"When the landlord wants to sell the building or obtain a loan, the buyer or lender will want the tenant to sign an Estoppel Certificate to confirm certain key facts about the lease," McCandless explains. "If those statements later turn out to be not true, the tenant is 'estopped' (or prevented from) saying otherwise."
McCandless also describes an SNDA, or a "Subordination, Non-Disturbance, and Attornment" Agreement, which a lender may request if the landlord seeks a new loan secured by a mortgage on the leased property. "In an SNDA, the tenant basically agrees to three things: (1) the tenant subordinates its lease priority to the mortgage, (2) the lender agrees to not disturb (evict) the tenant if there is a later foreclosure, and (3) after any foreclosure, the tenant agrees to recognize the lender as the new landlord under the lease (legally, the tenant 'attorns' to the lender)," McCandless writes. He further provides a list of 10 issues and tips for a tenant to consider upon receiving an SNDA form.