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We wrote a more detailed post on it here: SNDA - What is it and why should tenants care - complete with a video.
The main thing is that you should be fine if the new landlord does not want to redevelop the commercial property. The lender is your temporary commercial landlord now. They likely will not hold on to the building - they will find a buyer as soon as they can.
If you are in a building that is not making the best use of the property, the new owner could be purchasing the building for the purpose of redeveloping.
For instance, a 2 storey building on a large lot in a redeveloping area could be more profitable if the property was demolished and a multi-floor building is constructed on the land.
If that is the case, you may be in trouble. You likely have a clause in your lease that covers you in the event of a sale of the building, but a bankruptcy would require an SNDA - subordination and non-disturbance agreement. And that agreement is between you and the landlord's lender.
In the case of an accidental ownership by the lender due to the landlord's bankruptcy typically allows for the lender and subsequent new owner to be able to do with the property what they please.
Our advice would be to talk to the other tenants in the building and get an online commercial lease review.
If any of them were able to successfully get an SNDA agreement, that can block the new owner's ability to redevelop. Therefore a neighboring tenant's agreement could save the day for all the tenants in the building. You should also engage with the lender and find out as early as possible what their intentions are with the building. You may be able to help entice them to find a buyer who is motivated to keep the property with all of the leases intact. It would also be advisable to speak with a bankruptcy attorney as early as possible.
Here is the video we created on SNDA agreements: