108.01E

Subordination, Non-Disturbance and Attornment

Requirements

You must:

  • evaluate whether an SNDASNDASubordination, Non-Disturbance and Attornment Agreement  (Form 6415) is necessary to provide for subordination and attornment or would be beneficial for other reasons; and
  • use Form 6415 if the Material Commercial LeaseMaterial Commercial LeaseLease, sublease, license, concession, grant, or other possessory interest for commercial purposes that comprises 5% or more of the Property’s annual EGI, or relates to: solar power, thermal power generation, or co-power generation, or for the installation of solar panels or any other… contains provisions for the BorrowerBorrowerPerson who is the obligor per the Note. to assume liability or other risks as landlord that would not be acceptable to the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans.  in case of a Foreclosure EventForeclosure EventAny of the following: Foreclosure under the Security Instrument; any other exercise by the Lender of rights and remedies (whether under the Security Instrument or under applicable law, including Insolvency Laws) as holder of the Mortgage Loan and/or the Security Instrument, as a result of….

You must ensure that each Material Commercial LeaseMaterial Commercial LeaseLease, sublease, license, concession, grant, or other possessory interest for commercial purposes that comprises 5% or more of the Property’s annual EGI, or relates to: solar power, thermal power generation, or co-power generation, or for the installation of solar panels or any other… (including any renewal or extension):

  • is subordinate to the LienLienLien, mortgage, bond interest, pledge, security interest, charge, or encumbrance of any kind. of the Security InstrumentSecurity InstrumentInstrument creating a lien or encumbrance on 1 or more Properties and securing the obligations under the Loan Documents. ; and
  • requires the tenant to attorn to the LenderLenderPerson Fannie Mae approved to sell or service Mortgage Loans. under the Mortgage LoanMortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. .