LA 1631 SNDA For Wachovia Bank Subordinating Office Lease With Work Letter, Renewal Options And First Refusal Rights To Real Estate Financing
This form is a subordination, attornment and non-disturbance agreement (commonly referred to as SNDA) drafted for Wachovia Bank, which merged with Wells Fargo & Company effective at the beginning of 2009. Wachovia is the lender that made the real estate loan on the property containing the tenant's premises.
The document subordinates the tenant’s lease to the real estate financing. It further provides that the tenant's possession of the premises will not be disturbed if the landlord defaults under the financing, so long as the tenant continues to pay rent and otherwise perform under the lease.
This SNDA also contains numerous pro-lender provisions in the event the lender forecloses on the property. In such a case, among other things, the lender will not be liable for any act or omission of any prior landlord. Likewise, the lender will not be bound by any amendment or modification of the lease made after the date of the SNDA without the bank's written consent, or be liable with respect to any representations or warranties made by the landlord concerning the use, compliance with zoning, landlord’s title, landlord’s authority, habitability or fitness for purpose or commercial suitability or hazardous wastes, hazardous substances, toxic materials or similar matters relating to the environmental condition of the property.
Number of Pages: 12
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