A Tenant Subordination Agreement becomes necessary when a property owner seeks new financing or refinancing of a commercial property with existing tenants. This document protects the interests of all parties by establishing clear priorities between the lease and mortgage, while ensuring the tenant's continued occupancy rights. Under U.S. law, these agreements are particularly important in commercial real estate transactions where lenders require assurance that their security interest takes priority over existing leasehold interests. The agreement typically includes provisions for subordination, non-disturbance, and attornment (SNDA), making it a crucial document for securing financing while maintaining stable tenant relationships.
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1. Parties: Identifies all parties involved: Tenant, Landlord, and Lender
2. Background/Recitals: States the existing lease arrangement, lender's security interest, and purpose of subordination
3. Definitions: Defines key terms including Lease, Mortgage, Property, and Security Interest
4. Subordination: Core provision stating tenant's lease is subordinate to lender's mortgage/security interest
5. Non-Disturbance: Lender's commitment not to disturb tenant's possession if following lease terms
6. Attornment: Tenant's agreement to recognize lender as landlord upon foreclosure
7. Governing Law: Specifies jurisdiction and applicable law
8. Execution: Signature blocks for all parties
1. Estoppel Certificates: Tenant's confirmation of lease terms and status - include when lender requires current lease status confirmation
2. Insurance Requirements: Specific insurance obligations - include when additional insurance requirements beyond lease are needed
3. Notice Provisions: Specific requirements for notices between parties - include when different from lease notice provisions
4. Modification Restrictions: Limitations on lease modifications without lender consent - include when lender wants control over lease changes
1. Schedule A - Property Description: Legal description of the property
2. Schedule B - Lease Details: Summary of key lease terms and amendments
3. Schedule C - Mortgage Details: Summary of mortgage or security instrument
4. Exhibit A - Form of Estoppel Certificate: Standard form for future estoppel certificates if required
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