The Loan Against Rent Agreement is a specialized financing instrument used in the Philippine market where property owners can leverage their rental income stream to secure loan financing. This document type is particularly useful for property owners who have stable rental income and need additional capital without selling their property or using traditional mortgage financing. The agreement must comply with Philippine lending regulations, including the Truth in Lending Act (Republic Act No. 3765) and relevant provisions of the Civil Code of the Philippines. It typically includes comprehensive details about the property, existing lease arrangements, loan terms, payment mechanisms, and security arrangements. The document is commonly used in both commercial and residential property contexts, providing lenders with security through direct access to rental payments while allowing property owners to maintain ownership and control of their assets.
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1. Parties: Identifies and defines the Lender and the Borrower (Property Owner), including their complete legal names, addresses, and contact details
2. Background: Explains the context: that the Borrower owns property generating rental income and wishes to obtain a loan secured against this rental income
3. Definitions: Defines key terms used throughout the agreement, including 'Property', 'Rental Income', 'Tenant', 'Lease Agreement', etc.
4. Loan Details: Specifies the loan amount, interest rate, term, and repayment schedule in compliance with the Truth in Lending Act
5. Security Arrangement: Details how the rental income will be assigned/directed to service the loan, including payment mechanisms
6. Borrower's Representations and Warranties: Borrower's confirmations regarding property ownership, existing lease agreements, and absence of prior assignments
7. Covenants: Ongoing obligations of the Borrower, including maintaining lease agreements, property maintenance, and insurance
8. Events of Default: Lists circumstances constituting default and the consequences thereof
9. Remedies: Lender's rights and remedies upon default, including ability to collect rent directly from tenants
10. Term and Termination: Duration of the agreement and circumstances under which it can be terminated
11. Governing Law and Jurisdiction: Specifies Philippine law as governing law and designates courts for dispute resolution
12. Notices: Procedures for giving legal notices under the agreement
13. Execution: Signature blocks and execution formalities
1. Insurance Requirements: Detailed insurance obligations when the property value or loan amount is substantial enough to warrant specific insurance requirements
2. Property Management: Required when a property manager is involved in collecting and directing rental payments
3. Guarantor Provisions: Needed when there is a third-party guarantor for the loan
4. Electronic Payments: Specific provisions for electronic payment arrangements, required when automated rent collection is implemented
5. Multiple Properties: Additional provisions needed when rental income from multiple properties is being used as security
6. Change of Tenant Provisions: Detailed procedures for handling tenant changes during the loan term, necessary for properties with shorter lease terms
1. Schedule A - Property Details: Detailed description of the property/properties including title information and address
2. Schedule B - Existing Lease Agreements: List and key details of all current lease agreements including tenant names, terms, and rental amounts
3. Schedule C - Payment Schedule: Detailed loan amortization schedule showing principal and interest payments
4. Schedule D - Rental Payment Direction: Specific instructions for the direction of rental payments, including bank account details
5. Appendix 1 - Form of Tenant Notice: Template notice to inform tenants of the assignment of rent
6. Appendix 2 - Deed of Assignment of Rents: Legal instrument effecting the assignment of rental income
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking & Financial Services
Property Management
Commercial Lending
Residential Property
Investment Property
Property Development
Asset Management
Relevant Teams
Legal
Real Estate
Finance
Credit Risk
Compliance
Property Management
Commercial Lending
Investment
Portfolio Management
Relevant Roles
Real Estate Manager
Loan Officer
Property Manager
Legal Counsel
Finance Director
Asset Manager
Credit Risk Manager
Investment Manager
Real Estate Investment Officer
Compliance Officer
Property Portfolio Manager
Commercial Lending Manager
Real Estate Finance Analyst
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