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Walt Boutin explains the Subordination and Non-Disturbance Agreement (SNDA) in this one-minute tutorial. The SNDA requires a tenant to subordinate their lease to any existing or future financing, but in return, the tenant receives a non-disturbance guarantee. This means that in the event of a foreclosure, the landlord must honor the tenant's lease, ensuring they won't be evicted or have their rent raised. It establishes mutual respect for the lease between the tenant and landlord. While smaller tenants may struggle to obtain this agreement, it's crucial for larger tenants making significant investments in the property.