The Landlord Lien Waiver serves as a crucial document in commercial financing arrangements under English and Welsh law. It becomes necessary when a tenant seeks financing using assets located within leased premises as collateral. Lenders typically require this waiver to protect their security interests from being subordinated to the landlord's rights of distress or other statutory liens. The document addresses priority rights, access arrangements, and notice requirements, ensuring clear understanding between all parties regarding their respective rights and obligations.
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1. Parties: Identification of landlord, tenant, and any lenders or other secured parties
2. Background: Context of the lease arrangement and reason for the lien waiver
3. Definitions: Key terms used throughout the document including Property, Collateral, Security Interest
4. Waiver of Liens: Core provision waiving landlord's rights to distrain or seize tenant's property
5. Access Rights: Provisions allowing secured party access to remove collateral
6. Notice Requirements: Procedures for giving notice between parties
1. Insurance Provisions: Additional section specifying insurance requirements for valuable collateral or when required by lender
2. Subordination Provisions: Section addressing subordination of landlord's rights to lender's security interest when required by lender's security arrangements
3. Default Procedures: Section detailing specific procedures in case of tenant default when parties want detailed default protocol
1. Property Description: Detailed description of the leased premises
2. Collateral Schedule: List of tenant's property covered by the waiver
3. Form of Notice: Template for required notices between parties
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