I've been a long time subscriber, and your newsletter has been very helpful in my real estate practice. Question: With respect to a commercial lease which (i) has a Subordination, Non-Disturbance and Attornment provision ("SNDA") that does not mention future financing, or (ii) has no SNDA provision, in the event of a sale of the property by Landlord, and Buyer places new financing on the property, does tenant have right to cancel lease if there is a foreclosure (assuming no defaults by Landlord or Buyer)? Thanks

Thanks for your question and for the good words about TRELL. In your example, it seems to me that the lease would be prior to the deed of trust and therefore would not be cut off by the foreclosure. Thus, the tenant could not terminate. A related issue sometimes arises when a lease is subordinate (either by virtue of an SNDA or by virtue of being later in time), but the purchaser at foreclosure wants to keep the lease in effect. Under these circumstances the tenant is not bound unless it chooses to reinstate the lease.