Do lenders ask for new estoppels and lease amendments with the buyer as the landlord/owner
Hello all

I am very confused. My lender says part of a requirement to fund the loan is to ask the current tenants of an office building to re-sign the estoppel certificate (there was already an estoppel certificate signed with the current owner as the landlord) with the buyer (me) as the landlord. Also asked for lease amendments reflecting the buyer as the landlord. 

Does this all make any sense?
[{"id": "haipshb", "text": "Does the purchase and sale agreement contain an assignment of leases? That should suffice, honestly.", "replies": [{"id": "hairuj9", "text": "i will check, thanks", "replies": [], "depth": 2}, {"id": "haitwmj", "text": "There is an Attornment and Non-disturbance clause. Never read this before but the key phrases are:\n\nAttornment:\n\nIn the event that Lessor transfers tittle to the Premises, or the Premises are acquired by another upon the foreclosure or termination of a Security Device to which this Lease is subordinated (i) Lessee shall, subject to the non-disturbance provisions of Paragraph 30.3, attorn to such new owner, and upon request, enter into a new lease, containing all of the terms and provisions of this Lease, with such new owner for the remainder of the term hereof, or, at the election of the new owner, this Lease will automatically become a new lease between Lessee and such new owner,\n\nNon-disturbance:\n\nWith respect to Security Devices entered into by Lessor after the execution of this Lease, Lessee's subordination of this Lease shall be subject to receiving a commercially reasonable non-disturbance agreement (a \"Non-Disturbance Agreement\") from the Lender which Non-Disturbance Agreement provides that Lessee's possession of the Premises, and this Lease, including any options to extend the term hereof, will not be disturbed so long as Lessee is not in Breach hereof and attorns to the record owner of the Premises.\n\n&amp;#x200B;\n\nI think its ok? but such a convoluted way to say it", "replies": [{"id": "haiuw6i", "text": "It looks like you pulled these clauses from the lease. Is the lender asking for certain tenants to sign SNDAs?", "replies": [], "depth": 3}, {"id": "haixnpm", "text": "Yeah, it is OK.\n\nThe tenant should sign a Subordination, Non-Disturbance, and Attornment (SNDA) agreement so that the lease becomes subordinate to the new mortgage subject to the terms of the lease that you quoted. It is normal for the lender to require that SNDA agreement.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "haiq4hw", "text": "Do you mean assignments instead of amendments?\nAlso, I think the lender wants a cert as of the date of the contract", "replies": [{"id": "hakayjj", "text": "so per comments on top...the lender wants updated ones. sighs, if i was a tenant and have to do estoppels multiple times, i'd feel annoyed.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hairtwg", "text": "I just dont understand that this is before closing, so the buyer isn't the landlord (yet)", "replies": [{"id": "hajvj47", "text": "This is part of the lenders due diligence process. An estoppel will verify that the lease is in effect and there are no defaults under the lease from the perspective of the tenant", "replies": [{"id": "hakb2o8", "text": "&gt;Yes, and we had estoppels with the current owner as the landlord, done early on, 60 days ago. this is a new estoppel requirement where the buyer is to be listed as the landlord.\n\nthis is likely the lender wanting updated estoppels..", "replies": [{"id": "hakdq6a", "text": "Strange request. They likely have the right to under the loan docs to request them at any time.  (See assignment of leases and rents and snda). It doesn\u2019t hurt to ask why they need it given the loan just closed", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "haiue0q", "text": "When were the existing estoppels signed? They will want up to date estoppels signed by the tenants not too long before closing, and there should be language in the estoppels stating that the buyer and buyer\u2019s lender may rely upon the statements made by the tenant.  You shouldn\u2019t need lease amendments, an assignment of leases should suffice.  I assume you\u2019re using an attorney\u2026?", "replies": [{"id": "hakaul0", "text": "roughly 50 days ago. is that too long? now i kind of get it....updated estoppels but since it is being 'updated' might as well put the buyer as the landlord....\n\nyea, my agent is kind of frustrated being asked for lease amendments. the bank did not mention anything about assignment of leases", "replies": [], "depth": 2}], "depth": 1}, {"id": "haiuo68", "text": "Estoppels are typical as part of the lender\u2019s dd process. The leases will include a provision requiring the tenant to sign an estoppel for a lender. No big deal.", "replies": [{"id": "hakaica", "text": "Yes, and we had estoppels with the current owner as the landlord, done early on, 60 days ago. this is a new estoppel requirement where the buyer is to be listed as the landlord.", "replies": [], "depth": 2}], "depth": 1}, {"id": "haixpth", "text": "It is very common for the lender to require executed estoppels and SNDAs prior to closing.", "replies": [{"id": "hakacxx", "text": "just to confirm, we had estoppels already signed, with the current owner as the landlord. The bank is asking for new estoppels where the landlord is listed as the buyer, before closing.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hak5r97", "text": "The estoppel certificates definitely. A well-written lease will contain terms that require them to do so when such a thing happens. Lease amendment is less so. It's not *wrong* wrong, but I would balk at the request.", "replies": [], "depth": 1}]