The Lease Security Agreement is a crucial document in Australian commercial and retail leasing arrangements, used to create and perfect security interests over lease rights and obligations. This agreement is typically required when a lessor seeks additional security beyond a standard lease deposit or bank guarantee, or when complex leasing arrangements necessitate comprehensive security structures. The document must comply with the Personal Property Securities Act 2009 (Cth) and relevant state property legislation, and is designed to be registered on the Personal Property Securities Register (PPSR). It includes provisions for the creation, maintenance, and enforcement of security interests, making it essential for protecting the lessor's interests in significant leasing transactions.
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1. Parties: Identifies and defines all parties to the agreement, including lessor, lessee, and any guarantors
2. Background: Sets out the context of the agreement, including reference to the underlying lease and purpose of the security arrangement
3. Definitions: Defines key terms used throughout the agreement
4. Grant of Security Interest: Details the creation and nature of the security interest being granted
5. Secured Property: Describes the property over which security is granted
6. Secured Obligations: Specifies the obligations being secured, including rent, outgoings, and other lease obligations
7. Representations and Warranties: Sets out the representations and warranties given by the grantor of the security
8. Undertakings: Details ongoing obligations of the grantor regarding the secured property
9. Events of Default: Lists circumstances constituting default under the agreement
10. Enforcement: Describes the secured party's rights and remedies upon default
11. PPSA Provisions: Includes specific provisions required under the Personal Property Securities Act
12. General Provisions: Standard boilerplate clauses including notices, governing law, and jurisdiction
1. Guarantee: Required when there is a third-party guarantor securing the lease obligations
2. Insurance: Detailed insurance requirements when specific insurance obligations are not covered in the main lease
3. Priority Arrangements: Required when there are multiple security interests or secured parties
4. Special Conditions: For any unique requirements specific to the particular security arrangement
5. Power of Attorney: Optional appointment of secured party as attorney in certain circumstances
6. GST Provisions: Detailed GST provisions when not adequately covered in general provisions
1. Schedule 1 - Secured Property Details: Detailed description of all property subject to the security interest
2. Schedule 2 - Lease Details: Key details of the underlying lease being secured
3. Schedule 3 - Security Interest Details: Specific details about the security interest for PPSR registration purposes
4. Appendix A - Guarantor Certificates: Required certificates and acknowledgments from guarantors if applicable
5. Appendix B - PPSR Registration Form: Template form for registering the security interest on the PPSR
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Relevant Teams
Legal
Property Management
Risk & Compliance
Real Estate
Operations
Asset Management
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Relevant Roles
Property Manager
Legal Counsel
Commercial Lease Manager
Property Portfolio Manager
Risk Manager
Compliance Officer
Real Estate Manager
Asset Manager
Facilities Manager
Contract Administrator
Commercial Property Lawyer
Leasing Executive
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