The Loan Against Rent Agreement is a specialized financing instrument used in the Saudi Arabian market where property owners seek to monetize their rental income streams through Shariah-compliant financing. This document is particularly relevant when property owners have stable, long-term rental agreements in place and require additional capital without selling their property. The agreement must comply with Saudi Arabian banking regulations, real estate laws, and Islamic finance principles, making it distinct from conventional lending arrangements. It includes comprehensive details about the financing structure, security mechanisms, payment arrangements, and the rights and obligations of all parties involved. This type of agreement is commonly used in commercial real estate financing, property development projects, and investment property portfolios where regular rental income exists.
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1. Parties: Identification of the Lender, Borrower, and any guarantors
2. Background: Context of the agreement, including reference to the underlying rental property and purpose of the loan
3. Definitions: Key terms used throughout the agreement, including Islamic finance terminology
4. Loan Facility: Details of the loan amount, purpose, and Shariah-compliant structure
5. Rental Income Assignment: Terms of assignment of rental income as security for the loan
6. Representations and Warranties: Statements of fact and assurances from the Borrower regarding their capacity, property ownership, and rental arrangements
7. Conditions Precedent: Requirements to be satisfied before the loan becomes effective
8. Payment Terms: Repayment schedule, profit rate, and payment mechanisms
9. Security: Details of security arrangements and additional collateral if applicable
10. Borrower Covenants: Ongoing obligations of the Borrower during the loan term
11. Events of Default: Circumstances constituting default and consequences
12. Enforcement: Rights and remedies of the Lender in case of default
13. Term and Termination: Duration of the agreement and termination provisions
14. Governing Law and Jurisdiction: Confirmation of Saudi law application and dispute resolution mechanisms
15. Notices: Communication procedures between parties
16. Execution: Signature blocks and attestation requirements
1. Guarantees: Required when a third-party guarantor is involved in securing the loan
2. Property Management: Included when specific requirements for property management are needed to protect the rental income
3. Insurance: Detailed insurance requirements when specific coverage is required beyond standard provisions
4. Assignment and Transfer: Include when transfer rights need to be specifically addressed
5. Islamic Structure Override: Special provisions emphasizing Shariah compliance and structure when required by specific Islamic banks
6. Multiple Properties: Additional provisions when the loan is secured against multiple rental properties
1. Property Details: Detailed description of the rental property/properties
2. Rental Agreement Details: Summary or copy of the underlying rental agreement(s)
3. Payment Schedule: Detailed repayment schedule including profit calculations
4. Conditions Precedent Checklist: List of required documents and conditions to be satisfied
5. Form of Notices: Standard forms for various notices under the agreement
6. Security Documents: Forms of security documents and guarantees
7. Shariah Structure Diagram: Visual representation of the Islamic financing structure
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Islamic Finance
Property Management
Legal Services
Investment & Asset Management
Construction & Development
Commercial Property
Relevant Teams
Legal
Finance
Real Estate
Risk Management
Shariah Compliance
Commercial Banking
Property Management
Investment Management
Corporate Banking
Credit Administration
Relevant Roles
Legal Counsel
Finance Manager
Real Estate Manager
Shariah Compliance Officer
Property Manager
Investment Manager
Risk Manager
Corporate Banker
Real Estate Finance Officer
Contracts Manager
Chief Financial Officer
Asset Manager
Islamic Banking Specialist
Commercial Lending Officer
Real Estate Investment Analyst
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