A Lease Subordination Agreement is essential in Australian commercial property transactions where there are competing interests between tenants and lenders over the same property. This document is typically required when a property owner has both a tenant and a mortgage or is seeking new financing on a property that is already leased. The agreement clarifies the priority of rights, with the tenant typically agreeing to subordinate their leasehold interest to the lender's security interest. It becomes particularly important in refinancing situations or when new leases are being established on mortgaged property. The document addresses key aspects such as the tenant's continued occupation rights, the lender's enforcement rights, and the obligations of all parties involved. In the Australian legal context, these agreements must comply with state-specific property laws and registration requirements, particularly under the Torrens Title system.
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1. Parties: Identifies all parties to the agreement including landlord, tenant, and mortgagee/lender
2. Background: Recitals explaining the existing lease, mortgage/security arrangements, and purpose of the subordination
3. Definitions and Interpretation: Defines key terms and establishes rules for interpreting the agreement
4. Acknowledgment of Existing Interests: Confirms the existing lease and security interests affecting the property
5. Subordination Provisions: Core provisions establishing the subordination of the lease to the mortgage/security interest
6. Lender's Rights: Details the rights of the lender in relation to the property and lease
7. Tenant's Obligations: Specifies the tenant's obligations under the subordination arrangement
8. Landlord's Representations and Warranties: Contains landlord's confirmations regarding the property and lease
9. Notice Requirements: Specifies requirements for notices between parties
10. General Provisions: Standard boilerplate provisions including governing law, jurisdiction, and execution requirements
1. Non-Disturbance Provisions: Optional provisions protecting tenant's rights if lender takes possession - used when negotiated as part of the arrangement
2. Attorney Appointment: Provisions appointing the lender as attorney - included when required by the lender
3. Multiple Properties: Additional provisions for handling multiple properties under the same arrangement - used when more than one property is involved
4. Insurance Requirements: Specific insurance obligations - included when lender has special insurance requirements
5. Further Assurance: Obligations to execute additional documents - included for complex arrangements
6. Costs and Stamp Duty: Provisions regarding payment of costs and duties - included when these need to be specifically addressed
1. Property Description: Detailed legal description of the property/properties subject to the agreement
2. Lease Details: Key details of the lease including date, parties, and registration particulars
3. Mortgage/Security Details: Details of the mortgage or security interest including date, amount, and registration particulars
4. Notice Particulars: Contact details and addresses for service for all parties
5. Special Conditions: Any special conditions or requirements specific to the arrangement
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