In one sentence
The recording of a subordination, non-disturbance, and attornment agreement to bind successors and give it priority effect.
The longer version
Recording an SNDA puts the world on notice of the arrangement between lender, landlord, and tenant, and can be important for its enforceability against future parties. Whether to record depends on the deal and jurisdiction.
SNDA collection and recording are tracked lease-related closing items, especially where major tenants are involved.
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