What does judicial estoppel mean?
What does judicial estoppel mean?
The doctrine of judicial estoppel serves to prevent litigants from asserting claims in a court proceeding that are directly contrary or inconsistent to a prior statement made in a previous proceeding.
Why does a lender want an Snda?
A lender typically wants to have an SNDA because of its subordination clause if, in the absence of such an agreement, the lease would be prior to the mortgage. Therefore, if a mortgage is senior to a lease, the foreclosure of the mortgage will terminate the lease unless there is an agreement that provides otherwise.
What is a subordination Nondisturbance and Attornment agreement?
The subordination, non-disturbance and attornment agreement (commonly abbreviated as an “SNDA agreement”) is the document that the landlord, tenant and lender often employ to resolve how their rights do and will intersect.
What does subordination mean in a lease agreement?
Subordination is the tenant’s agreement that its interest under the lease will be subordinate to that of the lender. Attornment is the tenant’s agreement to become the tenant of someone other than the original landlord and who has now taken title to the property.
What is a priority agreement?
A subordination agreement (sometimes called a priority agreement or a priorities agreement) is given by one creditor in favour of another, and typically deals with subordination by the granting creditor of both security interests governed by the Act and of the right to payment.
What is substitution agreement?
A substituted contract is an agreement between parties that were involved in a previous contract. The substituted contract replaces the original contract, completely taking its place and discharging the terms of the original agreement.
What is a mortgage postponement?
The principal is the amount of money you borrow from a financial institution. With a mortgage deferral, you don’t pay the principal. Instead, you are delaying the payment of this amount.
