lender

5. Non-Disturbance: Lender's commitment not to disturb tenant's possession when complying with lease terms, even in case of foreclosure

6. Attornment: Tenant's agreement to recognize lender as landlord in case lender takes possession of the property

7. Representations and Warranties: Key statements of fact from each party regarding their authority, the lease status, and other material matters

8. Notice Requirements: Procedures for giving notices under the agreement, including default notices

9. General Provisions: Standard boilerplate provisions including governing law, entire agreement, amendments, and severability

Optional Sections

1. Property Manager Provisions: Include when a property manager is involved in managing the property and needs specific rights or obligations under the SNDA

2. Insurance Requirements: Specific insurance provisions when standard lease insurance provisions need modification due to lender requirements

3. Estoppel Provisions: Include when parties need to certify certain facts about the lease and property as of the SNDA date

4. Future Advances: Include when the mortgage allows for future advances to confirm subordination applies to additional loan amounts

5. Lease Modification Restrictions: Include when lender requires control over future lease modifications

6. Direct Payment Provisions: Include when lender requires right to collect rent directly from tenant upon landlord default

Suggested Schedules

1. Property Description: Legal description and address of the property

2. Lease Details: Summary of key lease terms, dates, and any modifications

3. Mortgage Details: Summary of mortgage and security documentation

4. Authorized Notice Recipients: Contact details for all parties for notice purposes

5. Existing Defaults: If applicable, schedule of any existing defaults under lease or mortgage

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




































Clauses


























Relevant Industries

Commercial Real Estate

Retail

Banking and Finance

Healthcare

Manufacturing

Office Space Management

Industrial

Hospitality

Education

Technology

Relevant Teams

Legal

Real Estate

Property Management

Finance

Commercial Leasing

Asset Management

Risk Management

Corporate Services

Investment

Relevant Roles

Real Estate Lawyer

Property Manager

Commercial Leasing Manager

Corporate Counsel

Real Estate Portfolio Manager

Finance Manager

Commercial Property Director

Legal Counsel

Tenant Representative

Asset Manager

Property Development Manager

Banking Relationship Manager

Real Estate Investment Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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