A Landlord Subordination Agreement becomes necessary when a tenant seeks financing secured by assets located within leased premises. The lender typically requires assurance that its security interest in the tenant's property will take priority over any landlord's lien or other rights. This document is particularly common in commercial contexts where tenants require significant financing for equipment, inventory, or other business assets. The agreement addresses key issues such as priority of interests, access rights, notice requirements, and remedies available to the parties. Under U.S. law, this agreement helps prevent potential conflicts between secured creditors and landlords, while facilitating commercial financing arrangements.
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1. Parties: Identifies all parties to the agreement: Landlord, Tenant, and Lender
2. Background/Recitals: Explains the context of the agreement, including the existence of the lease and loan arrangements
3. Definitions: Defines key terms used throughout the agreement including 'Lease', 'Security Interest', 'Collateral'
4. Subordination: Core provision establishing that landlord's rights are subordinate to lender's security interest
5. Landlord's Consent: Explicit consent to lender's security interest in tenant's property
6. Access Rights: Provisions for lender's access to premises to inspect or remove collateral
7. Notice Requirements: Requirements for notices between parties regarding defaults, termination, etc.
8. Governing Law: Specifies jurisdiction and applicable law
1. Lender's Right to Cure: Optional provision allowing lender to cure tenant defaults to prevent lease termination
2. Insurance Provisions: Optional section addressing specific insurance arrangements and requirements between parties
3. Assignment and Transfer: Optional provisions regarding the transfer of rights between parties
1. Schedule A - Lease Agreement: Copy of the underlying lease agreement referenced in the subordination agreement
2. Schedule B - Property Description: Legal description of the leased premises
3. Schedule C - Collateral Description: Detailed description of tenant's property subject to lender's security interest
4. Schedule D - Notice Information: Contact details and addresses for all parties for notice purposes
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