Legal Question in Real Estate Law in Florida
If a commercial tenant has an existing lease and is subsequently presented with an SNDA by the Landlord on behalf of a potential new Lender who is considering a refinance, is there any legal obligation for the tenant to sign? Moreover, is a tenant required to sign an SNDA subsequent to an existing lease?
2 Answers from Attorneys
Without my reading the SNDA I would not sign it. It may extinguish your tenant rights.
Your lease will govern your obligation to sign an SNDA. Most commercial leases have a provision that requires a tenant to sign an SNDA upon request of Landlord - some leases even have a provision that allows the Landlord to sign an SNDA on the tenant's behalf as attorney in fact. Thus, you should review your lease to see what the requirements are concerning the execution of an SNDA. If your lease doesn't contain a provision requiring you to sign an SNDA then there isn't a legal obligation to do so.
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